By Jonathan Davies

The UK's trade deficit shrank to £1.4 billion in November 2014, according to the Office for National Statistics (ONS).

The ONS figures show that the deficit, the difference between the amount the UK spends on imports and how much it earns from exports, fell by £800m from the £2.2bn in October 2014.

But the fall wasn't as a result of an increase in exports, but a fall of imports. The drastically falling oil prices towards the end of 2014 meant the UK was paying much less for its imports.

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