In March, the UK visible trade balance showed a sharp widening in the deficit. The visible trade deficit jumped from an upwardly revised -L6988 to -L7660, while the consensus was looking for a deficit of L7500. The details show that exports fell slightly in March (-0.5% M/M), while imports rose by 1.7% M/M. Britain’s goods trade deficit widened more than expected, giving back some of the strong improvement seen in January and February. Nevertheless, net trade probably still made a significant contribution to first quarter GDP growth.