Higher oil prices are set to increase the monthly trade in oil deficit GETTY IMAGESBritain recorded its largest ever trade surplus in November as companies chose to run down their stocks before importing more goods from overseas. The country’s trade balance rose to £4 billion in November, up from a deficit of £1.3 billion in October, according to the Office for National Statistics. Although the headline figure suggests than the UK has a healthy trade position, a £5 billion, or 7.8 per cent, fall in imports on the month indicates that companies rushed to stockpile component goods before October 31 and then made fewer orders in November. Andrew Wishart, at Capital Economics, the consultancy, said that the numbers “strongly suggest businesses built up their inventories in October and didn’t need to buy as much in November.”Exports also surged…

Source: The Times January 14, 2020 00:00 UTC