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. Last Updated: 07/27/2016

U.K. Deficit Down

LONDON () -- Britain's trade deficit with the rest of the world narrowed in January, according to official data Wednesday, suggesting fears that the pound's strength has hurt exporters are premature.

The Office of National Statistics said the global trade deficit appeared to be narrowing, with exports rising slightly and imports flat. January's trade gap was ?641 million ($1 billion), down from ?825 million the previous month.

Analysts also welcomed the figures, which were slightly better than forecast, saying they showed the effect of the strong pound and high domestic demand had yet to surface.