The Jan data gives a reason to be cheerful but that may not last
Exports rose 0.5% vs 1.3% in Dec. That was revised down from 3.1%. Imports were 0.1% vs -0.6% prior, revised down from 0.6%. That doesn’t look impressive which is why the ONS like to highlight the 3m/3m numbers here too, which saw exports at 8.7% vs a revised 6.6% in Dec (prior 7.1%), and imports at 1.6% vs rev -1.6% (prior -0.4%).
Pound boosted by better Jan data as sterling helps with exports…or does it?
