Oil exports reduce UK trade gap

Despite depleted reserves, oil remains in the North Sea

The UK's trade gap unexpectedly fell in July to its smallest level in almost two years, boosted by a new oil field coming onstream in the North Sea.

A measure of the difference between what the UK exports and imports, the overall deficit narrowed to £3.6bn in June from a revised £3.7bn in May.

Regarding goods alone, the deficit fell to £6.3bn from £6.4bn in May, while the surplus in services remained at £2.7bn.

The Buzzard field has pushed the UK's oil gap into a £257m monthly surplus.

This is the first time that the UK has exported more crude oil than it has imported since March 2005.