In the third quarter of the year, the deficit (trade in goods) increased to £29 billion compared to £28 billion in the prior quarter.
Germany remains the the UK's largest trading partner but in Q3 2014 the UK recorded its largest ever deficit with Germany, reflecting a fall in exports and rise in imports.
Although we may worry about growth in Europe, the UK's surplus with the USA reached a lowest level in almost eight years, reflecting slow growth in the North American economy.
Some good news? There were notable improvements to the UK's deficits with China and Hong Kong, reflecting a rise in exports and a fall in imports in Q3.
Do the latest figures change our outlook? Not really. For the year as a whole we expect the deficit (trade in goods) to increase to around £113 billion compared to £110 billion last year offset by an £82 billion (trade in services) surplus. The residual deficit (goods and services) will be around £31 billion, slightly down on prior year and less than 2% of GDP.