Manufacturing was a major contributor to the fall, especially within the pharmaceuticals sector, which saw a fall of 13.5%. Overall manufacturing fell by 0.9% between December and January.
The country’s deficit in goods and services remained at £2bn in January, the same as the month before, as exports rose by £400m and imports rose by £300m.
Longer-term, however, the picture is a lot brighter. In the three months to January, the manufacturing industry grew by 2.1% - the fastest pace since May 2010 – and the overall trade gap shrank by £4.7bn to £6.4bn thanks to rising exports in oil, machinery and transport equipment.
Commenting on the results, Kate Davies, senior statistician at the ONS, said: “Taking the last three months together, construction and manufacturing both grew strongly, with considerable narrowing in Britain’s trade deficit.”
