The UK’s trade deficit grew to £2.6 billion in January, up from £0.7 billion in December, with the country importing far more goods than it exported during the month.

Government statistics revealed a £9.8 billion deficit in goods partly offset by a £7.2 billion surplus in services. Exports fell to both the EU and the wider world.

David Kern, chief economist at the British Chambers of Commerce (BCC) said while the widening gap was due to “volatile factors”, progress towards rebalancing net exports was “far too slow”.

“If this continues we risk missing out on the Prime Minister’s target of exports reaching £1tn by 2020,” he added.

“Britain’s global business network must be significantly resourced so that UK companies can compete on a level playing field with their competitors in growing overseas markets.”