The U.K. Office for National Statistics (ONS) released trade data on Friday. The U.K. trade deficit fell to £8.8 billion in November from £9.8 billion in October, beating expectations for a deficit of £9.5 billion. October's figure was revised down from a deficit of £9.6 billion.

The decline was driven by lower imports. Imports dropped 3.2% in November as oil imports fell 18.7%.

Exports of goods decreased 0.4% in November. Exports to the European Union (EU) fell 0.3%, while exports to countries outside the EU increased 6.0%.

The trade deficit with Germany reached a record level.