The U.K. Office for National Statistics (ONS) released trade data on Wednesday. The U.K. trade deficit in goods narrowed to £8.4 billion in January from £9.9 billion in December, beating expectations for a deficit of £9.7 billion. That was the lowest level since March 2014.

December's figure was revised up from a deficit of £10.2 billion.

The decline was driven by higher service exports and lower oil imports.

Exports fell by £1 billion, while imports declined by £2.5 billion. The decline in imports was the largest monthly decline since July 2006.

Imports of oil declined by £1.2 billion.