Britain’s goods trade gap with the rest of the world fell to 6.179 billion pounds (US$9.5 billion) in February, much narrower than the 7.35 billion pounds economists had forecast and down from January’s 17-month high of 8.066 billion pounds.

Sterling strengthened by around half a cent versus the dollar GBP after the data, though economists said the monthly figures were volatile and February’s pace of improvement in Britain’s net exports was unlikely to be sustained.

Britain releases first-quarter GDP figures later this month.

Economists are waiting to see if output sustains the 0.4 percent growth rate achieved in the last three months of 2010, when the economy exited its deepest recession since World War Two.

Exports jumped by 9.5 percent in February, the biggest monthly increase since January 2003, helped by a surge in overseas chemicals sales which rose to an all-time high. Imports held broadly steady on the month, the Office for National Statistics (ONS) said.

Exports had been weak in January because of widespread transport disruption due to unusually heavy snowfall. While the ONS could not definitively attribute February’s rebound to better weather, it noted that this had been a factor in February’s improved industrial output.

The goods trade gap with non-EU countries narrowed more than expected to 3.329 billion pounds from 4.665 billion. Analysts had forecast a deficit of 4.1 billion pounds.