The total trade deficit narrowed to £3.8 billion in Quarter 1 2018, from £5.7 billion in Quarter 4 2017. The primary income deficit narrowed by £1.5 billion in Quarter 1 2018 to £8.1 billion from a revised deficit of £9.6 billion in Quarter 4 2017. The international investment position showed UK net liabilities of £262.3 billion at the end of Quarter 1 2018; a widening from net liabilities of £164.5 billion at the end of Quarter 4 2017, as a result of UK residents moving pout of foreign equities and revaluations.