10/05/13

  • UK trade deficit in goods and services was £3.1bn in March, down from £3.4bn in February
  • Value of UK exports rose by 3.5% between February and March, while imports rose by 2.6% in the same period

Commenting on the UK trade figures for March 2013, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“While it is pleasing to see an upturn in exports in March, Britain’s trade deficit remains disappointingly large. It is clear that we are not making enough progress in rebalancing the economy towards net exports. The figures also highlight the need to make further inroads into faster-growing regions across the rest of the world, while the eurozone, our biggest trading partner, continues to struggle.

“More action is needed to utilise the untapped potential of many British exporters, particularly in the services sector, so that businesses can drive a sustainable recovery. The government must implement measures it has previously announced to support firms looking to break into new markets. In addition, we clearly need a national export strategy focusing on key areas such as trade finance, insurance, and promotion, to enable companies to compete on equitable terms.”

 

Ends

Notes to editors:

ONS: http://www.ons.gov.uk/ons/rel/uktrade/uk-trade/march-2013/stb-uk-trade-march-2013.html

The British Chambers of Commerce (BCC) sits at the heart of a powerful nationwide network of 53 Accredited Chambers of Commerce, serving over 104,000 businesses across the UK, which employ over five million people. For more information visit: www.britishchambers.org.uk