Disappointing trade figures highlight need to support exports
09/09/10 | 11:29
Commenting on the UK trade figures for July, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“These figures are worse than expected, showing a small fall in exports and a rise in imports. Although longer-term comparisons for this year still show that the trend in exports is up, July’s disappointing figures highlight the importance of supporting Britain’s exporters.
“A major improvement in our trading position remains a key element in any successful economic strategy. With public spending cuts set to dampen domestic demand, the UK economy risks declines without significant growth in our net exports.
“The Government must ensure that UK exporters are not placed at a competitive disadvantage in key areas such as short-term trade finance. On their part, British exporters must increase efforts to diversify into fast growing emerging markets like China, India and Brazil.”
Ends
Media Contact:
Sam Turvey
Tel: 020 7654 5813
Email: s.turvey@britishchambers.org.uk
Notes to Editors:
The UK’s deficit on trade in goods and services was £4.9 billion in July, compared with a deficit of £3.9 billion in June.
ONS: http://www.statistics.gov.uk/cci/nugget.asp?id=199
The British Chambers of Commerce (BCC) is the National Voice of Local Business.
The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce serving business across the UK, which employ over five million people