Improvement in trade figures must be consolidated
10/08/10 | 10:42
Commenting on the UK trade figures for June, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“These figures are better-than-expected as they show a lower trade deficit, with underlying exports rising and imports falling. This is good news but there is no room for complacency. The UK is still running a large trade deficit and the challenges facing exporters are substantial.
“A big improvement in our trading position in the years ahead remains a key element in any successful deficit-reduction strategy. With public spending cuts likely to dampen domestic demand, the economy risks declines without a significant improvement in our net exports.
“British exporters must diversify into faster growing emerging markets, notably in Asia. On its part, the Government must ensure UK exporters are not placed at a competitive disadvantage when compared to our major trading rivals, particularly in the area of short-term trade finance.”
Ends
Media Contact:
Sam Turvey
Tel: 020 7654 5813
Email: s.turvey@britishchambers.org.uk
Notes to Editors:
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