Rebalancing the economy towards exports must accelerate
09/07/10 | 12:57
Commenting on the May trade figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“While these figures confirm that exports are growing, the pace of expansion is inadequate. The competitive sterling exchange rate remains a helpful factor, but weakness in the eurozone is a major obstacle, and it is worrying that imports continue to grow more strongly than exports.
“Although manufacturing exporters expressed confidence in the BCC’s latest economic survey, it is clear that the much-needed rebalancing of the economy towards exports is not happening fast enough. The process needs to accelerate given the risks facing the UK economy in the years ahead.
“Since exports must be put at the centre of any lasting UK economic recovery, it is important to nurture companies trading abroad. Businesses need improved access to short-term trade finance and they may have to look to other global markets outside Europe for an export-led boost.”
Ends
ONS: http://www.statistics.gov.uk/cci/nugget.asp?id=199
Media Contact:
Sam Turvey
Tel: 020 7654 5813
Email: s.turvey@britishchambers.org.uk
Notes to Editors:
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