Mixed UK Trade Picture For Q2

Mixed UK Trade Picture For Q2

Mixed UK Trade Picture For Q2

Reacting to the latest trade data from the ONS, William Bain, Head of Trade Policy at the British Chambers of Commerce, said:

“There was a noticeable fall in the momentum of UK services exports in Q2, down by 3.9%, following a period of reasonable growth in 2021 and 2022. Unfortunately, this was also coupled with a further fall in UK goods exports to the EU.

“The one aspect of good news about the last quarter’s data was the rise in non-EU goods exports of 4.7%, with noteworthy rises in sales of mechanical machinery to the US and Hong Kong.

“What is really needed now is a greater effort to bring more consistency to our export performance. The BCC’s proposal for an Exports Council would help calibrate UK trade policy – analysing both this shorter-term data and the wider multi-year trends.

“The UK quickly needs to catch up with our key international partners on export performance. It is a key element to raising the economic growth so desperately sought by both policymakers and businesses alike.”

Detailed Analysis

The Picture for June 2023

Goods exports rose by 1.8% in value terms or by 2.3% in volume terms (excluding inflation) mainly due to rises in exports to outside the EU, whereas overall goods import values fell by 5.8% month on month – or by 2.5% in volume terms.

EU goods exports fell in value terms by 0.3% (but rose by 0.7% in volume terms), while imports rose by 3.2% (3.6% in volume terms excluding-inflation) largely down to chemicals, medicines and pharmaceutical.

Non EU-goods exports rose by 3.8% in value terms (3.9% in volume terms excluding inflation) while imports of the same fell by 15.9% (9.9% in volume terms), largely driven by lower gas and crude oil imports.

The Q2 statistics

Services trade remained flat in Q2 – ending a period of growth in 2021 and 2022 in services exports in particular. In volume terms, UK services exports are still 3% lower than February 2020.

Read the full ONS Trade data set is here.



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