International Trade Week is an opportunity to take stock, and reflect, on 2025 so far. It’s been quite a year – with tariffs, supply chains and international trade never far from the headlines.
We’ve seen dramatic changes to US policy, implementing the highest average tariffs since 1934. The result has been lower than forecast economic output across Europe, the Americas and Asia.
Despite all that global trade has continued to grow in 2025. The latest World Trade Organisation forecast for global goods expects 2.4% growth this year, as supply chains adapted to get ahead of new tariff waves. However, the WTO expects goods trade to cool to 0.5% growth next year.
During this International Trade Week we celebrate the success stories of UK trade and consider what is needed to drive it to the next level.
Services are the biggest success story. The WTO forecasts 4.6% growth in services trade this year and 4.4% in 2026 – solid, but noticeably lower than the 6.8% year on year growth in 2024. Travel, transport, computing (cloud/AI), and business advisory services are showing the highest growth. Meanwhile there’s lots of focus on the emerging sectors in global trade, such as medical and education services.
The UK services exports story is a powerful one, currently estimated to be worth £542bn per year. That’s more than double the picture 10 years ago. At the current rate of expansion UK services exports alone could hit £1trn per annum before 2035.
The current goods exports picture for the UK is more challenging. However, there is well grounded optimism about our prospects in green hydrogen, climate technologies, energy and fuels, pharmaceuticals/medical devices, automotives, and food and drink.
Now is the moment to deepen our trading relationships in the Americas, Europe, and Indo-Pacific. The clear message from our recent trade surveys is – UK businesses want to go global. With the US, our priorities must be ensuring tariffs remain as low as possible, alongside rolling out of the investment plans within the Technology Prosperity Deal with Canada, Mexico, Brazil and other partners the UK needs to be looking to secure deals on energy, supply chains and digital trade.
With our partners in Europe, there’s an urgent need to deliver the promised tangible benefits and lower barriers with the EU, alongside upgraded agreements with Switzerland and Türkiye. We should deepen our trading deal with the 11 other CPTPP states to include new supply chain and business mobility chapters. Finally, a deal with the six Gulf Co-operation Council states could be on the horizon very soon. The right Gulf deal will open more opportunities for UK sectors including food and drink, pharmaceuticals, energy, climate technology and defence.
The UK’s new Trade Strategy, launched by the Prime Minister at the BCC’s Global Annual Conference in June, is a very welcome blueprint for creating new growth opportunities. Business and Government have a shared vision – lower tariffs and wider market access. The recent agreement with India is a prime example. It’s crucial now that business is involved as a full delivery partner so that the UK seizes opportunities to the full.
Trade is – and always should be – at the heart of the UK economy. That’s why it’s at the heart of our submission to the Chancellor for the Budget later this month. We have 3 key trade asks. Firstly, delivery. Realising the economic growth potential of trade is only possible through with effective delivery partnerships with business. The Chamber Network stands ready to help with trade accelerators, boosting performance among businesses preparing to scale their export.
Secondly, we need Government to update our customs rulebook and border processes to make the best use of technology and cut holding times for goods at ports.
And finally, we’re calling on ministers to make sure we get policy on carbon border adjustment mechanisms right. In practice, that means keeping UK exports competitive through a deal on Emissions Trade Linkage with the EU, while working with business on the design of the new UK CBAM too.
British business has the ambition, the drive, and world-leading products to make net trade a huge driver of new economic growth in the coming years. This week we take stock, celebrate the many UK exporting success stories, and highlight the bold next steps designed to give our country an even brighter trading future.