Global Britain

Trade data is always subject to monthly fluctuations, but it was still disappointing to see that June’s particularly strong gains were reversed in July.

June was a strong month for UK trade, with goods exports to the EU experiencing a double-digit rise. Services growth was steady for the month, and throughout the last quarter.

BCC’s Trade Confidence Outlook for Q2 2024 shows most SME exporters overseas sales are flatlining.

This deal between the UK and 90 of its global trading partners is good news for business.

A sharp fall in goods trade with the EU, and a smaller decline with rest of the world, was partially offset by a growth in services trade during May.

Services continue to perform particularly well among UK exports, with solid increases in the past three months. Goods exports performed less well in April, as in recent months.

There are few multi-national trade agreements like this one. The UK’s addition to this bloc will open up new opportunities for both inward and outward investment.

The first quarter of 2024 shows the challenges UK goods exporters face, with a further drop in sales to both EU and non-EU markets, despite a brighter global economic picture.

Supply chain security, trade deals, tariffs and planning permission were the big issues during the BCC’s 5-day mission to the US to promote business and investment.