Essex Chambers of Commerce: Disappointing trade figures highlight need for export support
· UK trade deficit in goods and services was £2.3 billion in May 2016, a widening of £0.3 billion from April 2016.
Exports decreased by £2.0 billion and imports decreased by £1.7 billion.
Commenting on the UK trade figures for May 2016, published today by the Office for National Statistics, Denise Rossiter, Chief Executive of Essex Chambers of Commerce said:
“Although it has narrowed since the start of the year, the widening of the UK’s trade deficit in May is disappointing. Taken together with the recent confirmation of a near record current account deficit, the figures paint a rather bleak picture of the UK’s external position.
“While the significant decline in the value of sterling in the wake of the EU referendum will benefit some exporters in the coming months, a weak pound is something of a double-edged sword, as many UK exporters are also importers as a result of global supply chains and so will be facing higher input costs due to the weakening currency.
“It is crucial that the government achieves the best possible trade arrangements with the EU and further afield. Essex Chambers of Commerce stand ready to provide expert support to firms who are internationally active. Whether a business is an existing exporter or thinking about doing so we can provide them with the right advice to succeed through our International Trade teams based in Colchester and Great Wakering.”
