According to the latest trade bulletin (September 2022) from the Office for National Statistics (ONS), exports to EU and non-EU countries have fallen, by £0.9 billion (5.1%) and £0.7 billion (4.2%) respectively.
The exports to the EU which fell the most were machinery and transport equipment (principally to Germany) and fuel exports. The ONS trade bulletin also shows a similar fall for imports with those from EU countries decreasing by £1.9 billion (7.3%) and imports from non-EU countries falling by £0.9 billion (3.0%). Among the sectors with the largest fall in imports from the EU was the chemicals sector (down by £0.7 billion).
Reacting to the new data, British Chambers of Commerce (BCC) Head of Trade Policy, William Bain, said: “On the plus side, UK services trade in September held up, although areas such as hospitality are being hit at home, the demand for financial and business services products abroad remains stronger.”
To have any hope of expanding goods export opportunities for firms, the UK’s Export Strategy must be reinforced, he concluded.
The BCC also argues that this and certain other measures, such as negotiating reduced red tape in the EU trade agreement, will help mitigate the impacts of rising inflation on consumers and businesses at home.
It has sent the Prime Minister a Business Manifesto that sets out 17 key policies designed to tackle the challenges facing businesses across the economy, the labour market, international trade and the move to Net Zero.
These include investment in infrastructure, energy support for businesses, tackling the tight labour market and promoting export-led growth.
