Improvement in Trade Figures must be consolidated

Tuesday, 10th August 2010

Official figures for June showed that the trade deficit with the rest of the world narrowed far more than expected as exports rose over four times faster than imports. Commenting on the UK trade figures for June, published today by the ONS, Anne White, Head of International Trade, Thames Valley Chamber of Commerce Group said:

“These figures are better-than-expected as they show a lower trade deficit, with underlying exports rising and imports falling. This is good news but there is no room for complacency. The UK is still running a large trade deficit and the challenges facing exporters are substantial.

“A big improvement in our trading position in the years ahead remains a key element in any successful deficit-reduction strategy. With public spending cuts likely to dampen domestic demand, the economy risks decline without a significant improvement in our net exports.

“British exporters must diversify into faster growing emerging markets, notably in Asia. On its part, the Government must ensure UK exporters are not placed at a competitive disadvantage when compared to our major trading rivals, particularly in the area of short-term trade finance.”

“Importers and exporters, however, are increasingly confident as encouraging data continues to emerge.”

For further information please contact the Chamber Press Office on 01753 870552

Notes to editors

ONS: http://www.statistics.gov.uk/cci/nugget.asp?id=199