- The UK deficit on trade in goods and services was £3.2bn in November 2013, compared with a deficit of £3.5bn in October 2013, but the October deficit was revised up sharply from the £2.6bn initially estimated
- There was a deficit of £9.4bn on goods in November, partly offset by a surplus of £6.2bn on services
- Imports from the EU increased to £19.2bn in November, a record high
- In the three months to November 2013, exports of goods were 1.5% higher than in the same three months of 2012, but imports of goods were 2.2% higher
Commenting on the UK trade figures for November 2013, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:
“Although there was a small fall in the trade deficit, these figures are disappointing, and indicate a large deficit in the fourth quarter. However, it is not entirely surprising – our economy is growing at a faster pace than those of our major trading partners in Western Europe, and imports tend to increase in such circumstances. Longer term comparisons show that exports are increasing, but this is at a slower pace than is needed.
“Boosting exports must be a national economic priority, particularly when it comes to diversifying our exports towards faster-growing economies outside the EU. Even within Europe, there is scope to do this, as central and eastern European economies such as Poland are growing faster than our traditional trading partners. More support for SMEs looking to trade internationally is needed, and this means giving UK businesses more resources in areas such as trade finance, insurance and promotion.”
Tracey Howard, International Trade Director at Norfolk Chamber commented:
“Norfolk exports definitely increased during 2013. It was the busiest year on record for Norfolk Chamber’s International Department. Of the documents that are stamped at our Norwich office, 14% more EC Certificates of Origin were processed during 2013, and just under 50% more Arab Certificates.
Our members are very busy trading overseas and we expect this trend will continue through 2014. With such a varied range of sectors in our region, there are opportunities galore for everyone to tap into. We will be concentrating this year, on making sure the Norfolk business community are made fully aware of these opportunities and assist them in winning new contracts”
