- UK deficit on trade in goods and services was £1.5bn in June compared with a deficit of £2.6bn in May
- There was a deficit of £8.1bn on goods, partly offset by a surplus of £6.5bn in services: both the goods and the service trade balances improved between May and June
- There was a significant improvement in Britain’s performance on trade in goods with countries outside the European Union
Commenting on the trade figures for June published today by the ONS, Tracey Howard, International Trade Director at Norfolk Chamber, said: “The large fall in Britain’s trade deficit is yet more positive news for the economy, with longer-term comparisons signaling an improvement in the UK’s trading performance. Britain’s exporters are now starting to focus more on trade with countries outside the EU.
This is particularly encouraging as these countries are growing at a faster rate and will be the ones that provide the greatest opportunities for Norfolk exporters. Local exporters can find out more about these countries by attending the Chamber’s ‘Better Exporting’ event series. The focus will be on India, Brazil, Qatar, Russia, South Africa and Vietnam.
The series will provide information on these fast growing countries, including details on the stability of the market and the business opportunities available there. The important cultural aspects that you need to be aware of when speaking to and visiting prospective clients, will also be covered. Tips and advice on what to look out for will also be shared by a local company, who is already trading in that particular country.
Commenting further on the June ONS trade figures, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said: “Despite these improvements, our trade deficit is still too large and we aren’t making enough progress in rebalancing our economy towards net exports. Our recent surveys reveal huge untapped potential among British exporters, especially in the service sector, and unleashing this potential will help to secure a sustainable recovery. The government must seize this momentum and do more to help British exporters penetrate new markets and compete on a level playing field in key areas such as trade finance, insurance and promotion.”
The first ‘Better Exporting’ event will be held on Tuesday 15 October at Dunston Hall from 3.45pm – 6.45pm and series is sponsored by UKTI and Dunston Hall Hotel. Full details of the events can be found on the Norfolk Chamber website: www.norfolkchamber.co.uk.
