Reacting to the ONS Trade figures for October, William Bain, Head of Trade Policy at the BCC, said: “There was a cloudy trade picture in October as goods exports fell again – well short of forecast 2022 growth. “The ONS Trade data shows a 4.7% fall in the value of goods exports, although services held up better. Overall, though, export performance continued to undershoot the OBR’s 8% forecast growth for this year. “After removing inflationary effects, imports rose, particularly from the EU. As fuel market volatility continued, gas and other fuel imports from the rest of the world were down in October. “But with data for 10 of the 12 months of 2022 now in, it’s clear that the scale of growth in exports predicted last October is not happening. “Nevertheless, over the 3 months until the end of this October, exports in both goods and services held up. Energy market fluctuations had an impact on trade data over this period. “With tougher economic conditions most likely ahead, next year will need a step change in efforts by business and government to develop the Export Strategy to sustain trade volumes.”
