Disappointing trade figures highlight challenges facing the UK

11th June 2014

The deficit on trade in goods and services was £2.

5bn in April 2014, compared with £1.1bn in March 2014 There was a deficit of £9.6bn on goods, partly offset of an estimated surplus of £7.1bn on services Exports of goods fell between March and April 2014, while imports increased in the same period Commenting on the UK trade statistics for April 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said: -The latest trade figures are disappointing. Even if you include the missing oil exports data* and the fact that monthly figures can be erratic, the UK's trade deficit widened significantly in April. -Although longer term trends still point to a gradual improvement in our net trade position, the scale of the improvement is much too slow. It is also worrying that the UK's current account deficit, which in addition to trade includes net income from investment, has worsened sharply over the past years. -The UK still has a long way to go before it is fulfilling its true potential as a key player in international trade. It is clear that more support is still needed to help UK businesses both those that have not exported before and those looking to break into new and fast-growing markets overseas.