Rebalancing of UK economy towards exports still too slow

16th August 2012

UK trade deficit in goods and services was £4.

3bn in June, compared with a deficit of £2.7bn in May Commenting on the trade figures for June, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said: -It is disappointing to see such a large trade deficit in June. Although the monthly figures would have been affected by public holidays, such as the Diamond Jubilee, it is worrying that the trade deficit in the second quarter as a whole was much higher than in the first. Underlying export volumes fell by 3.3% in the second quarter, while import volumes fell by only 0.5%. There is no question that British exporters are facing major challenges as a result of problems in the eurozone, but the rebalancing of theUKeconomy towards exports is taking too long. -British exporters have untapped potential to expand, but they need more government support to help them compete globally and diversify towards growing markets outside the EU. We need firmer action in key areas such as trade finance, promotion and insurance. More infrastructure spending and the early creation of a business bank would make a major contribution towards stronger growth in UK exports.  

You might also be interested in

BCC welcomes ratification of UK-EU TCA but says work remains to be done

Thu 29th April 2021

Speaking after news that the Trade and Co-operation Agreeement has been ratified, Hannah Essex, Co-Executive Director of the BCC, said:

New Figures Show Workforce Growth Expected but Some Sectors Yet to See Signs of Revival

Thu 29th April 2021

The British Chambers of Commerce today released its Quarterly Recruitment Outlook for Q1 2021.

South Yorkshire Skills for Recovery Report Launched

Tue 27th April 2021

Commissioned by the Local Enterprise Partnership (LEP), the report has been produced using original survey data from the Chambers of Commerce in South Yorkshire, combined with content from a series of focus groups within key sectors.

BCC & Barclays LifeSkills - The Next Normal: Futureproofing the Workforce for a Post-Pandemic World

Fri 23rd April 2021

The British Chambers of Commerce and Barclays LifeSkills have today released a new report entitled ‘The Next Normal: Futureproofing the Workforce for a Post-Pandemic World’.