UK trade deficit in goods and services was £4.2bn in August, compared with £1.7bn in July. Commenting on the trade figures for August, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“Although some reversal was expected in the August trade figures given the strong bounceback in July, the latest numbers are disappointing. Over the last three months, both exports and imports have fallen, with the decline in exports larger than in imports. However on an annual basis, the growth in exports has been stronger than in imports.
“The figures are not entirely surprising given signs of slowing global growth and renewed difficulties in the eurozone. Exporters will face challenges over the next year, but many businesses have untapped export potential. Potential and current exporters need more support from the government in areas such as trade finance, promotion and insurance to help them exploit opportunities in new markets, particularly those outside the eurozone