Uptick in exports but trade with the EU remains weak
The latest UK trade data has been released indicating a rise in exports but drop in imports. The full analysis can be found below.
Forthcoming events include our networking lunch in Cambridge with guest speaker from Moneycorp and Break, plus information sessions on the Electronic Travel Authorisation scheme. The latest trade updates and training courses are also detailed below.
If you have any international trade queries please email firstname.lastname@example.org or telephone the team on 01223 237414.
International Trade Team Leader
Uptick in exports but trade with the EU remains weak
UK trade data for April 2023 was released by the Office for National Statistics last week and showed a welcome rise in exports but goods exports to the EU remained weak declining by 0.5%. Services trade was broadly static.
Goods imports values fell by 0.4% in April after removing inflationary effects. Goods exports values rose by 3.4%, this was due to an increase to the rest of the world as they fell to the EU.
The 0.5% decrease in April was due to falls in miscellaneous manufactured goods offset by rise in fuel exports to Germany and the Netherlands. Goods imports also declined by 3.6% (largely down to lower chemicals imports - medicines and pharmaceutical products from Belgium, and organic chemicals from the Republic of Ireland).
The Rest of the World
Non-EU goods exports rose by 7.3% in April (led by increases in car exports to China and mechanical machinery to New Zealand; chemicals and miscellaneous manufactured goods) and goods imports rose by 1.3% (led by machinery and transport equipment - aircraft from the US; manufactured materials and fuel imports).
On volumes (excluding inflation), total goods imports fell by 0.4% in April, with imports from the EU falling by 2.6%, and imports from the rest of the world rising by 2.6%. Total goods export volumes rose by 3.5% in April with non-EU goods exports up by 6.9% in April, while goods exports to the EU remained static.
Services exports rose by 0.6% and imports by 1% in April. Services exports still remain 0.3% below pre-pandemic levels in early 2020.
The UK trade deficit narrowed to £12.3bn in April - trade in services surplus rose by £1.9bn to £40.3bn.
Reacting to the latest Trade data from the ONS, William Bain, Head of Trade Policy, at the BCC, said: “The recovery in UK goods exports to the rest of the world in April after a disappointing first quarter of 2023 is welcome, but needs to be sustained.
“However, trade with the EU remains weak, even before the additional cost pressures on imports due to the introduction of new customs arrangements in the Target Border Operating Model later this year.
“The Government’s Export Strategy needs to maximise growth in services exports across a range of business activity this year, but so far in 2023, they have been broadly flat.”
Cambridge Networking Lunch: Manage your foreign exchange risk
Thursday 29 June, 12.00-2.00pm
Novotel Cambridge North
Join us in Cambridge for a networking lunch that we expect to be very popular!
Make new connections in a room full of decision makers, enjoy an impressive buffet lunch and hear a talk from our guest speaker Sophia Awan, Strategic Partnerships Manager at Moneycorp.
Sophia will explain how to manage your foreign exchange risk in today’s economy.
Moneycorp is the provider of Chamber Foreign Exchange. They can save your business money by creating a foreign exchange strategy tailored to your business needs.
We are also delighted to have the Charity, Break, attending on the day. The team will give a short talk on their upcoming project, ‘Cambridge Standing Tall’.
Further details and booking here.
UK Electronic Travel Authorisation - information and familiarisation sessions
The Electronic Travel Authorisation scheme (ETA) will apply to those passengers visiting the UK or transiting the UK who do not need a visa for short stays. The scheme will be implemented in a phased manner, on a nationality basis, over the next two years.ETA Events
There are information sessions
taking place over the coming weeks which aim to familiarise attendees with the ETA scheme and provide the opportunity to ask questions.Partner packs
You can download the partner packs
which include useful information including key messages, factsheets and social media assets.
LAST CHANCE TO BOOK
Wednesday 21 June, 9.30am-1.00pm
It is essential that businesses understand Incoterms ® as their use is vital for the successful movement of goods between customers and suppliers around the world.
Wednesday 5 July, 9.30am-1.00pm
The Introduction to Importing Training course covers all the basic key areas around importing. The course will explain the requirements for documentation, plus an overview of country of origin and incoterms.
Wednesday 12 July, 9.30am-1.00pm
Selling internationally is very complex but - as with most things - easy with help and appropriate training.
This course provides an overview of exporting.
You can view the full list of all our courses on the Chamber website
Courses can also be tailored to meet your company’s specific requirements. For more information about a bespoke course for your company, which can be delivered remotely or in person, please contact the Chamber on 01223 237414.
Last week, the British Chambers of Commerce (BCC) took part in the Domestic Advisory Group meeting of business and other stakeholders on UK-EU Trade.
A short consultation
was launched last week by the Department for Environment Food and Rural Affairs (Defra) on common usage charges at ports in England for receipt of inbound consignments of SPS goods from the EU ahead of checks beginning at the end of January 2024. The BCC outlined its views
opposing the proposed charging scheme in the Financial Times on Tuesday.
New guidance has been issued by Defra on risk categories of plant and animal products
entering GB from the EU on the introduction of the new border control processes later this year.