Steady July for UK Trade - with Exports up

The ONS data for July shows a 2.1 per cent increase in UK goods export chained volumes (the measure which removes the effects of inflation) on the previous month, and a 0.4 per cent rise in goods import chained values compared with June.

Exports to the EU rose on both the current values and chained volumes measures (by 4.4%) with increases in fuels and machinery sales (including power generators). Exports to the rest of the world experienced downward pressures from fuels, machinery and transport equipment.  

Estimated UK services export performance remained at the same levels as in June - on both the chained volumes and current values measures. On services imports the picture was mostly static on both measures. On the chained volumes measure, UK services exports are still 2.9 per cent lower now than in February 2020 at the time lockdowns were applied in many global regions.  

Overall, there was a slight increase in the deficit for trade in goods and services by £1.2bn to £18.8bn in the three months to the end of July 2023. 

Reacting to the latest ONS trade data for July, William Bain, Head of Trade Policy at the BCC, said: “Removing the effects of inflation, goods export volumes grew at a decent pace in July, with a 4.4 per cent month on month increase in sales to the EU.

“But a key concern is the continued slowdown in momentum in UK services exports growth - which accounts for just under half of our overseas trade.  

“The BCC is recommending that an Exports Council is established by the UK Government to use ONS and other trade data to evaluate, review, and take action to improve UK export performance and strategy.

“As the World Trade Organisation’s World Trade Report this week warned of the global economic consequences of moving away from open, free trade, we must redouble our efforts to open up markets for UK goods and services.” 

Freeport East could become key centre for driving transport decarbonisation and maritime green corridors

A new study published on Tuesday 12 September 2023 suggests that Freeport East could become a new UK centre for transport decarbonisation. The study outlines how Freeport East can facilitate the international partnerships and investment necessary for the Green Hydrogen Hub to support maritime and wider transport sectors.

Freeport East includes the Port of Felixstowe, the UK’s biggest container port and the main destination for container traffic to and from Europe and the Far East - these routes are central to many of the leading green corridor initiatives, which are seen as key to achieving ambitious maritime decarbonisation objectives.

Key findings from the report include:

• Over 4000 vessels pass through Freeport East each year, which creates a potential need for over 180 tonnes of hydrogen per day for green maritime fuels, or 450MW of new electrolyser capacity
  
• Freeport East has significant container port capacity, which could have a critical role to play in the development of hydrogen-enabled green shipping corridors through partnering with international ports and shipping lines and brokering new global partnerships
  
• Investment in new local hydrogen refuelling infrastructure would help reduce carbon emissions from A14 traffic flows, benefiting communities in Freeport East, Cambridge, and other parts of the UK
  
• New hydrogen investment in the logistics sector could be triggered by the strategic opportunities generated by the existing fuel stations and newer development sites in Felixstowe and along the A14.

Read the full article here.

Document Checking Workshop
Thursday 9 November, 10.00am-4.00pm

As part of International Trade Week, we are holding a document checking workshop at our Chamber Offices in Oakington, where you can visit us to obtain face to face training and guidance on completing and creating a number of key international trade documents.

We will be holding a specific session on how to create and apply for a Certificate of Origin (UK and Arab) and a EUR1 Movement Certificate. This session will take place from 10.00-11.00am.

In the afternoon we will be doing a specific session on what a manufacturer/supplier declaration should look like, and how to ensure you obtain a valid document that is sufficient for us to be able to verify origin when presented alongside a Certificate of Origin application. This session will be from 2.15-3.00pm.

To book your place, please email internationaltrade@cambscci.co.uk.

You can view the full list of all our training 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.

Sri Lanka Boat and Marine Show
27-29 October 2023

As South Asia’s most significant International Boat and Marine Show, the Sri Lanka Export Development Board and the Chamber of Marine Industry of Sri Lanka are organising the ‘Boat and Marine Show 2023’ at the Marina, Colombo Port City, Sri Lanka.

More information on this show could be obtained from the website.

SAVE THE DATE

The BCC took part in an enquiry by the UK Trade and Business Commission on Regulatory Alignment and UK-EU trade. You can watch William Bain’s evidence here. 

This week, the BCC will be taking part in a meeting of the UK Domestic Advisory Group on EU trade. Key issues to be raised will be implementation of the EU carbon border adjustment mechanism (CBAM), future VAT changes, and regulatory co-operation.

Last week, the BCC spoke with Business Minister Lord Minto on principles for regulation affecting business and the approach SMEs most want to see to help business growth at this stage.

They also took part in a roundtable with officials on the UK-Switzerland trade negotiations and how SMEs can get the best trading terms which benefit them. They discussed taking forward our Trade Manifesto into implementation with UK government officials dealing with policy on the UK’s services trade.

The World Trade Organisation’s Public Forum has been taking place in Geneva with an emphasis on decarbonising global trade. The World Trade Report was also released.