Goods imports up and exports down in April

Responding to the latest trade data published by the ONS, William Bain, Head of Trade Policy at the British Chambers of Commerce (BCC), said: “Services continue to perform particularly well among UK exports, with solid increases in the past three months. Goods exports performed less well in April, as in recent months.

“The BCC’s election manifesto and our recent Global Britain report set out clear options for policymakers to improve UK trade performance.”

The UK Trade Picture in Detail  

Goods

Goods import volumes (excluding inflation) rose by 7.8% in April, with similar increases for both the EU and the rest of the world. Imports from the EU rose by 7.7% (£1.6bn). This was led by rises in machinery and transport equipment, and food. Non-EU imports volumes rose by 7.9% (£1.3bn) driven by higher miscellaneous manufactured goods and fuels.

Goods export volumes fell by 2.8%. For the EU, they fell by 1.4% (£0.2bn), after adjustment for inflation - the main decline being in crude oil sales to Germany. Non-EU goods exports volumes fell by 4% (£0.5bn), driven by chemicals exports. This was offset to some degree by higher fuel, machinery and transport equipment exports.

Services

UK services trade showed another month of consistent growth in both import and exports. In the month of April, services exports increased by an estimated 0.6% (£0.2bn) on values measure. At the same time, imports increased by 0.9% (£0.2bn) on the values measure.

More detail on the latest ONS trade data can be found here. 

Customs & Supply Chain/Logistics:

Our International Trade Department understands the urgency of efficient customs clearance. We expedite the process to minimise delays, and keep our members informed throughout each step to provide peace of mind.

We ensure your shipments cross borders smoothly, legally, and cost-effectively. Let us take the hassle out of international trade for you.

Transportation and Supply Chain Solution

We supply a comprehensive range of fast, reliable, cost-effective International Air Freight, Sea Freight, Road Freight, On Board Courier and Courier forwarding services. This service is supplemented by our Import and Export Customs Clearance which includes:

• Import and Export Clearance: We handle all aspects of customs clearance, from documentation and duty calculation to the release of your goods.
  
• Tariff Classification: Our International Trade Department assists in properly classifying your goods to ensure accurate duty and tax calculations.
• Customs Documentation: We prepare and manage all required customs documentation, including invoices, bills of lading, and certificates of origin.
• Customs Compliance: We ensure that your shipments meet all import and export requirements, including inspections, permits, and licenses.
  
• Duty and Tax Optimisation: We work to minimize your tax liabilities by exploring available exemptions, deductions, and duty reduction programs.
• Consultation and Advisory: Our International Trade Department is available to provide consultation on trade compliance, tariff rates, and customs regulations, helping you make informed decisions.

Letter of Credit presentations

Although a Letter of Credit remains the safest method of export payment, preparation of shipping documents covered under this system requires great care and attention to detail, not to mention shipping and banking expertise.

Many exporters face multiple problems when preparing Letter of Credit compliant documentation, including:

• Late presentation of documents to the bank
  
• Delays in payment
  
• Discrepant documents and associated fees
  
• Too much time spent dealing with documentation
  
• Inconsistent service/information
  
• Ongoing training needs for staff in L/C compliance.
  

Our service includes:

• Taking care of your credit from the outset, be it the checking of documentation to ensure that it complies with the terms of the credit, or the raising of documents such as invoices and packing lists, liaising with exporter and shipper every step of the way
  
• Downloading of L/C directly from selected banks
  
• Arranging authentication and legalisation of documents if required
  
• Presenting documents (electronically where possible) to the bank and ensuring that payment has been made.

To access any of these services, please contact our International Trade Team today on 01223 237414.

The European Commission announced provisional countervailing duties (tariffs) on imports of China-produced electric vehicles. This will apply from Thursday 4 July, with the highest duties of up to 48 per cent. The UK has yet to initiate any similar review of China subsidies on the electric vehicles market.

This week, the BCC made a submission to the Treasury’s consultation on technical aspects of the proposed UK Carbon Border Adjustment Mechanism in terms of imports and supply chains to the UK.

You can view the full list of all our training courses for 2024 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.

This full day conference will be an opportunity for business leaders from across the UK, and the globe, to come together to discuss the key challenges to build a better future for business, the economy, and people in our local communities.

The conference will be centred around five key breakout sessions:

• People and Work
  
• Global Britain
  
• Digital Revolution
  
• Green Innovation
  
• Local Economy of the Future.

Confirmed speakers:

Andrew Bailey, Governor, Bank of England
Amanda Blanc DBE, Group Chief Executive Officer, Aviva
Nicola Mendelsohn CBE, Head of Global Business Group, Meta

Away from the sessions, the Networking Zone is an opportunity for delegates to meet existing and new contacts; and the exhibition stands will see the best of British business, and the Chamber Network, from across the UK and around the world showcasing their work.