Trade in fuels drives UK Imports and Exports in July
Reacting to the latest ONS figures on Trade for July 2022, William Bain, Head of Trade Policy at the BCC, said: “July was a better month for UK trade than the previous month. We are seeing trade in fuels, particularly oil and gas, at elevated levels. Vehicle and other mechanical engineering exports did well too.
“We will be outlining measures which could consolidate the progress in this set of trade data over the coming months once the period of national mourning has come to an end.”
Trade data overview
Imports
Overall goods imports from the EU decreased by 0.3% (lower car imports from Germany and Spain were factors here) while goods exports to the EU rose by 7.9%. Fuel exports to the EU rose by £0.8bn in July alone, largely down to increased oil and gas exports to the Netherlands and oil exports to France.
Non-EU goods imports fell by 1.5% in July 2022, offset by higher levels of gas imports from Norway and refined oil from Kuwait. Overall goods imports were 0.9% lower in July 2022 compared with the previous month.
Exports
Total goods exports in July 2022 rose by 6.7%, with a 7.9% rise in exports to the EU accompanied by a 5.4% rise in goods exports to the rest of the world. Exports of ships to Gibraltar, mechanical machinery items to China, and vehicles to the US and China were at the centre of the rise in rest of the world goods exports in July.
The overall trade deficit (ex-inflation) narrowed in the three months to July 2022 by £2bn, coming in at £20.8bn.
EVENTS AND WEBINARS
Customs Health Audit: Pain Free Testing
Tuesday 20 September, 2.00pm
In this webinar we will be discussing the basics of compliance, and how to ensure your company is fulfilling its roles and responsibilities within the HMRC customs framework. We’ll share case studies, and explain the benefits of our customs health audit, allowing for a Q&A session at the end.
Register here.
Chile: Open For Business
Tuesday 4 October, 4.00-5.00pm
Have you ever considered Chile as the next country you export to?
The opportunities are vast and Chile is definitely Open for Business!
We are delighted to be working with the British Chilean Chamber of Commerce and Bedfordshire Chamber of Commerce to bring you this informative online session.
Why Chile:
- Stable Economy
- East of Doing Business
- Sustained Growth
- Optimal Business Environment
- Solid Banking System.
Just some of the sectors of interest to Chile are:
- Food & Drink
- Agri-tech
- Cyber Security
- Green/Renewable Energy
- Construction.
This webinar is FREE of charge. Why not take an hour out of your day to see if Chile is a market that you’ve been missing out on?
Register for your free place here >
The meeting link will be sent a few days prior to the webinar.
‘Growing Globally’ Networking Lunch
Wednesday 19 October, 11.45am-2.00pm
Peterborough United Football Club, London Road, Peterborough, PE2 8AL
We’ll be working with World First, Smart Manufacturing Alliance, PEM Accountants and Department for International Trade on this event.
The four entities will cover a panel discussion surrounding the latest news in the international world and how your business can grow globally.
There will also be a networking lunch which will give you time to connect with like-minded professionals, all whilst overlooking the pitch at Peterborough United.
We will also be holding a business card draw which will give you the chance to win two hospitality tickets to watch Peterborough United.
Cost: £20.00 (plus VAT) per person
Click here to register.
TRAINING COURSES
Understanding Importing
Tuesday 20 September, 9.30am-1.00pm
This course covers all the basic key areas around importing and will explain the requirements for documentation, plus an overview of country of origin and incoterms.
Understanding Commodity Codes
Tuesday 27 September, 9.30am-1.00pm
By attending this course we will ensure you are aware of what a commodity code is and what it is used for, understand the process of how to classify goods, successfully classify a range of goods and understand the importance of getting your commodity codes correct.
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.
Ensure you can continue to lodge Customs Declarations
Follow these three steps to ensure you are ready to continue to lodge customs declarations:
STEP 1: Subscribe to CDS
CDS is free and easy to subscribe to. Click here to subscribe.
Note: You will need to use your company's Government Gateway to log on. If you don't have one, you can obtain one very easily. However, it is likely that someone in your company - typically the finance team - will already have one. Also note, it can take five days to get access to CDS if HMRC need to do further checks.
STEP 2: Setting up duty payments on CDS
You will need to:
- Set up a new Direct Debit to enable your Deferment Account on CDS
- Delegate your customs agent to use your Deferment and Cash Accounts on CDS
You can complete this here.
ChamberCustoms have prepared this step-by-step guide to assist you with adding an authority to your CDS Cash account.
Should you have any issues adding authority to your CDS Cash account, please feel free to get in touch with us, and we can help you further.
Note: Your existing Deferment Account, if you have one, will work on CDS. However, you will need to set up a new Direct Debit. It is important that you don't cancel your CHIEF Direct Debit.
STEP 3: Prepare for CDS data
You will need to familiarise yourself with the additional information required when completing Import/Export declarations on CDS. In addition to the standard information, CDS will also require:
For export
Carrier information
Country of routing (to the extent known)
Gross mass
CDS references for authorisations held (IP/OP/etc.)
Nature of transaction
For import
Gross mass
Incoterms
Nature of transaction
Guarantee details (for deferment)
Relationship between buyer/seller
Commercially agreed exchange rates
Should you have any queries, please feel free to contact our International Trade team. We are happy to answer any questions you may have about the switchover.
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