Murky picture for UK trade as goods exports fall again

Reacting to the ONS Trade figures for October, William Bain, Head of Trade Policy at the British Chambers of Commerce, said: “There was a cloudy trade picture in October as goods exports fell again - well short of forecast 2022 growth.

“The ONS Trade data shows a 4.7 per cent fall in the value of goods exports, although services held up better. Overall, though, export performance continued to undershoot the OBR’s eight per cent forecast growth for this year.

“After removing inflationary effects, imports rose, particularly from the EU. As fuel market volatility continued, gas and other fuel imports from the rest of the world were down in October.

“But with data for 10 of the 12 months of 2022 now in, it’s clear that the scale of growth in exports predicted last October is not happening.

“Nevertheless, over the three months until the end of this October, exports in both goods and services held up. Energy market fluctuations had an impact on trade data over this period.

“With tougher economic conditions most likely ahead, next year will need a step change in efforts by business and government to develop the Export Strategy to sustain trade volumes.”

Detailed analysis of data can be viewed here.

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The latest guidance on the prohibitions on supply of professional services to/from Russia and Belarus can be read here. 

DIT has signed the latest of its state level agreements in the US on aspects of trade and investment policy - this time with South Carolina, which is a hub for automotive and life sciences sectors. Co-operation on key areas is improved by the agreement.