UK Trade Performance Improved

UK Trade Performance Improved

The latest ONS Trade figures indicate an improvement to UK trade. You can view a detailed analysis in the article below.

There is an important course coming up this week, and again next month, on key things you need to know when trading with Egypt. You can also sign up to attend a free webinar to find out about trade preferences and rules of origin.

Through our International Sector we are planning some webinars on IPAFFS, Trading with South-Africa and Developing Markets in the US within the food and drink sectors. Information will be released on these events shortly, please look out for details in future updates.

If you have any international trade queries please email internationaltrade@cambscci.co.uk or telephone the team on 01223 237414.

Karen Cash
International Trade Team Leader
01223 237414
k.cash@cambscci.co.uk

UK Trade bounce led by rise in demand for goods imports

Reacting to the ONS Trade figures for November, William Bain, Head of Trade Policy at the BCC, said: “UK trade performance improved in November, led by a 6.1 per cent increase in goods imports (adjusted for inflation). Goods exports also picked up, rising by 1.7 per cent, but concerns about the impact of the Brexit deal continue - due to a 1.2% fall in goods exports to the EU. 

“Early estimates of trade in services in November showed a flat picture - with exports down by 0.2 per cent, and imports by 0.6 per cent, adjusted for inflation.

“Looking at a comparison over the three months to the end of November with the three months to the end of August, goods exports to the EU were 4.9 per cent lower over that period.  

“While the UK did better than its peers in overall trade in November, the Export Strategy needs to deliver in 2023 given the global economic headwinds UK goods and services exports are currently facing.” 

Detailed analysis of data: 

Goods Imports 
In November 2022, UK goods imports rose by 6.1 per cent after removing effects of inflation (values were 3.5% less before this removal). The rise in goods imports from the EU was led by higher machinery and transport equipment imports (ship imports from Finland were particularly noteworthy). Non-EU goods imports were boosted by higher sales of cars from China and aircraft from the US. Fuel imports from Qatar and Norway continued to fall in November. 

Goods  Exports 
Falls in EU goods exports values were driven by lower sales of fuels for the fourth consecutive month. The rise in non-EU goods export values was largely down to increases in machinery and transport equipment sales, including aircraft to Qatar and motor vehicles to the US and China.  

Services 
On services, excluding inflation, imports fell to £17.8bn  in November and exports to £29.5bn - a reduction of 0.6 per cent and 0.2 per cent respectively from October. 

Three-month trend 
Looking at the three months to the end of November, total UK goods imports from both the EU and outside the EU fell by 3.2 per cent, compared with the three months to end of August. The fall in EU goods exports over that period was 4.9 per cent. Over the same timescale overall goods exports fell by 1.5 per cent.

The services picture was better with  a rise of 2.0 per cent in exports  over that period offset by a 1.2 per cent decline in imports. Total trade values over that period increased by 0.3 per cent in exports but were 2.6 per cent lower in imports.

Trade Deficit 
Excluding inflationary factors, the total trade deficit narrowed by £3.8bn  in the three months to the end of November. 

TRAINING COURSES

Import / Export Diagnostics Workshop
Thursday 26 January, 9.30am-1.00pm

This workshop shows companies how to look at their SOPS and compliance, going through key areas of procedures and compliance, preparing for trading internationally either by exporting or importing.

Register here.

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.

EVENTS & WEBINARS

CargoX and ACID Systems

Thursday 19 January, 9.30am-12.30pm

Thursday 16 February, 9.30am-12.30pm

The Egyptian British Chamber of Commerce has the pleasure of offering this workshop for all Exporters and Importers who trade with Egypt.

This course is a step by step guide on how to send your documents using the new system CargoX.

This is a half day course and covers everything involved setting up accounts to sending trade documents in the new systems.

When you sign up select Cambridgeshire Chambers of Commerce as your local Chamber. The course costs £230.00 (plus VAT) per delegate.

Rules of Origin - Trade Preferences Explained

Trade statistics show that UK businesses are missing out on duty waivers for their customers, negotiated by the UK Government in over 70 trade deals. Rules of Origin (RoO) can be complex, so join us to understand how to benefit from trade deal preferences, how to be more profitable and how to make your exports even more competitive.

These webinars are co-hosted with the DIT Export Support Service (ESS) who have been working across government departments to make RoO as easy to navigate as possible, despite their inherent complexities.

HMRC RoO experts will offer their expertise in a Q&A session and attendees will have a chance to seek clarity on any pain points they might be encountering.
DIT Export Champions will share their personal experience with RoO during their export journeys. This is an opportunity for you to hear from other businesses on the tangible benefits that come from taking advantage of RoO preferences.
ESS will be there to signpost attendees to new business resources and explain how they can be fully utilised.

Click your chosen date below to register:

Friday 20 January, 10.00am

Thursday 26 January, 2.00pm

Tuesday 7 February, 3.00pm

The Chamber offer an Understanding Rules of Origin course that explains all aspects of the Rules of Origin and Trade Agreements and how to understand and comply with them to help companies be more competitive in export markets.

This training takes place on Wednesday 8 March from 9.30am-1.00pm. Full details can be found here.

2023 Smart City Summit and Expo
28-31 March in Taipei
30 March - 1 April in Kaohsiung

The 2023 Smart City Summit and Expo (SCSE) will take place both in Taipei & Kaohsiung. The event is expected to bring together 150,000+ visitors and 600+ exhibitors, with 1000+ matchmaking sessions and 60+ forums.

In addition, the debut of the 2050 Net Zero City Expo will promote economic growth, drive private investment, generate green employment, achieve energy autonomy and enhance social well-being, with a foundation for long-term growth to create a better place for future generations.

Click here to download the package for business delegations including information on exhibiting at the event. Click here to find out more about the Summit and Expo.

SAVE THE DATE

Global Annual Conference
Wednesday 17 May, QEII Centre, London

BCC Global Annual Conference 2023 will bring together business leaders, policy experts, media and government representatives to tackle important business issues and create lasting change. At the BCC, with our network of national and international Chambers, we are on a mission to help businesses thrive in Trade, Skills, the Economy and Net Zero.

The Retained EU Law (Reform and Revocation) Bill has its remaining stages in the House of Commons tomorrow before it proceeds to the House of Lords. The British Chambers of Commerce adopted a revised position on this legislation through their Policy Steering Group late last year.

Contact the Chamber

01223 237414 • chamber@cambscci.co.uk

Cambridgeshire Chamber of Commerce
Clifford House, 2 Station Yard, Oakington, Cambridge, CB24 3AH
www.cambridgeshirechamber.co.uk