*Arthi Nachiappan, Economics Correspondent, July 28 2022, The Times*
Growth in overseas sales has been “effectively stagnant” since the economy reopened after lockdown, a survey of businesses has found.
The proportion of UK companies reporting a rise in their exports has remained flat at 29 per cent for the fifth consecutive quarter, according to the survey of 2,600 exporters conducted by the British Chambers of Commerce, whose members collectively employ six million people across the UK.
A quarter of exporters recorded a fall in sales in the second quarter compared with the start of the year, and nearly half, or 46 per cent, saw no change.
Manufacturers trading overseas are the worst affected, with only 39 per cent expecting a rise in profits in the next year compared with 48 per cent of service sector exporters.
William Bain, head of trade policy at the organisation, said supply chain disruption, soaring prices, and the impact of Brexit red tape has had “chilling effects on exports”.
“Recent ONS figures have shown an increase in exports to the EU, driven in part by shortages caused by the war in Ukraine,” he said. “But our data shows there are serious underlying issues — which are hitting smaller manufacturing exporters the hardest.”
Companies trading within the UK saw more positive results, with 40 per cent having a rise in sales in the period.
The UK is losing market share in international trade, according to latest Office for National Statistics figures that show the country is on course to reach its largest trade deficit since the 1970s.
The price of oil and energy continues to add to the cost of imports. The deficit narrowed slightly to £9.7 billion in May, down from £9.8 billion the month before, but exceeded economists’ predictions that it would fall to £8.7 billion.
The largest trade deficit since the 1970s. Yet another sign that the Tories have dragged us back to where they always said Labour would take us. Oh the irony.
It’s Frances fault, they should just staff better to accommodate global Britain.
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*Arthi Nachiappan, Economics Correspondent, July 28 2022, The Times*
Growth in overseas sales has been “effectively stagnant” since the economy reopened after lockdown, a survey of businesses has found.
The proportion of UK companies reporting a rise in their exports has remained flat at 29 per cent for the fifth consecutive quarter, according to the survey of 2,600 exporters conducted by the British Chambers of Commerce, whose members collectively employ six million people across the UK.
A quarter of exporters recorded a fall in sales in the second quarter compared with the start of the year, and nearly half, or 46 per cent, saw no change.
Manufacturers trading overseas are the worst affected, with only 39 per cent expecting a rise in profits in the next year compared with 48 per cent of service sector exporters.
William Bain, head of trade policy at the organisation, said supply chain disruption, soaring prices, and the impact of Brexit red tape has had “chilling effects on exports”.
“Recent ONS figures have shown an increase in exports to the EU, driven in part by shortages caused by the war in Ukraine,” he said. “But our data shows there are serious underlying issues — which are hitting smaller manufacturing exporters the hardest.”
Companies trading within the UK saw more positive results, with 40 per cent having a rise in sales in the period.
The UK is losing market share in international trade, according to latest Office for National Statistics figures that show the country is on course to reach its largest trade deficit since the 1970s.
The price of oil and energy continues to add to the cost of imports. The deficit narrowed slightly to £9.7 billion in May, down from £9.8 billion the month before, but exceeded economists’ predictions that it would fall to £8.7 billion.
The largest trade deficit since the 1970s. Yet another sign that the Tories have dragged us back to where they always said Labour would take us. Oh the irony.
It’s Frances fault, they should just staff better to accommodate global Britain.