Responding to the latest ONS data on trade, William Bain, Head of Trade Policy at the BCC, said:
“Across the last 12 months, UK goods export growth has been essentially flat. In the autumn, key trade metrics went into reverse on both goods and services.
“A lack of consumer and business confidence globally has also weighed down on the UK’s trade performance at the end of 2024.
“Fresh measures to grow exports and boost the economy will be key to seeing an improvement in UK trade for the year ahead.
“With the threat of US tariffs also hanging over businesses, the Trade and Industrial Strategies must deliver a bold set of policies and support for exports.”
November’s Goods Exports
UK exports in goods fared slightly better in November 2024 than October but still fell. Export volumes dropped by 0.7% compared with a 2.6% fall the month before. The value of goods exports, which does not account for the effect of inflation, saw a small increase of 0.8% in November. There were lower pharmaceuticals exports to the EU, but power generator sales rose. Car exports to the Gulf and to the USA also increased.
November’s Services Exports
UK services export volumes increased by 1.1% in November, but this was down from a 2.5% increase in October. In value terms, without removing the effect of inflation, there was a similar increase in exports of services of 1.1%.
UK Imports
On the imports side of UK trade, goods import volumes fell by 1.8% in November, with a decrease in both EU and non-EU goods imports. However, automotive imports were up, as rises from Germany and Belgium led the way on a £0.2bn increase in transport and machinery imports.
Services imports increased slightly in November, both in value terms (0.7%) and volumes (0.4%) measures.
More detail on the ONS data can be found here.
More Information: www.britishchambers.org.uk
