New trade figures show signs of life for export of goods

Exportship300UK trade figures published today suggest that the manufacturing industry taking a leading role in reducing Britain’s trading deficit.

The deficit of trade on trade in goods (exports minus imports) was £7.7 billion in December, reflecting a modest 1.9% increase in exports to £25.0 billion. Imports for the same period decreased by 4.7% to £32.8 billion.

Commenting on the trade data, EEF chief economist Lee Hopley said manufacturers had a strong finish to 2013 and indicators since the start of the year were also encouraging.

“The business surveys have been pointing to a decent picked up in the home market, but the trade data today shows the export story has yet to follow. However, with more confidence that export demand will gather pace through the course of this year, we should expect the official data to follow suit.”

During the month, exports of goods to countries outside of the EU increased by £0.1 billion to £12.6 billion. Imports from countries outside of the EU decreased by £0.7 billion to £14.8 billion, the lowest since May 2010. The Office for National Statistics (ONS) said the fall was mainly attributable to the import of transport equipment; primarily aircraft and ships.

Copyright Ken Hurst 2014

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About Ken Hurst

Ken Hurst began his career as a journalist in London over 30 years ago, working on a range of publications before moving on to weekly newspaper production in the newly-independent Zambia of the 1970s. He returned to the UK where his work included spells on newspapers and magazines, before moving to head up Norwich Union’s corporate affairs division. In the 1990s he moved on to freelance, co-own and publish the B2B audio magazine Sound and front the BBC radio Yesterday’s Papers programme. There followed six years as Business Editor at Britain’s biggest selling regional daily newspaper, The Eastern Daily Press, where he led an award-winning team and for whom he still writes a weekly socio/political comment column. Subsequently, he was Group Editorial Director at CBM, responsible for its UK and US magazine output – including The Manufacturer magazine – research-driven industry reports and live events content. Currently he is Contributing Editor at Works Management magazine publisher Findlay Media and Chairman of the consumer publishing house TNT Multimedia Ltd. He is a Fellow of the Royal Society of Arts and of the British Association of Communicators in Business.
This entry was posted in Aerospace & defence, Automotive, exports, Government/statistics, Manufacturing management, marine and tagged , , . Bookmark the permalink.

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