- The UK’s deficit on trade in goods and services was estimated to have been £4.7 billion in August 2016, a widening of £2.5 billion from July 2016.
- Exports increased by £0.1 billion and imports increased by £2.6 billion.
Commenting on the UK trade figures for August 2016, published today by the ONS, Mike Spicer, Director of Research and Economics at the British Chambers of Commerce (BCC), said:
“The measured increase in exports in August was small, and outweighed by the growth in imports, widening the UK’s long-standing trade deficit. Exports remain largely unchanged on the year, while imports have continued to grow.
“The post-referendum fall in sterling has been widely reported as a boon to exporters, but this has also increased the cost of imported goods and materials, and Britain’s export sector is heavily integrated with global supply chains.
“The Chancellor’s Autumn Statement needs to include measures that support businesses looking to access new export markets, including expanding support for trade fairs and missions, to at least match that provided by our competitors. Businesses also need improved infrastructure at home to create a more competitive business environment and help get our goods and services to market.”