- The UK’s deficit on trades, goods and services was £2.0bn in October 2014, down from £2.8bn in September 2014
- In October 2014 there was a deficit of £9.6bn on goods, and £7.6bn on services
- BCC’s Economic Forecastwas published today and downgraded export growth to a fall of 1.5% for 2014
Commenting on the trade figures published today by the ONS, David Kern, Chief Economist of the British Chambers of Commerce, said:
“It is positive to see that the deficit narrowed in October, following disappointing figures last month. However, Britain’s trade performance is still inadequate, and in spite of these latest figures our forecast is for exports to decline in 2014.
“A rebalancing of the UK economy towards exports is vital to a sustained recovery and it is clear that we are not making sufficient progress towards this goal. The UK must step change its approach to supporting existing and potential exporters.
“We remain heavily reliant on trading with Europe – instead our efforts should be spent on diversification of exports to fast- growing emerging markets.”