Mixed news for exporters as trade gap grew in September
Official figures from the Office for National Statistics (ONS) show the goods and services deficit – the gap between exports and imports – rose from £3.8bn in August as exports fell by £200 million and imports lifted by £1.2bn.
However, the trade gap narrowed overall in the third quarter to £11bn from £12.7bn in the previous three months as exports of goods rose by 6.1 per cent thanks to strong overseas demand in the immediate aftermath of the Brexit vote.
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Hide AdCommenting on the quarterly numbers, Mark Emmerson, HSBC’s head of global trade and receivables finance UK, said: “These latest figures are welcome news in a period characterised by uncertainty. We know that SMEs in particular are looking for more support to grow internationally.”
International trade secretary Liam Fox said the third-quarter figures were a “positive boost for British businesses and shows clearly the UK remains an attractive place with which to trade and do business”.
“But there is clearly still a lot of work to do to, and that is why we will be supporting UK businesses as we reach out to new markets to position the UK as a global leader in free trade,” he added.