UK trade balance in worst state for a year as exports stall

The gap grew from ?9.56bn in August to 9.82bn in September, ONS figures released today show. Even factoring in Britain’s strong service exports, the gap still comes to ?3.27m, slightly wider than in the previous month.

In the three months to September, the deficit increased by ?3.8bn to ?21.9bn, partly driven by a growth in EU imports to a record high of ?55.2bn.

The British Chambers of Commerce (BCC) said that more needed to be done to boost Britain’s exports.

David Kern, BCC Chief Economist, said: ?While our exporters are looking towards faster-growing markets outside the EU, this process must be accelerated. 

?The government can ensure that our global traders can compete on a level playing field with our international competitors. 

?We have long said that more attention and resources need to be allocated towards boosting UK exports, with a strong focus on trade finance, insurance and promotion.?

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