UK trade stats show Exports slowing
Phil Couchman, CEO of DHL Express UK comments on the recent trade data from the Office of National Statistics
"Despite a record narrowing of balances in October, the ONS’ trade figures for November have highlighted a weakening in the export market, with the deficit in trade in goods and services rising to £2.6 billion in late 2011.
The worsening global economic crisis has created less than favourable trading conditions over the last 6 months – however, a number of trading opportunities do still exist in international markets. Businesses should be encouraged by recently agreed trading partnerships such as those confirmed with New Zealand and a strong relationship with China, who have announced an eagerness to import from the West to rebalance its own trade surplus.
Recent research by DHL, the Global Connectedness Index, has shown that global economic integration has significant room to improve and that there is untapped potential for countries to develop international trade links. Increased global connectedness would contribute positively to global GDP, which in turn could play a key role in averting a double-dip crisis scenario.
New opportunities for UK businesses to expand outside of Europe are ever-present. However, we must all support businesses in identifying these potential new markets if we are to regain our place as a powerful global trading partner and increase export sales in this critical year."
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Post Date: January 12th, 2012