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BCC: Rebalancing of UK Economy Faces Challenges as Trade Deficit Widens

  • The UK’s deficit in the trade of goods and services was £2.8bn in September 2014, up from £1.8bn in August 2014.
  • In September 2014, there was a deficit of £9.8bn in trade of goods, partly offset by a surplus of £7.0bn in trade of services.

Commenting on the UK trade statistics for September 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“It is disappointing to see the UK’s trade deficit widen in September after some encouraging figures the previous month. While monthly figures can be erratic, the trade deficit also widened in Q3 as exports fell and imports rose. In September, the UK recorded its largest ever deficit in goods trade with Germany, partially offset by improvements in trade with China and Hong Kong.

“We must drastically change our approach to supporting exporters as we are failing to make adequate progress towards rebalancing the economy. The government must introduce further measures to support UK exporters around the world, including the growing economies of Asia.”

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