Commenting on the trade figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:
“After the exceptionally good figures recorded in the second quarter of 2015, it is disappointing to see a sharp deterioration in the trade deficit in July. Although one month’s worth of figures cannot be taken in isolation, they are a reminder that we are still a long way from rebalancing our economy.
“Although non-EU exports continue to rise on an annual basis, it is concerning that the latest figures show that exports to non-EU countries fell more sharply than exports to the EU. This may be a reflection of the increased problems that many emerging countries are now experiencing.
“On a more positive note, the trade deficit in services has improved due to the strength of our services sector. Overall, it is clear that we need a national strategy to boost exports, so that we can tackle our stubborn trade deficit.”
