UK Export Growth Hits Six-Year Low – British Chambers of Commerce

British exporters experienced the weakest growth in orders since the depths of the financial crisis in the three months to September, a survey showed on Tuesday, adding to signs that overseas demand has faltered.

The British Chambers of Commerce said firms taking part in its quarterly trade survey reported the most limited growth in overseas sales and orders since the second quarter of 2009, when Britain was coming to the end of its worst recession in decades.

“These figures make it clear that the UK’s export drive is at risk of going into reverse gear, precisely at the time when it needs to be moving forward,” John Longworth, director general of the British Chambers of Commerce, said.

Addressing a trade conference in London, Longworth said too few British companies had made the jump to export.

“The scale of challenge facing Britain today is huge,” he said. “The UK is slow to spot and exploit new markets. We’re even losing market share in a number of key growth markets around the world.”

The survey of 1,257 firms took place between Aug. 24 and Sept. 14, and follows a similar survey from the Confederation of British Industry, in which manufacturers reported the biggest fall in orders in three years.

Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam