UK Exports Holding Up Despite Euro Crisis

15 May 2012 17:00 - Mark Maffia

    



UK Exports Holding Up Despite Euro Crisis

The Office for National Statistics has said exports of UK goods climbed by 5.8% to reach £26.4 billion for March, despite signs of significant weakness in the Eurozone. The deficit in goods traded with the rest of the EU, the UK’s biggest trading partner, widened as exports stayed flat at £13.2 billion. However, the performance was offset by a strong British increase in British exports to the rest of the world. Driven by the US, exports to countries outside the EU grew 12% to £1.4 billion.

Meanwhile UK imports of goods grew 4.2% to reach a new monthly record of £34.9 billion, improving feelings for the strength of domestic demand in the UK. Overall, the trade gap in goods with the rest of the world stayed at £8.6 billion. The monthly trade deficit including services, of which the UK is traditionally an exporter, was £2.7 billion for March, compared with £2.9 billion in February

David Kern, chief economist at the British Chambers of Commerce said, “These figures show a mixed picture for the UK economy.” He added, “The trade deficit is down and exports rose more than imports. But looking longer-term, we can see that the deficit worsened in the first quarter of 2012 both quarterly and annually. This shows that the rebalancing of the UK economy towards exports is still too slow.”

 

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Related Links :
Office for National Statistics - UK Trade, March 2012
British Chambers of Commerce - Official Website
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