Latest updates and stories from Bedfordshire Chamber of Commerce and its Members

Commenting on the latest ONS trade data, BCC Head of Trade Policy, William Bain, said:  

“The first month of reduced automotive tariffs has had a positive effect on US exports alongside more certainty on the outlook for other manufactured goods sectors.  

 

“But far more work is needed on US tariffs. That means delivering the promised zero percent tariffs on steel and aluminium goods, long term certainty for pharmaceuticals, and securing lower levies on other goods if possible.  

 
“The performance of our trade in goods with the EU continued its recent upward trend but the UK-EU reset negotiations need to deliver quickly. Firms are clamouring for cuts to red tape and lower compliance costs.  

 
“There is also a warning in the data as services exports cooled off in July reflecting business concerns about wider economic headwinds. The government needs to focus on the fundamentals to boost UK trade. 
 

“That means lowering tariffs, removing regulatory barriers, boosting supply chain cooperation, and improving access to export support and finance. The faster, simpler and cheaper trade is for UK companies, the higher our exports will be.” 


Goods Exports 

The volume of goods exports rose in July by 5.2%, with EU sales up by 1.4%, led by car exports. and non-EU exports up by 9.3%. 


UK exports in goods to the US rose by £0.8bn in July, a 20.5% rise month on month,  but remain significantly below pre-April levels when most new tariffs were applied. Cars, fuels and industrial goods saw big increases in sales.  


Goods Imports 

On goods imports, there was an increase of 4.1% in the volume of imports from the EU and 3.7% from the rest of the world.  


Services 

Exports were unable to sustain recent stable growth with a drop in volumes of 0.4% during July, while services imports were flat.  

More detail on the ONS data can be found here.