Commenting on the latest ONS trade data, BCC Head of Trade
Policy, ,
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.
