Data published by the British Chambers of Commerce (BCC) shows that UK export growth has been effectively stagnant for the past year.
The BCC’s quarterly Trade Confidence Outlook revealed that the proportion of exporters reporting increased overseas sales was 29%, whilst 25% reported a decrease.
Manufacturers were more likely to report increased export sales than business-to-business firms or business-to-consumer firms (such as online stores), the data showed.
William Bain, Head of Trade Policy at the BCC, said:
‘UK exporters are facing the headwinds of higher red tape costs from trading with the EU, raised raw material pressures and ongoing issues in global shipping markets.
‘If we are to realise the aspirations of the UK government’s Export Strategy then 2022 has to be the year where these structural factors holding back our exporters are addressed.
‘Sustained export growth should be powering our economic recovery from the pandemic.’
Internet link: BCC website