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BCC warns there are 'uncertain times ahead' for global trade

January 15 2024

Responding to trade data for November 2023 published recently by the Office for National Statistics (ONS), the British Chambers of Commerce (BCC) has warned that there are 'uncertain times' ahead in regard to global trade.

The ONS's data showed a decline in UK trade in goods for both imports and exports. It attributed the decline to a fall in trade flows with the rest of the world.

According to the ONS, overall goods import volumes fell by 3.8% in November, whilst overall goods export volumes fell by 2.8%. Regarding services, the ONS found that import and export values fell slightly.

Commenting on the data, William Bain, Head of Trade Policy at the BCC, said: 'The positives are there was a pick-up in some export sectors in goods trade with the EU, particularly in automotive sales. Services also remained steady for a further month, with only very small declines. But other indicators for November were weak, particularly on imports.?

'Looking ahead the picture is only likely to worsen as the effects of the disruption to shipping in the Red Sea, and through the Suez Canal, begin to be fully felt.' 

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