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Brexit uncertainty slows down UK export orders

Staff Writer | November 2, 2016
The Quarterly International Trade Outlook, published by the BCC and DHL for the third quarter, indicates that uncertainty following Brexit vote slowed down export orders in the services sector.
Britain   Trade Confidence Index
In contrast, the report also shows that a greater proportion of manufacturers enjoyed an improved export performance compared with the second quarter, with some benefiting from sterling’s recent fall.

This is also replicated in an improvement to the sector’s future orders.

The report’s Trade Confidence Index, which measures the volume of trade documentation issued by accredited Chambers of Commerce, fell by 4.14% on the quarter – following the surge of documentation issued before the EU referendum – but remains 5.32% up on the same quarter of 2015.

The results show that exports are expected to grow at a slower pace in the coming months, and confidence in turnover and profitability has also fallen in the medium term.

The BCC calls on the government to use the Autumn Statement to increase resources to directly support SME export plans, providing direct monetary support for firms to explore new markets or deepen sales abroad.