UK Export Growth Hits Six-Year Low – British Chambers of Commerce

British exporters experienced the weakest growth in orders since the depths of the financial crisis in the three months to September, a survey showed on Tuesday, adding to signs that overseas demand has faltered.

The British Chambers of Commerce said firms taking part in its quarterly trade survey reported the most limited growth in overseas sales and orders since the second quarter of 2009, when Britain was coming to the end of its worst recession in decades.

“These figures make it clear that the UK’s export drive is at risk of going into reverse gear, precisely at the time when it needs to be moving forward,” John Longworth, director general of the British Chambers of Commerce, said.

Addressing a trade conference in London, Longworth said too few British companies had made the jump to export.

“The scale of challenge facing Britain today is huge,” he said. “The UK is slow to spot and exploit new markets. We’re even losing market share in a number of key growth markets around the world.”

The survey of 1,257 firms took place between Aug. 24 and Sept. 14, and follows a similar survey from the Confederation of British Industry, in which manufacturers reported the biggest fall in orders in three years.

Reuters

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