Every quarter, the British Chambers of Commerce, in conjunction with DHL, launches the Quarterly International Trade Outlook. The document, ‘QITO’, includes a Trade Confidence Index and other measures of the UK’s exporting health, predictions for future economic developments with a focus on trade and country snapshots – all to give British businesses an even better understanding of international opportunities.
So we are very excited to release the Quarterly International Trade Outlook for Q2 – April to June – 2014. In his foreword to the document, Phil Couchman, DHL Express UK & Ireland’s CEO, emphasises that global markets for British exports are continuing to grow – he gives the example of Chile which has seen an increase in exports from Britain of 72 per cent, almost £1.2 billion worth of goods. With new market opportunities and high trade confidence, British companies are in an ideal position to enter and expand in global markets, and DHL’s infrastructure investments and expert trade advice will further support UK businesses. In Phil Couchman’s words: “If you know your audience and have done your market research, you can succeed in territories which at first glance might not seem obvious.”
Q2 2014 saw a jump in the volume of trade documents issued. The index now stands at 119.27, a 1.92 per cent increase compared to Q1 2014, and an increase of 0.98 per cent compared to 2013 Q2. The second highest outturn on record was 118.12 in Q2 2013.
Britain’s regions and nations
Most parts of the UK returned an increase in Q2 2014. The highest increase was recorded in East Midlands (+11.64 per cent), followed by Northern Ireland (+9.21 per cent) and Yorkshire & the Humber (+5.27 per cent).
For the first time, Britain’s economic output now exceeds pre-recession levels: the UK economy grew by 0.8 per cent in 2014 Q2. This growth is largely driven by the services sector, while manufacturing output also increased.
The US and China’s economies also continued to grow by 4 and 7.5 per cent respectively over the last quarter, showing that the States’ economic recovery is fully underway – the Eurozone’s economy, however, did not expand.
The British Chambers of Commerce projects that exports from the UK will grow by 1.9 per cent in 2014, and 4.5 per cent in 2015. According to the World Trade Organisation, the volume of world trade will increase to 4.7 per cent in 2014 and 5.3 per cent next year.
This quarter’s International Trade Outlook includes country profiles of Cambodia, Chile, Egypt, India, Mozambique and Taiwan. For each country, this includes a country profile, an overview of the economic and trade outlook as well as a SWOT analysis of the country’s trade potential.
EU membership gives the UK access to a wide range of markets through Free and Preferential Trade Agreements; the 2014 Q2 QITO contains a heat map overview of these countries and regions.
Paxman Coolers is a British business specialised in products that support chemotherapy patients, and MD Richard Paxman gives his top tips for exporting. The company has a network of 25 international distributors and is successfully trading with Australia, Crazil, Japan, South Korea and soon the US.
Download the full 2012 Q2 QITO here (pdf).