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QITO Q2 2017 | UK’s top holiday exports | Bilateral trade in ASEAN

 
Quarterly International Trade Outlook for Q2 2017
 
The British Chambers of Commerce, in partnership with DHL, has launched its latest Quarterly International Trade Outlook for Q2 – April to June – 2017. Overall findings show that while export sales remained steady, there are several economic factors that are giving businesses cause for concern.
 
Commenting on the findings, Dr Adam Marshall, BCC Director General, said: “exporters continue to put in a solid performance but are keeping a watchful eye on volatile exchange rates, rising inflation, and ongoing skills shortages.”
 
In his foreword to the report, Ian Wilson, DHL Express UK & Ireland CEO, acknowledges that some businesses need reassurance: “the UK government must ensure that the concerns of businesses are acknowledged and that the necessary infrastructure is put in place to ensure Britain continues to be truly global.”
 
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The UK’s top holiday exports
 
Statistics revealed by HMRC show the UK exported more than £302 million worth of holiday goods in 2016. Overall the most recent export statistics stand at £547.6 billion, up by 5.8 per cent on 2015.
 
The latest figures show that £160 million worth of sunglasses, £93 million worth of swimwear and £8 million worth of flip flops were amongst the top exports.
 
Over the past year the Department for International Trade (DIT) has worked to secure billions of pounds in export opportunities, setting up 11 trade working groups across 16 countries to agree trade deals and nurture commercial ties. South Korea, Australia and Hong Kong are amongst the biggest markets for holiday exports outside of the EU.
 
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Bilateral trade in Malaysia and South Korea
 
Last week International Trade Minister Mark Garnier visited two of the fastest growing Asian markets, in an attempt to boost trade and investment opportunities post-Brexit.
 
Overall bilateral trade to Malaysia amounted to £4.4 billion in 2015 and technology is now one of the top five UK exports to Malaysia. The technology sector represents a great opportunity for growth in British goods and services.
 
The trip ended in South Korea where trade relations have traditionally been strong, with trade worth over £10 billion. Plans to focus on increasing collaboration in the automotive sector continue as the number of cars exported to South Korea has increased five-fold, making it the UK’s eighth largest export market outside of the EU.
 
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Thursday 17 August 2017

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