Commenting on today’s Office for National Statistics’ trade data in the three months to September 2017
Commenting on today’s Office for National Statistics’ trade data in the three months to September 2017, Yael Selfin, Chief Economist at KPMG UK, said:
“The latest UK trade figures offer a mixed message, but overall they remain disappointing as exporters have failed to take full advantage of the weaker pound. Disappointing Q3 trade results ended on a slightly improved note in September, with the total trade deficit narrowing thanks to an increase in goods exports. However, recent trends in the performance of services exports raise some concerns; most notably, the surplus in services trade fell in September.
“Trade is an essential way for UK businesses to gain access to the latest knowhow and to improve productivity. It also allows businesses to reap the benefits of economies of scale and reach greater profitability. It is therefore disappointing that, at these goldilocks times when our major trading partners are enjoying strong economic growth and the pound is weak, there are barriers that seem to be preventing UK businesses from taking full advantage of these favourable circumstances.”
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.