UK exports fell for a third month, with the trade gap increasing from £9.2 billion in May to £9.4 billion in June, according to the Office for National Statistics (ONS).
“This puts the Government’s target of £1 trillion exports even further beyond reach,” says Carl Hasty, Director of international payments specialist Smart Currency Business.
“The problems that have been blighting UK exports are significant. For instance, UK exporters have been at the mercy of sterling strength and lower demand in overseas markets, particularly in Europe, the UK’s largest exports market.
“However, these problems are topical. Currencies fluctuate, and UK exporters need to have tailored currency-purchasing strategies in place to weather the associated risks as best as they can. Furthermore, although demand in European markets has fallen, there are many other overseas markets that UK businesses can consider exporting to, such as those in other countries where demand appears to be growing, like China.
“It’s not easy, but UK exporters need to have the foundations in place to weather the short-term storms in order to reap long-term gains.”
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