Citywire for Financial Professionals
Stay connected:

Citywire printed articles sponsored by:


View the article online at http://citywire.co.uk/money/article/a532135

Chart of the Day: could exports really save the UK economy?

Despite European economic weakness, UK exporters have been breaking records.

 

by Chris Marshall on Oct 13, 2011 at 11:29

The chart may not look dramatic, but George Osborne and friends will likely be crossing their legs in giddy excitement.

It shows that exports by UK companies rose to £25.5 billion in August, the most since (comparable) records began back in 1998.

Having started the year emphatically expounding the role of exports in the UK economic recovery, and thereby justifying their continued austerity measures, the coalition government seemed to go quiet on their reliance on exports as our main trading partners’ economies deteriorated and our own economy slowed further (0.1% at the last count).

But the latest stats on exports, published by the Office for National Statistics today, will likely be pounced on by Conservative Party speech writers.

Source: Office for National Statistics

Exports of ‘intermediate goods’ such as mobile phones and computer components to Europe were particularly strong, as were exports of fuels to non-EU countries. Exports of cars, however, dropped significantly – the UK automotive industry is indeed in trouble, as a Chart of the Day showed last week.

But although total exports rose by 0.6%, imports fell by 0.7% to £33.3 billion.

Unfortunately, economists do not expect the export strength to continue: despite the help provided by a weak pound, demand from the eurozone is just getting too feeble.

Sign in / register to view full article on one page

5 comments so far. Why not have your say?

Gristybeasty

Oct 13, 2011 at 15:49

Our imports remain high and I ponder as to the make-up of these imports. I suspect a major factor in the UK's imports relate to non indigenous (immigrants) bringing in there own special foods, spices, beers etc.

report this

Jeremy Bosk

Oct 13, 2011 at 21:39

Gristybeasty

Food imports from India and other countries which have very different diets to our own are negligible and less than our imports from Ireland alone. As you could have discovered with ten minutes spent searching the internet.

http://archive.defra.gov.uk/foodfarm/food/pdf/Ensuring-UK-Food-Security-in-a-changing-world-170708.pdf

Look at page 16.

Pondering with no facts on which to base your pondering is likely to leave you no wiser.

report this

Gristybeasty

Oct 14, 2011 at 09:48

Wound you up!

I thought some one would respond!

report this

Jeremy Bosk

Oct 14, 2011 at 12:20

Gristybeasty

Pity I didn't go with my first impulse which was to ask whether the IQ of a BNP member was 20 points below average or 30 to qualify them as official morons.

There are enough genuine fascists and honestly ignorant halfwits on these boards for fraudulent ones to be superfluous.

report this

Gristybeasty

Oct 14, 2011 at 14:42

"There are enough genuine fascists and honestly ignorant halfwits on these boards for fraudulent ones to be superfluous."

Gosh, are you one then Jeremy?

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

From the Forums

+ Start a new discussion
Sorry, this link is not
quite ready yet