David Peña, International Trade Manager at Chambers Wales South East, South West and Mid, said:

“Recent months in the export sector have been marked by significant volatility, with goods exports in particular fluctuating between significant increases and falls. It is therefore encouraging to see in the latest data that total goods exports rose by 10.2% in August, including rises in exports to both EU and non-EU countries, and services exports also increased.

“This steady growth is reflected in the results of our Quarterly Economic Survey for Q3. 23% of businesses in Wales shared that their export sales had increased in the last three months, up from 15% in Q2. However, it is a mixed picture for Welsh businesses who trade internationally as only 7% reported in our survey that their export orders and advanced bookings increased in Q3.

“Businesses and Chambers Wales will be looking ahead to the upcoming Budget and future trade strategies for measures that support the UK economy and provide conditions to enable trade to drive growth.”

William Bain, Head of Trade Policy at the BCC, said: 

“The last three months have seen big swings in UK goods exports, with a double-digit fall in sales sandwiched between two double-digit increases.

“Taking the data from June to August, overall, produces a 2.8% increase in value terms over that period. UK services exports continue to offer stability with modest, but steady, month-on-month growth.

“There are reasons for optimism. Yesterday, the World Trade Organisation forecast a gradual recovery in sales of goods and strong growth in services for the second half of this year.

“The forthcoming Budget, Spending Review and Trade Strategy must all focus on providing the conditions to expand trade as a driver of growth for the UK economy.”