The ONS has released the trade data for September.

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

“As we approach the end of International Trade Week, it is disappointing to see that the value of goods imports and exports decreased in September in trade with both EU and non-EU markets.

“With the monthly data reflecting a fluctuating global trade outlook, it is important for businesses in Wales to plan ahead, understand their customer persona and products and identify which market would be the most beneficial for their business to achieve consistency in their trading performance.

“According to Santander’s trade barometer report, more than half of businesses say international trade is of increasing importance to mitigate economic challenges. The government should build upon its ongoing trade talks and the developments in export support announced during International Trade Week to help provide businesses with the tools and opportunities they need to thrive on the global stage.”

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

“The UK’s broader economic slowdown in the third quarter of the year is clearly reflected in the trade data. September’s export data reflected the continued volatility in goods, in the last few months, with a further large drop in UK exports across the world.

“Taking Q3 overall, both goods and services exports fell, which is a real concern. There seems little sign so far of the uplift in global trade which economic forecasters predicted for the second half of 2024.

“The data points to the need for the Government’s promised Trade Strategy to deliver durable improvements in export performance and for stronger support measures to raise sales in key markets.

“It must also look at removing non-tariff trade barriers with the EU, and strong implementation of new trade deals with fast growing markets. A concerted effort is needed to create the conditions so businesses can generate fresh exports.”