The latest monthly and quarterly trade figures have been released by the ONS.

Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:

“Apart from a minimal decrease in services imports in June, it is encouraging to see both monthly and quarterly improvements in services and goods trade with EU and non-EU countries.

“For many of our Chamber members and companies who export, the picture remains challenging. 46% of businesses in Wales shared that their export sales had decreased in Q2 and 54% had also seen their orders and advanced bookings decrease according to our Quarterly Economic Survey for Q2.

“The new government has made a good start with intentions to deliver trade talks with more countries and trading blocs, and plans to publish a trade strategy that prioritises net zero and economic security. These plans now need to be put into action to improve the trading outlook for our members and businesses in Wales.”

William Bain, Head of Trade Policy at the British Chambers of Commerce, said:

“June was a strong month for UK trade, with goods exports to the EU experiencing a double-digit rise. Services growth was steady for the month, and throughout the last quarter.

“The data reflects the strengths of the UK’s export portfolio in professional, travel, financial and business services as well as manufacturing, chemicals, pharmaceuticals and transport goods.

“To keep up this momentum, we want to work with the Government on its forthcoming Trade Strategy. It must ensure the UK has the right framework in place to increase exports and improve the efficiency and security of its supply chains.

“This must include a focus on improving trading terms with the EU, to cut the costs of doing trade and sustain June’s welcome sales growth in our largest export market.”