The ONS has released the latest trade figures.

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

“While imports and exports increased marginally for trade in services in May, it is disappointing to see the value of goods imports and exports decrease in the same period.

“This data reflects what Welsh businesses have been telling us with regards to international trade. In our Quarterly Economic Survey for Q2, 46% of businesses in Wales stated that their export sales had decreased over the last three months and 54% had seen their export orders and advanced bookings decrease too.

“As the ONS data suggests that the value of goods imports and exports have been primarily driven by falls in trade with the EU, it is important that the new government looks to negotiate improved trade terms with the EU to support our business leaders and entrepreneurs.”

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

“UK goods trade performance during May was weak, with the primary drivers in reduced EU trade being lower aircraft and automotive sales, in both directions. UK imports of chemicals and food from the EU were also noticeably lower and are worth keeping an eye on for future trends.

“But the sharp fall in goods trade with the EU, and a smaller decline with rest of the world was partially offset by a growth in services trade during May.

“We will continue our early engagement with the new Government on key trade issues.  Export growth must be a core part of the industrial strategy to raise economic growth and competitiveness, alongside plans for critical imports and supply chains.”