UK Trade Deficit Worries Chamber of Shipping

MarineLink.com
Monday, March 17, 2014
Image courtesy of Maersk Line

Reviewing the January 2014 trade figures, the UK Chamber's chief executive, Guy Platten, says the figures are a “further sign that, despite a more prosperous economic outlook, the UK’s recovery is imbalanced."

In January 2014, the value of imports rose to £16.8bn, while exports showed a slight decrease to £14.5bn, compared with the previous month. Consequently, the difference between non-EU imports and exports (the trade gap) has increased.

Mr. Platten added: “As a country, the recovery is driven heavily by consumer spending, much of which is through the purchase of imported goods. In the short term any recovery is welcome, but it is clear that government urgently needs to make progress in delivering a comprehensive manufacturing strategy both to boost exports and reduce our dependence on imports.”

Noting that the shipping sector moves 95% of the UK’s international trade and the maritime services industry as a whole contributes £32bn to the UK economy, he continued: “Seaborne trade is expected to double in the next twenty years, driven by a huge increase in trading with emerging economies outside the EU. This provides huge opportunities for both the shipping industry and the economy as a whole. But the UK will not be able to take full advantage if its economy is driven so heavily by the consumption of imported goods. There’s a huge global market out there, and we need to manufacture more, and ship more, to ensure the UK remains at the heart of global trade.”

Source: UK Chamber of Shipping
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MSHS Group President Recognized for Safety Leadership

Signal Mutual Indemnity Association, a self-insured group provider of Longshore benefits, presented MSHS President Are Friesecke with the Francis R. Sharp Executive

Apply Now for the MN 100

The August 2016 edition of MarineNews, the leading voice in the North American workboat market, will feature 100 leaders and innovators, including workboat owners and operators,

Mothballed Vessels SE Asia Reflect Oil Slump Pain

Around 1,300 offshore support vessels lying idle worldwide. Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of

Finance

Baltic Index Up On Higher Capesize Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday helped by an increase in demand for capesize vessels.

Mothballed Vessels SE Asia Reflect Oil Slump Pain

Around 1,300 offshore support vessels lying idle worldwide. Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of

Asian Traders Unload Floating Gasoline as Market Flips

Gasoline shifted from tankers to landed storage or sold off; forward gasoline prices to flip to backwardation from July. The number of tankers storing gasoline

Government Update

EU Ships in Libyan Waters Would Undermine Tripoli Govt

The U.N.-backed government in Libya has not invited European ships into its territorial waters to help stop people smuggling because this could harm efforts to

Striking Port Workers Protest Greek Port Sales

Greek port workers walked off the job for a sixth day on Tuesday and marched through central Athens to protest the state-sanctioned selloff of the country's two largest ports,

Bulgaria, Greece to Consider Greek LNG terminal

Bulgarian state energy holding company BEH and Greek natural gas company Gastrade have set up a joint task force to prepare a proposal to build an off-shore liquefied

Logistics

New OPDR Service Links Spain with Northern Europe

OPDR introduces new service: CAVA offers connection between the Spanish east coast, northern Europe and Saint Petersburg    OPDR announced its new CAVA service,

BIMCO President Speaks on Dry Bulk's Road to Recovery

“Scrapping ships and no new builds is the fastest road to recovery for the dry bulk market” BIMCO President Philippe Louis-Dreyfus comments on BIMCO’s latest market

Baltic Index Up On Higher Capesize Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday helped by an increase in demand for capesize vessels.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1004 sec (10 req/sec)