Marine Link
Tuesday, September 27, 2016

UK Trade Deficit Worries Chamber of Shipping

March 18, 2014

Image courtesy of Maersk Line

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 Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News