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UK exports at their highest since recession, say firms UK exports at their highest since recession, say firms
(2 months later)
UK exports are at their highest since the recession, according to a survey out on Tuesday that will fan hopes the economic recovery is picking up pace.UK exports are at their highest since the recession, according to a survey out on Tuesday that will fan hopes the economic recovery is picking up pace.
Activity has picked up, exporters are more confident about sales growing and more expect to hire staff this year, according to a report from the British Chambers of Commerce (BCC) and postal group DHL. The news comes ahead of official data on Thursday expected to show overall economic growth accelerated in the second quarter of the year to 0.6%, from 0.3% in the first three months.Activity has picked up, exporters are more confident about sales growing and more expect to hire staff this year, according to a report from the British Chambers of Commerce (BCC) and postal group DHL. The news comes ahead of official data on Thursday expected to show overall economic growth accelerated in the second quarter of the year to 0.6%, from 0.3% in the first three months.
Tuesday's report suggests exporting activity is at its strongest since the BCC/DHL trade confidence index began in autumn 2007.Tuesday's report suggests exporting activity is at its strongest since the BCC/DHL trade confidence index began in autumn 2007.
That will bring some cheer to George Osborne. The chancellor has been espousing a rebalancing of the economy towards manufacturing and exports but the official data has yet to show any evidence of such a shift.That will bring some cheer to George Osborne. The chancellor has been espousing a rebalancing of the economy towards manufacturing and exports but the official data has yet to show any evidence of such a shift.
The BCC said that for the first time its survey results were positive "across the board" and that manufacturers and services firms were enjoying rising demand.The BCC said that for the first time its survey results were positive "across the board" and that manufacturers and services firms were enjoying rising demand.
"Export sales and orders have gone up, confidence is high and expectations around profitability have increased. Even more businesses have taken on staff this quarter, with many expecting to hire again next quarter," said the BCC director general, John Longworth."Export sales and orders have gone up, confidence is high and expectations around profitability have increased. Even more businesses have taken on staff this quarter, with many expecting to hire again next quarter," said the BCC director general, John Longworth.
The survey of more than 1,700 businesses suggested export orders for services firms were growing at a record pace while manufacturers were enjoying their strongest orders growth for more than a year.The survey of more than 1,700 businesses suggested export orders for services firms were growing at a record pace while manufacturers were enjoying their strongest orders growth for more than a year.
The BCC calculates its exporting activity index from the volume of export documents it issues to businesses and said the measure had risen 2.8% from the first quarter and was 2.9% higher than in the same quarter last year.The BCC calculates its exporting activity index from the volume of export documents it issues to businesses and said the measure had risen 2.8% from the first quarter and was 2.9% higher than in the same quarter last year.
More than half of exporters (51%) believe that their profitability will increase this year, and 60% believe they will see an increase in turnover.More than half of exporters (51%) believe that their profitability will increase this year, and 60% believe they will see an increase in turnover.
In its latest release on UK trade, the Office for National Statistics said the value of UK exports had remained flat since mid-2011.In its latest release on UK trade, the Office for National Statistics said the value of UK exports had remained flat since mid-2011.
Most economists said the official data showed little sign of the desired rebalancing toward net trade.Most economists said the official data showed little sign of the desired rebalancing toward net trade.
Longworth said that despite the BCC's findings there was still more the government could do to help companies sell overseas, including giving more support to those going to trade shows.Longworth said that despite the BCC's findings there was still more the government could do to help companies sell overseas, including giving more support to those going to trade shows.
"We mustn't take our foot off the gas. We still need more companies to take the plunge on international trade and for those who export already to try to diversify into new markets," he said."We mustn't take our foot off the gas. We still need more companies to take the plunge on international trade and for those who export already to try to diversify into new markets," he said.
While the official GDP data this week is expected to show some pick-up in growth, economists have warned that the second quarter news from manufacturers was mixed, while the squeeze on incomes is likely to have weighed on consumer spending and will continue to do so over the rest of the year. Inflation has outstripped average wage growth for more than three years.While the official GDP data this week is expected to show some pick-up in growth, economists have warned that the second quarter news from manufacturers was mixed, while the squeeze on incomes is likely to have weighed on consumer spending and will continue to do so over the rest of the year. Inflation has outstripped average wage growth for more than three years.
But business surveys have generally been upbeat and the Bank of England did not feel the need this month to step in with more quantitative easing.But business surveys have generally been upbeat and the Bank of England did not feel the need this month to step in with more quantitative easing.
A separate report on Tuesday suggests fewer businesses are struggling to stay afloat, with the number of insolvencies falling in June. The measure recorded an annual fall for the second month running to 1,560, down from 1,675 in the same month last year, according to credit data specialist Experian.A separate report on Tuesday suggests fewer businesses are struggling to stay afloat, with the number of insolvencies falling in June. The measure recorded an annual fall for the second month running to 1,560, down from 1,675 in the same month last year, according to credit data specialist Experian.
The majority of UK regions -- eight out of 11 -- showed continued improvement with a drop in their insolvency rate and Scotland had the lowest rate overall. Small to medium sized businesses, which suffered the most during the recession, performed well in June, Experian said.The majority of UK regions -- eight out of 11 -- showed continued improvement with a drop in their insolvency rate and Scotland had the lowest rate overall. Small to medium sized businesses, which suffered the most during the recession, performed well in June, Experian said.
"This is good news overall – we've already seen several months of low but level insolvency rates and the fact they have come down further indicates that firms are operating with more confidence than in recent years. However, as businesses start to think about growth and companies start to restock and rehire, the insolvency rate could well go up as cash flow becomes an issue," said Max Firth at Experian business information services."This is good news overall – we've already seen several months of low but level insolvency rates and the fact they have come down further indicates that firms are operating with more confidence than in recent years. However, as businesses start to think about growth and companies start to restock and rehire, the insolvency rate could well go up as cash flow becomes an issue," said Max Firth at Experian business information services.
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