Business experts call for more exports

A business organisation has called for more emphasis to be put on exports in order to rebalance the British economy.

The latest trade figures from the Office of National Statistics have shown that the deficit has risen from £3.5 billion in April to £3.8 billion in May.

While there was a £4.2 billion surplus on trade in services, this was countered by an £8.1 billion deficit on trade in goods.

David Kern, Chief Economist at the British Chambers of Commerce, said: “The competitive sterling exchange rate remains a helpful factor, but weakness in the eurozone is a major obstacle, and it is worrying that imports continue to grow more strongly than exports.

“Since exports must be put at the centre of any lasting UK economic recovery, it is important to nurture companies trading abroad. Businesses need improved access to short-term trade finance and they may have to look to other global markets outside Europe for an export-led boost.”

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