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News that the UK trade deficit narrowed in February due to a 2.2% fall in imports is not cause for celebration. Although exports were reported to have suffered a smaller tumble – by 1.6% – the decline appears to collude with remarks from the Office for Budget Responsibility that UK economic growth may not be led by exports.
“What we need to remember is that the UK economy is recovering much faster than expected,” says Carl Hasty, Director of international money transfers specialist Smart Currency Business. “Businesses need a lot of support in times of recovery, from both the public and private sectors. However, business owners and entrepreneurs also need to increase their efforts in order to export wisely.
“The biggest fall in UK exports was to countries within the European Union, which accounted for nearly half of our export activity. Businesses need to be able to proactively seek new ways to market to these countries, or, failing that, to find new export markets to invest in. Other countries may provide the demand and increased potential for exports from the UK.”
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