- Balance of UK firms reporting increased export sales drops, despite already being at historically low levels.
- Hospitality firms, caterers, retailers and wholesalers all most likely to report decreased sales.
- Advance bookings and export orders show no signs of improvement, indicating that recovery is distant
The British Chambers of Commerce’s Trade Confidence Outlook for Q1, released today, has revealed the stark issues facing UK exporters in the first months of this year. The survey of more than 2,900 UK exporters revealed that the percentage of firms reporting decreased export sales had increased to 41%, up from 38% in the previous quarter. The percentage of businesses reporting increased export sales fell to 20%, down from 22% in Q4 2020. 40% reported no change in their export sales.
The historical percentage balance data for this indicator shows that the proportion of firms reporting increased export sales remains at a historically low level and has, in fact, worsened compared to the previous quarter. The balance of manufacturers reporting increased overseas sales was down to -9% from -8%, while the balance of services firms reporting increases dropped to -26% from -22%.