HMRC overseas trade statistics for July 2016
Commenting on UK importers being badly affected by the ‘Brexit’ vote and Sterling uncertainty, CEO of Covercy, Doron Cohen, said:
“The figures show how starkly importers in the UK were affected by the vote to leave the EU. They clearly scaled back their activities significantly in July due to a huge depreciation in the value of sterling, with the currency hitting a 31 year low against the dollar and a 10% drop in trade-weighted value after the vote to leave. Despite a 13% increase year on year for imports in Britain, it is quite clear that the UK’s importers were dealt a huge blow due to the uncertainty caused by the Brexit vote in July.”
“Meanwhile for exporters, the figures are quite positive. July is traditionally quite a quiet month, however, due to such decreases in the value of sterling, it became much cheaper to do business. This meant, despite a minor decrease, exports actually held up quite well, despite it being off-peak season.”