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UK Exports at all time high - but not to EU


CliveH

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This report from the Daily Wail makes for interesting and encouraging reading.

 

...............................................................

 

"British exports hit an all-time high in the three months to the end of June thanks to surging demand from countries beyond Europe, official figures showed today.

 

The UK trade data was the icing on the cake after a stream of encouraging economic indicators in recent weeks, with all sectors of the economy showing output expanded in the second quarter of the year. House price data, consumer confidence and spending, retail sales figures, and even the until-recently moribund construction sector have all shown signs of robust growth.

 

Britain exported a record £78.4billion of goods between April and June helped by a record busting performance in the last month of the quarter at £26.9billion up £1.3billion from May, the Office for National Statistics said.

 

It means the UK’s trade deficit - the difference between what the country imports versus what it sells abroad - narrowed to a better-than-expected £8.1billion in June from £8.7billion the previous month.

 

Howard Archer, chief UK and European economist at IHS Global Insight, said the trade data were ‘encouraging for hopes that growth is not only strengthening but becoming more broadly based’.

 

He said: ‘The hope is that a competitive pound and gradually improving global growth increasingly supports exports.’

 

Nida Ali, economic adviser to the EY ITEM Club, said 'This is the latest in a long run of positive data and confirms the strength of the UK's recovery.

 

'Given the UK's heavy reliance on services exports, the strong pick-up in the services surplus is particularly encouraging. It is imperative that this continues to improve over the coming months if we are to see greater balance in the UK’s recovery.'

 

But he added most of the strength in goods exports is being driven by demand from outside the EU, suggesting challenges remained.

 

And Martin Beck, UK economist at consultancy Capital Economics, raised doubts over a significant rebalancing towards exports.

 

‘Growing signs of a consumer-led recovery, and the increased import demand that implies, means that the trade deficit will probably still struggle to narrow further over the coming months,’ he said.

 

 

The ONS said exports to countries outside the EU - Britain’s largest trading partner - rose by £1.3billion to £14.2billion in June, with demand strong for goods such as UK manufactured aircraft and works of art.

 

Earlier this week, ONS figures also showed the sharpest rise in manufacturing output in nearly a year.

 

Manufacturing output rose 1.9 per cent quarter-on-quarter in June, with all parts of the sector - spanning car to food-manufacturers - growing monthly output for the first time in more than 20 years.

 

 

Rachel Pettigrew, senior economist at manufacturers' organisation EEF, said: ‘This positive trade data supports our view that the manufacturing sector will gain momentum and will be a source of growth for the UK economy over the coming years.’

 

 

The EEF added that exports to non-EU countries have grown by 49 per cent since 2009 and now exceed those to the EU.

 

 

Increasing exports to non-EU countries has been seen as key to helping the recovery after the eurozone crisis hit what was once the UK's biggest trade partner. Exports to the EU fell by 0.6 per cent to £12.8 billion in June, although imports rose by 4 per cent to £18.2billion.

 

 

Despite the encouraging export data, imports still outstripped demand for British goods from abroad, hitting £103.3billion in the second quarter - the highest level since the end of 2011.

 

 

David Kern, chief economist at the British Chambers of Commerce, said: ‘Our trade deficit is still too large and we aren't making enough progress in rebalancing our economy towards net exports.

 

 

‘Our recent surveys reveal huge untapped potential among British exporters, especially in the service sector, and unleashing this potential will help to secure a sustainable recovery.’

 

 

There was a £6.5billion surplus in services exports in June, helping narrow the overall deficit on goods and services to £1.5billion from £2.6billion in May."

 

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All in all a pretty good performance - helped by the fact we are NOT in the Eurozone!

 

 

 

 

 

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Would anyone care to speculate how that report might have read had Grasping Gordon and his mates Alaster Darling and Ed Ballsup won the last election?

 

The country is has always been better off under the Tories - remember folks you do have to earn it before you can spend it as it's the tax income that services the loans not the benefits and make believe jobs working for the government!

 

And if we can avoid the insults and stick to the hypothesis so much the better - and I have a feeling we have a better chance of that this week!

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I fully agree with Tracker.  The one eyed Scottish idiot and his predecessors with their spend what we don't have, bloat the State employment numbers to 'buy votes' mentality always 'bankrupt the State' and leave the 'nasty' Tories to sort things out.  Once the Tories have sorted the economy, or at least sorted in comparison with what they are left with,  the electorate seems to lose faith and vote in the 'spend spend' party and so the cycle continues.

 

If we had politicians who had the interests of the country at the core of their ideals instead of 'how do we stay in power' (because it's all about POWER for them....there's no altruistic politicians any more) the country would be a much better place.

 

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Guest pelmetman
CliveH - 2013-08-13 11:35 AM

 

Despite the encouraging export data, imports still outstripped demand for British goods from abroad, hitting £103.3billion in the second quarter - the highest level since the end of 2011.

 

 

Us exporters are doing our bit ;-) ................I blame these importers bringing in cheap cameras >:-)........

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Yosser hughes - 2013-08-13 11:58 AM

think this is how you spell mail and you have the check to have a go at me you troll :-) :-) :-) :-)

 

So Clive, here's your proof -- you were right all along -- and noticed it first -- because with your 'inside knowledge' of dyslexia you could spot the signs and recognise 'Yosser' as a fake:

 

"Selective dyslexia"

"Agreed Donna - you only have to cut and paste the utterings and then do a spell check to realise that this is a made up "dyslexic"

 

It is all rather pathetic given that I actually do suffer from this (most highly intelligent people do ) and the simplicity of a spell check means that this Yos prat is trying to hide behind an issue he does not actually have.

 

Simply a Troll.

 

And a pathetic one at that (mind you - they all are )"

 

It's obvious that the troll can quite clearly recognise 'incorrect' spelling in others, but chooses not to use correct grammar, construction & spelling himself. It's not the poor spelling that I object to, particularly, just the plain rudeness of not addressing the rest of us in a civilised manner. When this kind of selective misspelling is used by Ronald Searle's creation, 'Nigel Molesworth' it can be quite funny ('As any fule kno') but not when attempting to address others in polite 'conversation', surely?

 

I laughed out loud to see that he is so thick that he did not know about your use of neologism, i.e a new usage of an existing word, or, perhaps more correctly, in this case, a well-worn nickname.That he could not recognise' 'Wail' for 'Mail' -- just shows him up for the ignoramus that he is.

How the 'Mods' can allow his dreadful puerile rubbish to pollute our once-excellent Forum and cause good people to desert it, defeats me, Clive.

 

Best wishes, thanks again for highlighting the troll's deception!

 

Cheers,

 

Colin.

 

P.S. It would not surprise me to see this thread 'pulled', as the 'Mods don't seem to respond to our collective antagonism toward the unneccessary nuisance in our midst!

 

C.

 

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CliveH - 2013-08-13 11:35 AM

 

This report from the Daily Wail makes for interesting and encouraging reading.

..................................................................All in all a pretty good performance - helped by the fact we are NOT in the Eurozone!

 

So back to the topic in hand, I'm not so sure the above conclusion is necessarily "safe".

 

I caught an item on this morning's news that suggests much the same is true for Germany, and Germany is in the Eurozone. Surely, the safest conclusion that can be drawn from both reports is that a country that produces what others want to buy, and goes out to sell to those with the cash to buy, is likely to succeed better than countries whose goods are in less demand and who don't make to extra effort to sell them.

 

But also, that as we don't have similar figures for the other Eurozone countries, it is at least possible that they, too, are selling well outside the zone, but not in sufficient quantity to negate their home grown problems. I gather that France and Italy may also be in this position with quite good overseas sales performances.

 

BTW Clive, I know you know how to spell mail, and "got" the joke, so don't worry! :-D

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Brian Kirby - 2013-08-14 1:19 PM

 

CliveH - 2013-08-13 11:35 AM

 

This report from the Daily Wail makes for interesting and encouraging reading.

..................................................................All in all a pretty good performance - helped by the fact we are NOT in the Eurozone!

 

 

 

BTW Clive, I know you know how to spell mail, and "got" the joke, so don't worry! :-D

 

You are very kind Brian (lol)

 

Yes I too saw these figures and indeed there are reports in the Pinks that this result could indicate that "Europe" was clawing its way out of recession.

 

Deeper analysis indicated that as the exports from the likes of Germany, France, Holland etc. have indeed improved, the PIIGS economic situation has actually declined further.

 

Indeed one commentator wryly stated that Spain's belligerence over Gibraltar is inversely proportional to the strength of the Spanish economy and who in the Government is being charged with corruption.

 

As far as I see it - it is those European Countries that can just as easily make their way in the world regardless of the Eurozone that are beginning to show positive results.

 

Thus i would say that the countries that are doing well do so regardless and in spite of Euro La la la land - not in any way because of it.

 

 

.

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Guest pelmetman
CliveH - 2013-08-14 1:38 PM

 

As far as I see it - it is those European Countries that can just as easily make their way in the world regardless of the Eurozone that are beginning to show positive results.

 

Thus i would say that the countries that are doing well do so regardless and in spite of Euro La la la land - not in any way because of it.

 

 

.

 

I think the next elections in Germany will determine the fate of La la land ;-).................and if Mr & Mrs Deutschland are happy to keep paying through the nose for Pork :D......

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CliveH - 2013-08-14 1:38 PM....................Thus i would say that the countries that are doing well do so regardless and in spite of Euro La la la land - not in any way because of it.

On present evidence, agreed!

 

However, I suspect Germany (and probably France) gains some benefit from the PIIGS dragging down the value of the Euro, giving it some price advantage it would not have were it trading in Deutsch Marks (but not, think, French Francs).

 

Even so, it is clearly possible for those inside both the EU and the Euro to trade successfully with the rest of the world. Assuming the EU countries in recession, both in and out of the Euro, begin to recover, then the inter EU trade will presumably pick up as well, which should boost everyone's prospects further.

 

So, it just made me wonder, since so many complain about the lead necklace of EU regulation, how we and Germany both can do relatively well, with them in the Euro, and us not, despite the regulations.

 

BTW, did you catch the rather late bit on BBC2 on Monday (11:30 - 00:30), "Make me a German"? Interesting, I thought, despite the "stage managed" clunks.

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Brian Kirby - 2013-08-14 6:53 PM

 

CliveH - 2013-08-14 1:38 PM....................Thus i would say that the countries that are doing well do so regardless and in spite of Euro La la la land - not in any way because of it.

On present evidence, agreed!

 

However, I suspect Germany (and probably France) gains some benefit from the PIIGS dragging down the value of the Euro, giving it some price advantage it would not have were it trading in Deutsch Marks (but not, think, French Francs).

 

Even so, it is clearly possible for those inside both the EU and the Euro to trade successfully with the rest of the world. Assuming the EU countries in recession, both in and out of the Euro, begin to recover, then the inter EU trade will presumably pick up as well, which should boost everyone's prospects further.

 

So, it just made me wonder, since so many complain about the lead necklace of EU regulation, how we and Germany both can do relatively well, with them in the Euro, and us not, despite the regulations.

 

BTW, did you catch the rather late bit on BBC2 on Monday (11:30 - 00:30), "Make me a German"? Interesting, I thought, despite the "stage managed" clunks.

 

Re "Make me German" - tho I did start watching it - I moved onto something else and have it taped for later seeing as when it degenerated to showing a German man sitting on the crapper and stating that Germans "Fold their loo paper" (I think it said) - I am afraid I began to lose my will to live.

 

Was it worth watching? - because i thought the first 10 min or so was puerile in the extreme.

 

As for your other points Brian - yes absolutely - broad agreement from me here.

 

The good news is that Portugal showed a tremendous result - tho Spain Greece and Italy are still contracting.

 

And whilst I take your point re the Euro falling in value - just think what Spain Italy and Greece could be doing if they could devalue their currencies rather than have to artificially maintain a currency of too high a value?

 

If they were not in the Euro, they could peg their currencies at a competitive rate AND not be beggared by the ridiculous amounts of interest they have to pay to support a currency that does them no favours at all.

 

 

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