Falls were seen in exports to the US, Canada, Norway and Hong Kong. In the EU, the biggest rises in exports in the three months to November 2013 were to Spain, Italy, Germany and Ireland, but these were more than offset by falls in exports to the Netherlands and Sweden.
Despite the mixed picture by market, the outlook for trade gives reasons to be positive and suggests we will see a continuation of the longer-term trend of overall export growth.
EEF’s recently published Executive Survey 2014, in partnership with Aldermore bank, shows that manufacturers see opportunities in overseas markets and are expecting all geographical areas, on balance, to grow in 2014.
This is expected to feed through into export sales – 55pc of manufacturing executives expect export sales to increase in 2014, compared with 12pc who are predicting sales overseas to fall.
Total exports for the year to November 2013 were £502.6bn, up £500m, or 0.1pc, on the year to October 2013.
Rachel Pettigrew is senior economist at EEF, the manufacturers’ organisation
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