Chamber hails fall in trade deficit

Richard Wright of Sheffield Chamber of Commerce
Richard Wright of Sheffield Chamber of Commerce
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Sheffield Chamber of Commerce has welcomed news that the UK trade deficit in goods and services narrowed to £1.6 billion in October, from £4.3 billion in the previous month.

But, it says businesses must do more to increase exports to parts of the world which we have not exported to significantly in the past.

Michelle Daniel, international trade team leader at South Yorkshire International Trade Centre said: “This is good news and we welcome the reduction. However, we must work harder at growing exports into the non-traditional areas of the world that are not in recession.

“More than half of the world is expanding quickly. Brazil, Russia, India, China, Australia and the Middle East are doing well and reporting sustained growth. There are huge opportunities out there and we need to exploit them.”

Chamber executive director Richard Wright said: “Building exports with new markets around the world will be a key focus of the Global Manufacturing Festival in Sheffield next year.

“The event will showcase how we achieve new exports and highlight the opportunities available to all businesses. Sheffield City Region must think on a global level, competing to achieve international targets which will have huge rewards.”

The Global Manufacturing Festival takes place in Sheffield on March 21 and 22. For more information visit: www.globalmanufacturingfestival.com.