EEF comments on trade data

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Commenting on today’s trade data for the last quarter Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:

“The UK’s trade performance adds to the generally positive data seen over the past month, with the deficit narrowing and goods exports to both European and non-EU markets improving, especially to France, China and the US.

“Concerns about manufacturers being hammered by a stronger Sterling and flat Eurozone demand may have been premature although, encouraging as this may be, one decent quarter doesn’t necessarily signal that big contributions to growth from net trade are around the corner. Indeed, the Bank of England’s cautionary tone on world trade growth in its Inflation Report suggests there are still downside risks a-plenty.” 


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