EEF comment on trade data

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Responding to today’s trade data, Felicity Burch, Senior Economist at EEF, the manufacturers’ organisation, said:

“Today’s data highlight the challenging conditions that currently persist for exporters in global markets. A bounce in export sales in August has not been enough to counter weakness in July and the UK now looks set for a large trade deficit in Q3, with weakness in major markets such as the US and China a particular issue. However, a ray of light in the three-month picture is the slight narrowing of the deficit with the EU, with exports to the region up 2%.”

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