Commenting on today’s UK foreign trade data, Zach Witton, Deputy Chief Economist at EEF, the manufacturers’ organisation, says:
“While the narrowing of the trade deficit for goods in November is a positive development, there’s little encouragement for UK manufacturers because it was solely driven by lower imports. Disappointingly, exports remained lacklustre.
“The UK’s export performance will be a key indicator to watch in 2016. Exports are set to remain under pressure from weak demand flowing from slower growth in emerging markets, particularly China. Yet stronger economic growth in the US and the eurozone should provide some support.”
EEF’s annual 2016 Executive Survey will be published this coming Monday 11 January.