Exporting manufacturers’ indicators in Britain have undergone a sharp drop in the third quarter of 2019, according to a quarterly report released Friday.
The Quarterly International Trade Outlook for Q3 2019, released by British Chambers of Commerce (BCC) and DHL, an international logistics giant, showed that the balance of exporting manufacturers’orders growth in the UK fell to negative field in Q3.
In terms of an increase in export orders, it fell to negative 1 percent, down from 9 percent in the previous quarter.
Regarding the domestic orders growth, the balance dropped to negative 4 percent in Q3, down from 8 percent in Q2.
Meanwhile, the balance of exporting manufacturers reporting improved cash flow stood at negative 5 percent in Q3, down from 6 percent in Q2, significantly lower than the balance of 13 percent in Q3 2018.
Adam Marshall, director general at BCC, said:”A strong and balanced economy needs healthy exporters at its core. But while there are some companies bucking the trend, future sales and orders are now well into negative territory, after a steady downward trend in export performance this year.”
“On top of Brexit uncertainty and global trade tensions, election turbulence won’t be helping,” said Marshall.
“Without urgent clarity around our future trading relationship with the EU, firms across the UK will increasingly struggle to fill order books, and jobs and prosperity in many of our communities could be at risk,” Marshall added.
Shannon Diett, vice president of marketing at DHL, said: “This quarter’s report shows clearly that it continues to be a challenging environment for UK exporters.”