Commenting on October’s UK Trade data, Andrew Dixon, Head of Trade Finance, Aldermore, said:
“Looking at October’s data, the UK's trade deficit in goods narrowed to a seven-month low which is welcome news. However, it seems that UK importers are still facing challenges as the value of goods imported in the three months to October decreased by £1.9 billion to £102 billion.
“We have witnessed an increase in the value of goods being imported from non-EU countries which I see as a very positive sign. Many suppliers in Asia are less inclined to provide credit which means some businesses can struggle to make large purchases. Today’s figures show that UK traders are successfully overcoming these challenges and that products like Aldermore’s Trade Finance are working and helping importers access the funds they need.
“In the run up to Christmas many smaller traders see a rise in demand and will need to be buying stock now in order to meet that increased demand. It is important that businesses receive the support they need from lenders to ensure that they really make the most of the Christmas season.”
The ONS UK Trade data for October can be found here.
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