Comment on the Office of National Statistics (ONS) UK Trade Statistics

Iain MacDonald, Head of Trade Product, Barclays Commercial, said:

Excluding oil and erratic items, the volume of exports was 5 per cent higher and imports were 2.5 per cent higher compared with June.

The UK's deficit on trade in goods and services was ?2.4 billion in July, unchanged compared with June.

"UK importers are today faced with a balancing act, on one hand looking to keep stock and working capital under tight control, but also seeking the ability to ramp up stock levels when growth kicks in.

Smart businesses are making sure they have supply streams and finance ready to meet demand as soon as orders pick up.

"Exporters are enjoying the competitive sterling rate, but from our experience are still not taking advantage of the robust GDP growth in many parts of the developing world.

There needs to be a greater drive from the UK trade community to grow the market for British products and services in the Far East in particular, and exporters need to look at investing in new markets to counter anaemic growth in traditional export markets.

"This drive would also begin to address ongoing concerns about the trade deficit.

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