Donald Trump's tariffs: Exporters continue to pivot away from the US, says survey
Britain’s financial services sector saw global sales surge in the third quarter of the year, according to a new study.
Latest findings from the UK Trade Barometer, from Manchester Airports Group and the Growing Together Alliance of business groups , show the impacts of US President Donald Trump’s tariffs continue to bite as exporters across the UK divert sales from the US to other markets. The Barometer, which was created in partnership with YouGov, has surveyed more than 2,000 firms across the UK in all business sectors about their trading fortunes in the last three months and their plans for the quarter ahead.
Across all sectors and regions, exporters continued to show their resilience; 55 per cent said they increased global sales in the third quarter, which was up slightly on the second quarter. Between July and September, 37 per cent said they entered a new market for the first time, up 2 per cent on the previous three months.
Ken O’Toole, CEO of MAG - which owns Manchester, London Stansted and East Midlands Airports - said: “The fact exporters navigated a host of macroeconomic issues to grow overseas sales and enter new markets in Q3 speaks volumes about the UK as an island trading nation.
“Following the release of sluggish growth data, this goes to show how critical a role exports play in the overall economic performance of the UK. It is also encouraging to see both goods and services firms having a positive quarter; a performance that would almost certainly have been even stronger if it hadn’t been for the issues that impacted UK car production.”
“That underlines what we already know: the UK has world-leading specialisms in sectors like financial services, IT and telecoms, alongside a proud history of manufacturing. This data shows the UK remains too reliant on London for growth but there are encouraging trends that indicate regional businesses are feeling more optimistic. The Government’s Industrial Strategy identifies the sectors being back to boost growth and productivity the most; all sectors that rely on international connectivity more than most.
“As nation, we need a policy environment that not only focusses on supporting high-growth sectors, but on the key enablers of their international success. With the Budget just days away, businesses will be looking for clear signals this Government is encouraging – not undermining – public and private sector investment in critical infrastructure – infrastructure that brings businesses across the UK closer to their customers, talent pipeline and key overseas markets.”
Henri Murison, chair of the Growing Together Alliance of business groups, said: "“As trade to the US falls back, the growing importance of Europe is an economic reflection of the geopolitical realities of this year – and most likely of our future.
“We know that achieving productivity growth depends on sectors reaching their potential, and the renewed positivity in both manufacturing and financial services is particularly heartening.”