Good news for businesses around the UK – the nation’s global exports have climbed by £33 billion, or 5.5 per cent on the same time a year ago.
This is according to the latest figures from the Office for National Statistics, revealing that on a rolling annual basis, yearly exports have grown faster than imports for the 13th month in a row. This means that the overall trade deficit has closed by £14 billion in the year leading up to August 2018.
Goods exports went up by 5.6 per cent to reach £348 billion, while the service sector continues to see expansion with exports up 5.3 per cent to peak at a record high of £289 billion, hiking up the service surplus to £118 billion.
“As we prepare to leave the European Union, we’re seeing the UK shift towards selling more than we buy, with exports increasing faster than imports. My international economic department will continue to work with companies across the country to ensure they are able to thrive and make the most of global opportunities,” Dr Liam Fox, international trade secretary, said.
Paul Sims, director of The Blue Bear Partnership, made further comments, adding: “As part of an importer/exporter Brexit contingency, Authorised Economic Operator (AEO) certification is the real deal! Whether EU traders trade only with AEO accredited traders or not, whether trade barriers go down, stay maintained or undergo trade sanctions there is always going to be a need to avoid import/export delays at frontiers of both the UK and EU.
“Without AEO, businesses will struggle to maintain their flow of goods coming in or out of the country. In turn this will affect cash flow, competitive edge and the ability to trade. With all this going on, I ask who can really afford to be without this certification?”
HMRC recognises that there is a real stretch of resources for the organisation to cope with applications for the AEO and that there's a lack of specific consultants in the UK to advise businesses.
The Blue Bear has completed over 35 applications since 2014 with 100 per cent pass rate. We cover all of the UK with our trained and professional consultants. Our approach is so good that even HMRC uses our applications to train their own auditors.
If you want to know more about the AEO benefits to your cash-flow and business competitiveness in the international arena, get in touch with us today.