HMRC overseas trade statistics for July 2016 deliver a mixed bag

Published by Scotland B2B


Weighing up the positives and negatives.

While UK importers have been badly affected by the Brexit vote and Sterling uncertainty, HMRC’s newly-published overseas trade statistics for July 2016 show a largely positive outcome for importers, who fared unusually well in what is an historically quiet month.

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Doron Cohen, CEO of Covercy, a cross-border business payments service which claims to offer up to 80% cheaper transactional fees than traditional banks, said: “The figures show how starkly importers in the UK were affected by the vote to leave the EU.
“They clearly scaled back their activities significantly in July due to a huge depreciation in the value of sterling, with the currency hitting a 31 year low against the dollar and a 10% drop in trade-weighted value after the vote to leave…