Jack Simpson, North East England Chamber of Commerce policy adviser said: “While the downturn in regional global trade this quarter isn’t surprising, it is alarming."
"Our Quarterly Economic Survey
results released last month reported less international trade activity and
cited Brexit uncertainty as a key reason behind this, which has been reflected
in the global regional trading figures for Q3."
“This is particularly disappointing as the region looked set for a record year of trade, vastly out performing 2017 in the first and second quarters of 2018. 10% decline in exports to the European Union represented a reduction of £200m, dwarfing the 27% (£10m) and 17% (£11m) gains in Sub-Saharan Africa and Latin America respectively”.
“As we enter 2019, Government is currently voting on our Withdrawal from the European Union, yet business are still no clearer on the final Brexit deal. Business must be given the certainty and confidence to trade internationally to halt this substantial downturn, or else jeopardise the success of our regional global community.”