Euler Hermes UK Exporters' PMI

September 2008

UK exports decline for the third month in a row. Eurozone demand
remains weak

Key Points

> Longest period of deterioration of UK export
markets since late 2001.
> Demand for UK goods hit as Eurozone output
continues to falter.
> Demand from BRIC countries also now slowing.

Summary

August data indicated a third consecutive monthly
deterioration in UK export markets as world trading
conditions remained subdued, according to the
latest research from credit insurer Euler Hermes
UK, a company of Allianz.

The Euler Hermes UK Exporters’ PMI remained
below the neutral mark of 50.0, reading 48.0 in
compared to 47.7 in July, indicating only a slightly
weaker month-on-month deterioration in export
market demand than the five-year record seen in
July. The current period of deterioration is the
longest since late 2001.

Production in some of the UK’s main European
trading partners continued to fall in August, a key
negative influence on the UK Exporters’ PMI. After
being one of the few Eurozone economies to have
expanded over recent months, output in Germany
stagnated in August. As Germany is the destination
for around 10% of total UK exports, the reduction in
growth will be of concern to UK exporters.

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Euler Hermes UK Exporters' PMI