Euler Hermes UK Exporters Report - March 2009
Key Points
> UK exports stalled in February as global activity
fell.
> Substantial contractions in output and activity
recorded across the Eurozone.
> Sterling fails to provide boost to exports.
Summary
February data signalled that conditions in UK export markets continued to deteriorate, as further substantial declines in business activity among the UK’s major trading partners largely cancelled out any positive impacts on export trade from the weak pound.
The Euler Hermes UK Exporters’ Index, compiled by Markit, posted 51.7 in February, down from a reading of 53.3 in the preceding month. This suggested that exports from the UK have practically stalled (50.0 being a reading consistent with no change in exports). The principal reason for the deterioration in growth was a further sharp decline in global activity, and therefore an implied weakening of underlying demand for UK goods and services. This impact largely negated the continuing weakness of sterling, which remained at an historically low level in February. On a tradeweighted basis, the pound was 17% lower than one year ago....
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