7 Jul 20
Most exporters are optimistic about international trade getting back to normal in the coming months, a report has claimed.
Research from the Institute of Directors (IoD) showed 63% of exporters expect the situation to improve as overseas lockdowns ease.
A further 13% of UK exporters said trade is already improving, with an upturn in imports boosting domestic supply chains in the UK.
The report said travel restrictions caused exports for British-made goods to drop 49% during the coronavirus pandemic.
Allie Renison, head of Europe and trade policy at the IoD, said:
“International trade has clearly not been spared from the effects of the pandemic and that has put a strain on global supply chains.
“However, there does appear to be some light on the horizon, as companies regroup and adapt at speed.
“The important role travel plays in doing business makes clear the need for continued progress on travel corridors.
“Many firms import due to lack of availability at home, underlining the risks that come with restricting inbound trade, however noble the intentions are.”
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