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Comment: ONS UK trade statistics (Dec 09)

09 February 2010

There are signs that exporters are adapting to the new economic realities, but dark clouds in Southern Europe could affect export growth.

Read more: [UK trade] [UK exports] [ONS trade statistics] [Barclays UK trade]

The UK’s seasonally adjusted deficit on trade in goods and services was £3.3 billion in December, compared with the deficit of £2.9 billion in November.

Excluding oil and erratic items, the seasonally...


Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.
8%
No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.
23%
No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.
23%
Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.
46%

Quote

From a Brazilian perspective a lot of work still needs to be done in getting foreign lenders more comfortable to finance the second-tier players again.

Ian Henderson, Texel Capital - Brazil: Agri-sector bounces back - Trade Finance July/August 2010