Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“The latest figures are again a mixed picture for businesses who trade internationally. There has been minimal change: a small fall in goods imports and increase in goods exports.
“However, the differences between trade with the EU and non-EU is significant to note, especially in light of announced changes to border controls and processes. Imports from the EU to the UK were higher than those from non-EU countries, while exports to the EU were lower than to other countries.
“In Q2 of 2023, almost half of businesses in Wales stated that export orders, advanced custom and bookings had remained constant. As the EU is still one of the main trading partners for businesses in Wales, it is important that businesses familiarise themselves with upcoming changes to exporting to the EU such as new sustainability and VAT measures to enable them to continue to export successfully and improve the volume of goods and services exports.”
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