It looks like Britain might have to wait a while longer before its much-touted export recovery materialises.
Export orders growth flagged in July, according to two surveys of manufacturers over the last week.
Friday’s UK manufacturing PMI showed export order growth slipped to a four month low – with a warning that it could worsen.
Rob Dobson, senior economist at PMI compiler Markit, said:
“The concern is that the slowdown we are seeing is also a symptom of increased economic uncertainty both at home and in key export markets of Europe, in turn fuelled by worries about the Ukraine crisis. If the situation with Russia deteriorates further, we should expect goods exports to come under further pressure.”
And on Wednesday, the European Commission’s monthly survey of manufacturers showed the balance of UK export order books fell to its lowest since August last year.