British Chambers of Commerce :55% of exporters affected by Red Sea crisis!
British Chambers of Commerce :55% of exporters affected by Red Sea crisis!
Recently, the British Chambers of Commerce (BCC) released a report showing the profound impact of the Red Sea shipping crisis on the UK economy and society.agent shipping china door to door shipping
A survey of more than 1,000 businesses by the British Chambers of Commerce (BCC) showed that 55% of exporters surveyed said their export business had been affected by the Red Sea shipping crisis. 53% of UK manufacturing companies and B2C services are affected.agent shipping china door to door shipping
This impact is mainly manifested in the following two aspects. First, transport costs have soared, with some companies reporting a 300% increase in vessel charter costs as a result of the shipping crisis. Second, the supply time is extended, which is 3-4 weeks longer than the normal state before. In addition, companies' cash flow and inventory replenishment are also affected.agent shipping china door to door shipping
William Bain, head of trade policy at the British Chambers of Commerce (BCC), pointed out that the longer the current status quo in the Red Sea continues, the more obvious the impact on the UK economy and society may become. The Red Sea crisis will further increase inflationary pressures in the UK.
"Our research suggests that the longer the current situation persists, the more likely it is that cost pressures will start to increase," said William Bain, head of trade policy at the BCC.FCL container shipping
Bain further noted that "some sectors of the economy are clearly more vulnerable than others." But it is a difficult time for businesses as the government has recently imposed new customs checks and procedures on imported goods, which have also added costs and delays.FCL container shipping
Bain believes the UK economy will see a decline in total goods exports in 2023 as global demand softest, and he further implores the government to provide more support for exporters in the spring Budget.FCL container shipping
"We are calling for the establishment of an Export Commission to refine the UK's trade strategy and conduct a review of the effectiveness of the government's export support funding. Overseas trade is vital to our economic growth. We must do all we can to help companies weather the storm and then focus on expanding exports in the future.
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