Trade Confidence Hits an 8 Month HighBy Travelex Global Business Payments, PRNE
Monday, December 6, 2010
Confidence Grows for the Year Ahead as Trade Boosts Economic Growth
LONDON, December 7, 2010 - Importers and exporters confidence soared in November, after it was
revealed that trade played a large part in boosting UK economic growth in the
third quarter of 2010.
Its highest level in 8 months, the Travelex Confidence Index rose 8
points during November to stand at 112. Importer & exporter confidence surged
unexpectedly as 70% said they felt confident about current trade conditions.
The rise in positive sentiment was driven by stronger than anticipated
economic growth in the third quarter of 2010, as trade made its biggest
contribution to UK growth in two years.
Confidence in the UK economy also flourished in November, as a string of
strong economic data created a 'feel good factor' within the sector. 85% of
importers and exporters felt confident that UK economic growth would be
sustained, a rise of 19% from the previous month.
Travelex Global Business Payments said that the Office for Budget
Responsibility (OBR) would welcome the rise in confidence as they have
forecasted trade to contribute 0.7% to the UK's economic growth over the next
5 years. "Their increasing confidence will be good news for the OBR, who have
presented some bullish trade forecasts for 2011," commented David Sear,
Global Managing Director at Travelex Global Business Payments.
Confidence in an export led recovery shot up to 49%, the highest it has
been since April.
There was also an increase in confidence in future trade conditions, as
68% were confident that there would be an increase in demand over the next 6
- 12 months.
David Sear said, "Confidence in the trade sector is pivotal to the UK's
economic outlook. We urge the Government to continue their vital trade
overseas missions and support for exporting businesses through innovation and
resource, to ensure that growth in the UK export sector is not jeopardised in
Notes to Editors
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About Travelex Global Business Payments
Travelex Global Business Payments is a global foreign exchange specialist
providing the payment and receipt of domestic and international funds for
businesses of all sizes. For more than 30 years, Travelex Global Business
Payments has provided clients with sophisticated market knowledge, leading
edge technologies and practical and innovative solutions tailored to
individual requirements. Every year, Travelex Global Business Payments
processes payments around the world over 35,000 businesses to 1 million
The Travelex Confidence Index (TCI), released monthly by Travelex Global
Business Payments, provides commentators with a key indicator on
international trade and economic conditions. Conducted by independent
research company TNS-RI, the Travelex Confidence Index tracks the views and
sentiments of the UK's SME importers and exporters across industry sectors
and UK regions. The TCI is the only piece of research available that
regularly tracks the UK's SME importers and exporters. Visit
Media enquiries Jessica Buttress Head of PR for Travelex Global Business Payments UK +44-(0)208-415-4204 +44-(0)77954-497129 Jessica.firstname.lastname@example.org
Media enquiries: Jessica Buttress, Head of PR for Travelex Global Business Payments UK, +44-(0)208-415-4204, +44-(0)77954-497129, Jessica.buttress at travelex.com
Tags: December 7, London, Travelex Global Business Payments, United Kingdom