2. Chamberlink May 27-50.qxp_Chamberlink 29/04/2021 09:41 Page 32
International Trade
International Trade T: 0121 725 8994 E: ibh@birmingham-chamber.com
Brexit causes fall in exports, says report The British Chambers of Commerce’s Trade Confidence Outlook for the first quarter of the year has underlined the gloom facing UK exporters in the first months after Brexit. Shipping delays, red tape and the effect of the coronavirus pandemic are all being blamed for the fall in exports that has been felt across the board by UK businesses. The survey of more than 2,900 UK exporters revealed that the percentage of firms reporting decreased export sales had increased to 41 per cent, up from 38 per cent in the previous quarter.
Expansion: Luke Tobin
Digital agency expands into Germany Marketing agency Digital Ethos has opened a new office in Germany. The specialist digital agency in the UK, which has offices in six UK cities, wants to become a force in Europe, and has opened a base in Hamburg. The office is located near the Fischmarkt, in the city’s Altona district. As part of the move to Germany, Digital Ethos is working alongside a venture capitalist which specialises in digital business, Autark Ventures. Digital Ethos’ decision to expand to Germany follows a series of high-profile client wins and the addition of 12 new staff in the UK during the first quarter of this year. The company’s managing director, Luke Tobin, said: “The opening of the Hamburg office is an incredibly exciting step for us and one that has been possible due to our recent period of growth. “Working alongside Autark Ventures, we will be building a team of experts capable of delivering industry-leading marketing services that will place us at the forefront of the digital landscape in the UK, Germany and beyond.” Autark CEO Lino Remmen said: “The increasing need for Digital Marketing is a window of opportunity that we can better take advantage of through partnering with a like minded agency with strong growth ambitions is the perfect fit for us and our ventures.”
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‘The fact that situation is continuing to deteriorate is concerning’ The percentage of businesses reporting increased export sales fell to 20 per cent, down from 22 per cent in Q4 2020. Forty per cent reported no change in their export sales. The historical percentage balance data for this indicator shows that the proportion of firms reporting increased export sales remains at a historically low level and has, in fact, worsened compared to the previous quarter. The balance of manufacturers reporting
increased overseas sales was down to -9 per cent from -8 per cent, while for services firms there was a drop to -26 per cent from -22 per cent. The survey found that hotels and catering firms and retail and wholesale firms have been the worst hit, with 81 per cent and 60 per cent of respondents respectively reporting a decrease in export sales this quarter. Just four per cent of hotels and catering firms reported an increase in export sales, with only 14 per cent doing so in retail and wholesale. Among production, manufacturing, and construction firms, 36 per cent reported decreased export sales, with 27 per cent reporting an increase, and 37 per cent reporting no change. Respondents cited Brexit and the impact of Covid-19 as the biggest causes of problems in trade. British Chamber’s co-executive director Hannah Essex said: “Given that export sales are at some of the lowest levels ever recorded in the history of our data, the fact that situation is continuing to deteriorate is concerning. These new figures show that UK exporters are currently facing a range of issues that go beyond just those that have been created by the pandemic.”
Milestone for specialist
Happy birthday: Rob Whittall
Accountancy firm Dyke Yaxley LLC, which specialises in providing US/UK tax and business advisory services to clients on both sides of the Atlantic, is celebrating its tenth anniversary. The firm was launched when Rob Whittall was working at the international partner of a US accountancy firm and also as an employee of Dyke Yaxley Ltd, based in Shrewsbury. In 2011, he persuaded the latter to let him use their name in the USA, and Dyke Yaxley LLC was born. In the past decade, the firm has increased its revenue by an average of 25 per cent annually, and represents many businesses in the Midlands and throughout the UK who are expanding to the USA, as well individual clients who have US and/or UK tax responsibilities. With offices on both sides of the Atlantic, the firm has grown from two to 15 employees. Mr Whittall said: “We are honoured to work alongside the many clients who have placed their trust in us, and in many cases have become friends. We are excited for the next 10 years and look forward to the journey ahead.”
