LONDON, April 29 (Xinhua) -- Britain's export activity to the Middle East dropped by 20 percent year-on-year in March due to the conflict in the region, data from the British Chambers of Commerce (BCC) showed on Wednesday.
Based on the number of certificates of origin, a key customs document required for exporting British goods, BCC found that the total number of British certificates issued by chambers of commerce to exporters fell by 10 percent year-on-year in March. Specifically, the number of certificates for the Middle East markets plummeted by 20 percent.
A sharp fall in certificates indicates goods are either being delayed, rerouted or not shipped at all, the BBC said, adding that the divergence to different markets shows this is not a general slowdown in demand, but a specific shock consistent with the escalation of conflict and disruption across key trade corridors.
"Firms are reporting increased delays, rerouting via longer and more expensive pathways, enduring rising insurance premiums and facing stretched lead times," said Steven Lynch, director of international trade at the BCC.
"For small and medium-sized enterprises in particular, this squeezes cash-flow and confidence at a time when exporting is already challenging," he noted.
