Chamber News

Giving his reaction to the Autumn Budget 2018, Dr Adam Marshall, Director General of the British Chambers of Commerce (BCC), said:

“In an atmosphere of unprecedented uncertainty and heightened political noise, the Chancellor has demonstrated that he is listening to business concerns by delivering a Budget that supports investment and growth.

“The Chancellor responded directly to the BCC’s calls for bold incentives to turbo-charge business investment, for steps to support high street businesses struggling with business rates, and for measures that cut the cost of apprenticeships for SMEs. Philip Hammond has sent important and positive signals to businesses across the UK, many of whom have been wavering on investment and hiring. Crucially, the Chancellor has avoided major increases to business tax to fund the government’s spending priorities, which would have undermined the confidence boost to firms from his commitments to supporting enterprise and growth. 

“We are delighted that the Chancellor has listened to the voice of Chambers of Commerce and has boosted the Annual Investment Allowance to £1million. This will be a huge shot in the arm for businesses across the country, giving many thousands of firms renewed confidence to invest and grow. 

“While today’s Budget measures were largely positive for business, the final and most important piece of the jigsaw is a comprehensive Brexit deal that gives firms the clarity and precision they need. The pro-business measures announced in the Budget will only yield their greatest possible results when paired with a Brexit deal that delivers certainty on the UK’s future terms of trade beyond March 2019.”

Commenting on the Budget, from a Norfolk perspective, Nova Fairbank, Head of Policy, Governance & Public Affairs for Norfolk Chamber said:

“Whilst the Chancellor announced that the era of austerity was coming to an end, overall schemes and incentives specific to our region, in comparison to other UK areas, were in short supply.  There is still no indication of when the broken business rates system will be overhauled and no specific funding to support full mobile coverage along our key transport corridors, which would be a crucial step to improving digital connectivity and productivity for businesses. 

“We need the fundamentals fixing, such as the long overdue dualling of the A47, faster more reliable rail, mobile and broadband to enable our innovative and dynamic business communities to reach new heights and deliver economic growth and jobs for Norfolk.”

On raising the Annual Investment Allowance

Increasing the Annual Investment Allowance to £1m was the central ask of the BCC and the Chamber network and we’re delighted the Chancellor has listened to our call for bold measures at this time of uncertainty. This announcement will provide a major enticement for firms to invest and grow. It will give companies across the UK the confidence to push ahead with investments in plant & machinery, property and staff training.  We are also pleased that the Chancellor delivered on our call to incentive investment in new buildings through a 2% capital allowance.”

On the VAT threshold

We are pleased that the Chancellor listened to our call to keep the VAT threshold unchanged over the near term, providing much needed certainty to firms across the UK. Against a backdrop of Brexit uncertainty and the rising cost of doing business, a reduction in the VAT threshold could well have proved to be a tipping point for some of our most promising young firms.

On the digital services tax

While businesses understand the need to build a tax system fit for the future, the government must tread very carefully in introducing a digital services tax. Tight classifications of exactly which businesses will fall under the scope of these new rules are important to avoid unintended consequences or confusion for the industry as a whole. The government must work closely with business and international partners as this evolves to ensure the UK can continue to compete effectively on the global stage. We welcome the Chancellor’s acknowledgment of the challenges, and look forward to engaging with the government on this.

On the introduction of Making Tax Digital

We are disappointed that no action was taken to alleviate the impending administrative and cost burden associated with the implementation of Making Tax Digital, despite low business awareness of this change and the deadline coinciding with the UK’s departure from the EU. With only a few months to go before its introduction, we would urge the government to look again at the pressures that Making Tax Digital is placing on firms at a time of significant change.

On the changes to SME co-funding for apprenticeships

The Chamber network called for co-funding to be dropped for SMEs but at least the Chancellor has met us half way. This is good news for employers, the workforce and young people starting their careers. Apprenticeships are key to solving the skills crisis that is now crippling businesses across most regions and sectors, but the costs can be prohibitive for smaller firms. Reducing the cost of apprenticeship training for SMEs will help firms to invest in workforce skills to boost their productivity and competitiveness, as well as creating more jobs, and better career development opportunities for people of all ages.

On support measures for UK high streets

We’re delighted that the Chancellor has heeded our calls to offer rates relief for the high street by cutting bills for the vast majority of high street firms. It’s crucial that we support our town centres as they find their place in a changing world.

An alarming number of high street firms, both large and small, are closing or being earmarked for closure. This deterioration has cost thousands of jobs since the start of 2018. While there are long-term structural changes taking place, including changes to consumer habits, the tipping point for many of these firms has been the unnecessarily large burden that business rates place on them. Therefore, this short-term reduction in rates will be very welcome news to those on the high street who require urgent respite.

We will continue to call for fundamental reform of the broken business rates system to alleviate the pressure on all businesses.

On investment in potholes and local roads

Local roads are the lifeline of many business communities, and there’s little that frustrates drivers more than seeing them riddled with potholes. Roads in disrepair cause delays and disruption, and add costs for companies who need to transport goods, components and people quickly. Funds to rectify these issues are welcome but research suggests that these proposals won’t meet the full cost of bringing the road network up to scratch.

On investment in rural broadband

Gaps in broadband stifle business productivity and competitiveness. In today’s world, access to a reliable connection is a basic requirement for most firms, whether they are based in cities or rural areas.  For the UK to prosper as a modern and dynamic economy, we need to see major progress in the delivery of digital infrastructure in every part of the country, and the question now is will the funds be enough and targeted in the right places.

Commenting on the latest forecasts by the Office for Budget Responsibility, Suren Thiru, Head of Economics at the BCC, said:

“Despite the upgrades, the OBR’s latest outlook paints a rather subdued picture of the UK’s economic prospects over the near-term with growth expected to remain well below its long-run average throughout the forecast period. Significantly, the OBR’s latest forecast implies that by 2020 the UK economy will have experienced its second weakest decade of average annual GDP growth on record.

“The OBR’s latest economic forecast also implies that UK growth will remain unbalanced with a continued reliance on the services sector and consumer spending to drive growth. In contrast, net trade’s contribution to overall economic growth is forecast to remain limited. Measures such as the increase in the Annual Investment Allowance however will help to lift business investment over the near term.

“As expected, the OBR has confirmed that the UK’s fiscal outlook is healthier than they expected in their previous forecast. However, if UK economic growth remains subdued, the UK’s ability to generate tax receipts may prove more of an uphill struggle than the OBR currently expects. More needs to be done to strengthen and widen the UK’s tax base, including for firms looking to invest, recruit and grow their business.”

With nine business award categories, the Lynn News has just launched its 2019 Mayor’s Business Awards, started in 1989 these awards have grown in success and recognition. The awards are a great opportunity to showcase the innovative and hardworking businesses within King’s Lynn and West Norfolk area. The awards also attract a number of interesting sponsors such as Mapus-Smith & Lemmon LLP, Agrimech Services Ltd and Carter Accommodation, this is great to see our members supporting these awards.

Below is a list of the nine categories, you have until 5 pm on Friday, November 30, 2018, to enter and or nominate the business or person.

• Mayor’s Business of the Year
• Small Business of the Year
• Businessperson of the Year
• Business Innovation
• Apprentice/Trainee of the Year
• Customer Care
• Independent Retailer
• Leisure & Tourism
• Employee of the Year

Entering an award can be a bit of a nervous experience, however, it is a great chance to celebrate you and your business. Be brave and have a go!

To enter please click here  https://www.iliffemediapromotions.co.uk/mayors-business-awards/nominate/

The awards event will be held 2019 at The Corn Exchange, King’s Lynn on Friday, March 1, don’t forget to pencil this in your diary.

Commenting on the Budget, delivered today by the Chancellor of the Exchequer, Nova Fairbank, Head of Policy, Governance & Public Affairs for Norfolk Chamber said:

“The good news included: boosting of the Annual investment Allowance to £1 million, which will help stem the weakening in business investment, as a result of Brexit uncertainty; a package of support for high streets to adapt, including a reduction by a third in rates for those retailers paying an annual rental of £50,000 or less; and those employers seeking skills improvements will benefit from a 5% reduction in apprenticeship levy. 

“However, whilst the Chancellor announced that the era of austerity was coming to an end, overall schemes and incentives specific to our region, in comparison to other UK areas, were in short supply.

“There is still no indication of when the broken business rates system will be overhauled and no specific funding to support full mobile coverage along our key transport corridors which would be a crucial step to improving digital connectivity and productivity for businesses. 

“We need the fundamentals fixing, such as the long overdue dualling of the A47, faster more reliable rail, mobile and broadband to enable our innovative and dynamic business community to reach new heights and deliver economic growth and jobs for Norfolk.”

Thursday 25th October got off to a chilly (and dark) start but nonetheless over 50 businesses joined us at Park Farm Hotel for our last South Norfolk breakfast of the year. There was a lovely atmosphere as the room was packed with people talking, the networking activity “What’s your business dating profile” really got a few people laughing. Mark Williams-Cook, Digital Marketing Director of Candour was presenting on “Becoming the first choice with digital“. Mark has been in marketing for over 10 years and recently presented at our Talking Tech conference. He has created successful search campaigns in some of the most competitive digital marketing sectors for global brands and has translated these techniques into strategies SMEs can apply at almost any level. Candour are a creative digital agency whose aim is to help organisations thrive by providing incredible experiences for their customers and users.

If you’re doing a repetitive task on a computer you’re doing it wrong was his overriding message, explaining to delegates how best to set up their websites in order to stay in the forefront of their customers minds. He actively encourages businesses to adopt automation in order to optimise their digital presence. He also highlighted how quickly things move and that a business’s online presence is not limited just to their website but also includes social media, Google itself, and is increasingly including voice recognition hardware such as the Amazon Echo. He encouraged businesses to uncover new ways to encourage people to visit and stay on their website, such as optimising the time it takes for their site to load.

We also had stands from East Coast College and Red Shed Media. Leeway were our feature charity, they provide support to adults, young people and children who are experiencing domestic abuse in Norfolk and Suffolk. They are founding members of WAFE (Women’s Aid Federation England) and every year provide specialist support to over 9,000 adults, children and young people.

You can find out more about our speaker and stand holders below: Mark Williams-Cook, Candour East Coast College Red Shed Media  

Whilst the UK and Europe wrestle with the Brexit negotiations, for the rest of us, it is business as usual, but how Brexit-ready is your business?

The majority of technical notices have been issued by the various government departments for what to do in the event of no-deal , so now you have to work about what your organisation should be preparing for.

To help companies consider what they may need to be prepared for, our Business Brexit Checklist has recently been updated.

Commenting on the impact of Brexit on the Norfolk business community, Nova Fairbank, Head of Policy, Governance & Public Affairs for Norfolk Chamber said:

“Norfolk businesses are still seeking clarity and need answers to the many outstanding questions on business continuity should there be a no deal scenario.  Yet despite the economic uncertainty many are still forging ahead with their day to day business. 

“Our Business Brexit Checklist gives firms an outline of the areas that they should be being considering. We are keen to hear from Norfolk businesses as to what plans they are making and what their top 5 questions about Brexit would be?  Please let us have your thoughts and questions by email to: nova.fairbank@Norfolkchamber.co.uk

Ahead of the Autumn Budget on Monday, the British Chambers of Commerce is urging the Chancellor to take bold measures to bolster business investment, competitiveness and productivity in the face of Brexit headwinds.

The leading business group, which represents almost 75,000 companies employing six million people across the UK, is warning that a ‘business as usual’ approach to this Budget simply won’t be good enough and would leave business communities ill-equipped to overcome the significant period of change that lies ahead.

At a time of substantial economic uncertainty, a Budget that fails to prioritise investment and productivity would severely undermine the UK’s long-term economic growth.

The BCC is calling for an exceptional ‘Brexit Investment Incentive’ to raise substantially the Annual Investment Allowance to £1m – increasing tax relief for businesses to stimulate investment in plant & machinery, property and staff training, driving growth and productivity.

Adam Marshall, Director General at the BCC, said:

“This Budget is taking place against a backdrop of significant volatility and uncertainty, so a ‘business as usual’ approach from the Chancellor simply won’t cut it. Now is the time to tell business that the government is serious about helping firms navigate Brexit and prepare for change, by incentivising investment and improving conditions in the domestic environment. Bold enticements are needed to crowd in both domestic and international investment at this critical moment This is no time to ‘wait and see’ what tomorrow may bring.”

In its Budget Submission, the BCC focused on targeted, affordable change, which if delivered would drive greater investment in people, property, infrastructure and capital, lifting both UK growth and productivity. The BCC has proposed action in seven key areas:

• An exceptional ‘Brexit Investment Incentive – with the Annual Investment Allowance boosted to £1m to ‘crowd in’ both domestic and international investment – and stem the weakening in business investment in the face of Brexit uncertainty.
• Introduce a Business Rates Investment Incentive – ease the drag effect of this uniquely iniquitous business tax on investment by providing a 12-month delay before rates are increased when an existing property is expanded or improved and also before rates apply to a new build property.
• A commitment to no new taxes or costs on businesses for the remainder of this parliament – giving businesses the headroom to adjust to Brexit and to invest, recruit and grow.
• Deliver real UK-wide reform to the apprenticeship levy and drop SME co-funding for apprenticeships in England – to ensure that the training system works for everyone and eases the UK’s chronic skills shortage.
• Delay the roll-out of Making Tax Digital for all businesses by one year – to provide HMRC and businesses with the headroom to prepare for this major change to the way tax is collected.
• Abandon the uprating of business rates for the next two financial years for all businesses on the high street in town and city centres – to ease the financial burden on struggling businesses as they go through significant structural changes.
• Provide the funding needed to achieve full mobile coverage along transport corridors (road and rail) – a crucial step to improving digital connectivity and productivity for businesses that need to communicate with new and existing customers, suppliers and employees.

In support of the calls from BCC, Nova Fairbank, Head of Policy, Governance & Public Affairs at Norfolk Chamber said:

 “While uncertainty around Brexit continues to weigh on businesses in Norfolk, many of the challenges and opportunities facing the local economy have nothing to do with leaving the EU. Better productivity, skills and connectivity are all things that the UK government must invest in alongside business, regardless of the eventual Brexit deal. Addressing the broken business rates system and Apprenticeship Levy, Norfolk’s physical and digital connectivity, and the steep cost of doing business would remove many of the domestic barriers to growth. 

“The Chancellor faces difficult decisions at every Budget, but in the current climate more local businesses than ever are being forced to make their own tough choices. We know that many of our members are holding back investment and recruitment decisions in the face of ongoing uncertainty. This Budget is a critical opportunity for the government to provide Norfolk firms with the support and confidence they need to invest and grow right now. Failure to act now will leave the UK and Norfolk economy stuck in its current rut for the foreseeable future.”

• BCC convenes a meeting with DEXEU Secretary Dominic Raab and seven Northern European Chambers of Commerce
• The group collectively represents regions and nations that cover 70% of UK-EU trade – around £344bn in 2016
• Recent research by BCC shows a fifth of businesses will move part or all of their business to the EU in the event of a no-deal Brexit

At a meeting today (Thursday) with Brexit Secretary Dominic Raab, the British Chambers of Commerce and six Northern European Chambers of Commerce come together to urge negotiators to avoid a messy, no-deal Brexit – which would see UK firms cut investment and move part of their business to the EU.

In a landmark meeting, the seven Chambers – based in the UK, France, Germany, Ireland, Denmark, and Belgium – come together to discuss progress in the negotiations, including the transition period – and Brexit preparedness.

The Chambers of Commerce urge negotiators to avoid any disruption to tight customs procedures, that risk damaging supply chains and queues at border check points. This is crucial to maintaining frictionless trade that businesses on both sides currently enjoy.

The group of Chambers, connected by wide-reaching networks and transport links, warn that firms are already scaling back on recruitment, investment, and expansion projects – and that negotiators in the UK and EU must ensure a transition period that helps firms prevent a further slump in investment and recruitment.

Time is short, and the BCC will urge negotiators to keep at negotiations rather than accept a no-deal.

Ahead of the meeting, Hannah Essex, Co-Executive Director of Policy at the British Chambers of Commerce (BCC), said:

“We are grateful to the Brexit Secretary for taking the time to listen to the concerns of business communities that represent 70% of UK-EU trade.

“We have come together with our European counterparts to stress that a no-deal Brexit would not only impact upon UK business, but would also undermine European firms, supply chains and customs links between the UK and Europe.

“Businesses in the UK are paying attention to the progress in negotiations, but need clarity rather than political posturing if they are to get answers to the practical questions they have. The BCC Risk Register shows that there remains a high degree of uncertainty for businesses. A transition period is essential to help those firms who are pausing on investment decisions.

“Time is running out. We and our European colleagues urge the negotiators on both sides to act urgently and decisively to get a comprehensive deal done.”

The Chambers attending the meeting today are:

British Chambers of Commerce

German Chambers of Commerce and Industry

Danish Chamber of Commerce

Belgium Chambers of Commerce

French Chambers of Commerce

Flanders Chamber of Commerce and Industry

Wallon Chamber of Commerce

In the run up to Small Business Saturday on 1 December, the cabinet office are providing small businesses and entrepreneurs with information about Government support they can access and tools to help showcase case their businesses. 

For 4 weeks there will be a different weekly theme in the build up to Small Business Saturday itself on 1 December. The campaign themes and weeks are as follows: Week 1: (w/c 5 Nov) Business Environment – promoting the Business Support Helpline, Contracts Finder and other Government sources of access to finance Week 2: (w/c 12 Nov) Employment and Skills – focussing on apprenticeships and successful entrepreneurship case studies Week 3: (w/c 19 Nov) Exporting – highlighting case studies of small businesses across the UK exporting Week 4: (w/c 26 Nov) Shop Local – encouraging audiences to support/purchase from a small business via the Small Business Finder, and will include local ministers visiting small businesses, regional media and stakeholder engagement It would be great to share the brilliant work that small businesses in the East of England do, so if you are a small business or entrepreneur or have any suggestions for anyone they should be working with to showcase the region please contact Abby Scott, Regional Campaigns Manager, Prime Minister’s Office and Cabinet Office Communications. E:abby.scott@cabinetoffice.gov.uk T:0207 276 6163 M:07590 006974  

Member States in the EU’s Council have authorised the signature and conclusion of the trade and investment agreements between the Union and Singapore.

Commissioner for Trade Cecilia Malmström said: “I am very pleased that Member States have given their formal backing to these agreements, paving the way for their signature on 19 October.”

Opening new opportunities for European producers, farmers, service providers and investors is a key priority for the Commission, she went on.

These deals do that, and more, the Commissioner insisted, given that Singapore is an important gateway to the whole Asia-Pacific area.

The agreements also promote sustainable development, as they include ambitious commitments on the protection of the environment and labour rights and uphold the right to regulate.

They are, Commissioner Malmström said, another example of the EU’s determination to work with like-minded countries to uphold rules-based international trade.

The Council decision follows the proposal made in April of this year by the European Commission. EU and Singapore leaders will now sign the agreements during the current Asia-Europe Meeting (ASEM).

After signature, the European Parliament will vote on the agreements. Once it gives its approval (expected to be a formality), the EU-Singapore Free Trade Agreement (FTA) is expected to enter into force in 2019, before the end of the current mandate of the European Commission.

The EU-Singapore Investment Protection Agreement will only enter into force following its ratification at EU Member State level.

The second North Norfolk Business Awards are now open for entries – and businesses across the district are being encouraged to put themselves forward to win one of the prestigious titles.

The 2019 awards (#NNBA19) are being organised and hosted by North Norfolk District Council. The 2018 awards, which were held back in February, saw scores of entries, and it is expected that the competition will be even stronger this time.

Following feedback, the number of categories has been increased to eight with the introduction of a Small Business award. It means that businesses of all sizes and in all sectors should be able to find a suitable category to enter. The awards are free to enter.

Sponsors of the awards include Eastlaw, the Fakenham & Wells Times, Menta, New Anglia LEP, the North Norfolk News and Thursford Christmas Spectacular.

Judging will take place early in 2019. Once the shortlists have been drawn up, the awards night will be held at Gresham’s School, Holt, in February, where the eight winners will be unveiled.  The awards night will again be hosted by Chris Sargisson, chief executive of Norfolk Chamber of Commerce.

Commenting on the awards, Chris Sargisson, CEO of Norfolk Chamber said: “I am delighted to be asked to host the Norfolk Norfolk Business Awards once again.  This is a great opportunity to celebrate business success in our region and I would encourage as many businesses as possible to enter and showcase their talents.”

Cllr John Lee, Leader of North Norfolk District Council and Leader of the Conservative Group at NNDC, said: “Our inaugural Business Awards were a huge success and they were greatly appreciated by the local business community.  It gives us the opportunity to reward local businesses for the hard work that they put into making North Norfolk a thriving, diverse and great place to do business.”

Cllr Sarah Butikofer, Leader of the Lib Dem Group at NNDC, said: “Local businesses and entrepreneurs contribute significantly to the vitality and viability of the communities we serve, bringing both economic benefits and employment to the area.  I am delighted we are able to recognise these contributions with these awards.”

Cllr John Rest, Leader of the Independent Group at NNDC, said: “This event is a marvellous opportunity to celebrate the entrepreneurial skills of traders in this district and to reward them for the very valuable contribution that they make to the community and tourism.”

The full list of categories is Agriculture, Horticulture & Countryside; Business Growth; Environment; Innovation; New Business; Small Business; Tourism & Hospitality; and Young People & Skills.

To enter, please visit www.north-norfolk.gov.uk/nnba. You have until 06 January 2019 to submit your entry. 

Exciting news in the Norfolk Business calendar arrived last week, with the EDP revealing the finalists for their elven categories. The shortlist has now been expanded to four companies per category, which is a great chance to showcase the talented business community in our county. It is fantastic to see so many of our Norfolk Chamber members in the finalist lists. We wish them all the best for the next stage of the award selections.  Skills of Tomorrow, sponsored by Lotus

• KakeCo Ltd
• Netmatters 
• The College of West Anglia 
• The Kinetic Science Foundation

Best Employer, sponsored by Pure and Birketts

• Flagship Group
• Holden Group
• Morgan Sindall
• The Maids Head Hotel

Investing in Future Growth, sponsored by JDC Corporate Finance

• David Utting Engineering
• Black Swann International
• Gnaw Chocolate
• Panel Graphic

Director of the Year, sponsored by Dipples

• Jan Hytch, Arnold Keys
• John Dye, JD Cooling Systems
• Rosie Kefford, Rosie’s Hair, Beauty and Make-Up Studios
• Steve Earl, Panel Graphic

Small Business, sponsored by Cozens-Hardy

• CIM Signs & Graphics Limited
• Deepdale Backpackers & Camping
• Indigo Swan
• Just Financial Planning

Environment and Sustainability, sponsored by Lovell

• Barnwell Printing
• Cornerstone (East Anglia)
• Rosedale Funeral Home
• The RedCat Partnership

Breaking Boundaries, sponsored by Lovewell Blake

• FXhome
• Panel Graphic
• PBD Biotech
• PlantGrow

Large Business, sponsored by City College Norwich

• JD Cooling Group
• Mills & Reeve
• Natures Menu Ltd
• Neilsen Brandbank

Tech Innovator, sponsored by Computer Service Centre

• Anticipatory Health Limited (Train As One)
• Developing Experts
• Liftshare
• SNAP Account

Customer Care, sponsored by Greater Anglia

• Cornerstone (East Anglia)
• FXhome
• NorseCare
• One Traveller

Knowledge Pioneer, sponsored by UEA

• Chadwicks
• Hethel Innovation
• Developing Experts
• PBD Biotech

The UK is one of three parties with which the USA wishes to conclude a trade deal, Washington has confirmed.

On 16 October, US Trade Representative Robert Lighthizer notified the US Congress that the Trump Administration intends to negotiate separate trade agreements with the UK, the EU and Japan.

Describing the announcement as an important milestone in the process of expanding US trade and investment through deals with the three parties, Mr Lighthizer underlined the administration’s commitment to concluding negotiations “with timely and substantive results for American workers, farmers, ranchers, and businesses”.

On the US side, the process will also involve Mr Lighthizer, as the US Trade Representative, consulting the public on the direction, focus and content of the negotiations.

Objectives for the negotiations must be published at least 30 days before formal trade negotiations begin.

In his notification letter to Congress regarding the UK, Mr Lighthizer notes that an ambitious trade agreement between the two countries could further expand the current trade and investment relationship by removing existing goods and services tariff and non-tariff barriers “and by developing cutting edge obligations for emerging sectors where US and UK innovators and entrepreneurs are most competitive”.

The letter also acknowledges that the UK is not free to negotiate trade agreements until it has left the EU.

In 2017, US trade in goods and services with the UK was worth an estimated $235.9 billion, of which exports accounted for $125.9 billion and imports $110.0 billion. The US trade surplus with the UK last year was $15.9 billion.

US trade with the EU in 2017 was worth nearly $1.2 trillion, with exports totalling $527 billion and imports $627 billion, and a US trade deficit amounting to $100 billion.

The value of US-Japan trade in the same period is put at $283.6 billion – $114 billion in exports and $169.5 billion in imports.