Press Release

Forimmediate release

Tuesday11 November 2003

Outlook Bright Despite TradeDeficit, says IoD

The future for UKexporters might be healthier than the latest trade figures suggest, theInstitute of Directors (IoD) said today. Despite the announcement of a recordtrade deficit in goods and services the IoD argued that better times are on theway.

Graeme Leach, ChiefEconomist at the IoD, said:

Whilst the recordSeptember trade deficit is clearly a concern, there are good reasons to believethat the situation could improve in the future. Comparing the latest quarterwith the previous quarter, export and import volumes (excluding oil anderratics) were little changed, suggesting that UK exporters continue to sufferfrom the weak European economy. The good news is that as economic recovery inthe US strengthens, the outlook for UK exporters should improve."

Ends 11.11.03 No.205

/2

Contact Points:

Richard Taylor, PressOfficer, tel. 020 7451 3264

Mobile and out of hours. 07721 734886

David Marshall,Director of Public Affairs, tel: 020 7451 3263

mobile and outof hours: 07764 883420

Email. press@iod.com

Web. www.iod.com

Noteto editors

TheInstitute of Directors is a non-party political independent organisation witharound 55,000 members. In addition to its wide range of business services, theIoD provides an effective voice to represent the interests of its members togovernment and key opinion-formers. It also brings the experience of businessleaders to bear on the conduct of public affairs