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Sterling's decline after Brexit drives up UK export truck rates 16pc

Time：2016-10-13 Browse：89 Author：RISINGSUN

THE fall of sterling since Brexit has meant big increases in export trucking rates for pound-paying shippers, reports Lloyd`s Loading List.

With 80 per cent of cross channel capacity provided by mainland truckers, there has been a 16 per cent increase in export prices since the end of June, said Freightex CEO Tim Phillips.

Meanwhile, the increase in import rates had been more in line with the pure exchange rate move, at eight per cent. "However, this is still climbing, so we wait to see the extent of the impact", Mr Phillips said.

Euro-paying customers had been less affected and prices for imports have been static.

This, he said may reflect improved export demand during the last few months as UK products become cheaper in Europe.

Some analysts believe the euro and pound are on track to equalise, with UBS reportedly forecasting $1.20 for GBP/USD for the end of 2017 and 1.00 for EUR/GBP.

Prime Minister Theresa May told the Conservative Party`s annual conference that the Britain looks to leave the EU by the summer of 2019.