UK exports continue to grow

Posted on 11 Oct 2018 and read 542 times
UK exports continue to grow Exports were up by 6.4% in the year to 30 June 2018 (compared to the year to 30 June 2017), according to the latest ONS Balance of Payments data — published at the end of September.

There was a 6.6% increase in goods exports and a 6.2% increase in service exports. The figures also showed that the trade deficit had ‘narrowed’ by £14.4 billion over the last 12 months and stood at £17.9 billion.

Non-EU countries remain a larger market than the EU 27, with total exports outside of the EU totalling £342.8 billion.

Services exports experienced a 3.3% growth outside the EU, with a total value of £168.2 billion.

International Trade Secretary Liam Fox, said: “Today’s figures show that the demand from all over the world is continuing to increase for our goods and services; and as we leave the EU, we look to further our trading ties with key overseas markets such as the USA, Japan and China, where our exports have risen by 4.1%, 7.4% and 7.5% respectively.

“The Department for International Trade recently launched a series of Free Trade Agreement Consultations, focusing on new free trade agreements with the USA, Australia and New Zealand, as well as the UK potentially joining the Comprehensive and Progressive Trans Pacific Partnership.

"Exports to the USA remain particularly strong, totalling £111.8 billion in the year to June 2018 — an increase of 4.1%.

“In August, the DIT launched its new Export Strategy, which sets out how the Government will support businesses of all sizes to make the most of the opportunities presented by markets around the world ... and see exports increase as a proportion of UK GDP to 35%.”

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