Latest UK export figures at a record high

According to the Office for National Statistics (ONS), UK exports to the world rose by 5.2% to £30.9 billion in July compared to the same time 12 months prior.

Leading this growth was Britain’s Goods exports, which rose strongly by 6.2% to £345.9 billion. The country’s strong service sector also saw exports increase by 3.9% to a record high of £283.4 billion.

This means that on an annual basis, exports have continued to grow at a faster pace than imports for a twelfth consecutive month, which has helped to reduce the overall trade deficit by £13.8 billion in the year to July 2018.

International Trade Secretary Dr Liam Fox MP said: “Today’s trade figures show demand for UK goods and services is continuing to grow, as overall exports rose to £629.3billion – up 5.2% on this time last year – and the trade deficit continued to narrow by £13.8bn over the last 12 months.

“As we open consultations for future trade relationships with key markets around the world, we’re seeing the UK shift towards selling more than we buy, with exports increasing faster than imports. My international economic department will continue to work with companies across the country to ensure they’re making the most of global opportunities.”

According to separate figures released by the ONS in June, UK exports of goods and services to non-EU countries amounted to around £344 billion in the 12 months ending March 2018, showing the worldwide demand for British goods and services remains high. In comparison exports to the EU totalled £276 billion.

In fact, in 2017, 8 of the 10 fastest growing markets for UK exports since 2010 were outside of the EU. In particular, exports of services to key non-EU markets, such as the USA, China and Japan have all increased by more than 45 per cent since 2010.