In data released by the Office for National Statistics
(ONS) today, UK
exports to the world rose by £26 billion – an increase
of 4.4% compared to the same time last year.
The country’s renowned service sector continues to
thrive with exports up 2.2% to a record high of £278
billion, increasing the service surplus to £112
billion.
Goods exports also rose strongly by 6.3% to £343
billion.
On an annual basis, exports continue to grow faster
than imports for the 11th consecutive month with the
overall trade deficit narrowing by £6 billion from £31
billion to £25 billion in the year to June 2018.
International Trade Secretary MP said:
Today’s trade figures show demand for UK goods and
services is continuing to grow, as overall exports
rose to £621 billion – up 4.4% on this time last year
- and the trade deficit continued to narrow by £6
billion over the last 12 months.
As we open consultations for future trade
relationships with key global markets around the
world, we’re seeing a shift in the UK where we’re
moving towards selling more than we buy, with exports
increasing faster than imports.
My international economic department will continue
work with companies across the country to ensure
they’re making the most of global opportunities.
Separate figures released by the ONS last
month showed UK exports of goods and services to non-EU
countries amounted to around £342 billion in 2017,
showing the worldwide demand for British goods and
services remains.
Exports to EU countries were around £274 billion in
2017.
The fastest growing export market for the UK since 2010
was Oman, with exports increasing by 354% to £3
billion. This was followed by Macedonia (FYROM) with UK
trade growing by 318% to £1 billion and then Kazakhstan
which was up by 210% to £2 billion.
