According to the latest independent statistics, released by
the ONS on Monday, 11
June, UK exports rose 7.4% (£43.3 billion) to £625.4 billion to
the end of April 2018 compared to the same time last year.
Exports continue to grow faster than imports for the tenth month
continuously with the overall trade deficit narrowing by £6.7
billion from £37.5 billion to £30.8 billion.
The country’s renowned service sector continues to thrive with
exports up 7.5% to £282.6 billion, increasing the service surplus
to £108.7 billion.
Goods exports also rose strongly by 7.4% to £342.8 billion.
International Trade Secretary MP said:
Far from the gloom some people report, today’s trade figures
show in the year to April 2018 the trade deficit narrowed by
£6.7 billion as overall exports rose by 7%.
If we look on a stable longer term basis, the growth was driven
by both the UK’s renowned service sector which saw exports
rising by 7.5% to £283 billion and UK goods exports which grew
by 7.4%.
For the first time as a dedicated trade department, we’re able
to provide comprehensive support to British exporters – helping
make sure they meet the global demand for our top-of-the-range
high quality goods and services.
The figures follow separate analysis released
by HMRC (7
June) which found the number of VAT-registered businesses
exporting goods in England, Scotland, Wales and Northern Ireland
is at 109,000 – a rise of 4.1% from the previous year.
The figures also reveal:
- exports of goods from England increased by 6.5% to £244.6
billion
- in Scotland, goods exports increased by 12.1% to £28.8
billion
- in Wales, goods exports increased by 7.1% to £16.4 billion
- in Northern Ireland, goods exports increased by 4.9% to £8.5
billion
In the first months of 2018, the average value of goods exported
per exporter was £750,000.
Businesses were also taking advantage of global interest as the
number exporting to non-EU countries rose to over 47,000. The
most popular non-EU destinations include the USA, that 19.2% of
exporters sold goods to, Australia (7.3%) and Switzerland (7.2%).
