-
Exports of goods and services have
increased by 7.3% to £620.2bn
-
Exports grew faster to Canada (up
12.7%), India (31.8%) and China (15.3%) than to the EU
(10%)
-
Trade deficit significantly narrows
by £7.7bn
Exports of UK goods and services rose to a
record high of £620.2bn (up 7.3%) in the year to March 2018
according to new trade figures released today (Friday, 29
June).
Goods exports were up 10% driven by a demand
for manufactured goods while services exports rose 4.2% due to
interest in the UK’s prestigious financial and travel
services.
Non-EU countries remain the main destination
for services exports (£167.4bn), making up 60.4% of all services
exports.
The figures also reveal the trade deficit
continuing to narrow over the last year by £7.7bn to
£23.1bn.
Over the same period, the UK’s current account
deficit also narrowed to £80.3bn, down by £12.2bn from a deficit
of £92.6bn twelve months earlier. This is the narrowest deficit
as a percentage of GDP since 2012.
International Trade Secretary,
said:
“Thanks to the hard work and dedication of UK
businesses up and down the country, exports of goods and services
rose to a record high of £620 billion. Demand for quality British
products remained strong from countries outside the EU including
China, India and Canada and I’m putting companies in position to
benefit from the growing global opportunities.
“Far from the negative forecasts after the EU
referendum, there is every reason to be optimistic. Our trade
deficit narrowed and UK business is delivering for Britain and
succeeding on the world stage, and as an international economic
department we are banging the drum for the growing demand for our
goods and services.”
The Department for International
Trade
The country also remains a strong destination
for investment with nearly 76,000 new
jobs created as a result of inward investment from foreign direct
investment projects in 2017/18, more than the previous
year.
Figures from the Department for International
Trade published show
2,072 projects recorded, 75,968 new jobs were created and that
15,063 were safeguarded, amounting to nearly 1,500 new jobs per
week across the country.
Through great.gov.uk, the
department gives UK businesses access to millions of pounds’
worth of potential overseas business. It also puts firms in touch
with global buyers and since its launch it has promoted 17,500
export opportunities, and helped around 3.6 million users either
begin or grow their exporting journeys (from November 2016 – May
2018).
Research from Barclays Corporate Banking found
that 64% of consumers in
India, 57% in China,
and 48% in the UAE were prepared to
pay more for goods made in the UK, because they perceive the
quality as higher. [Brand Britain – Export opportunities for
UK businesses, February 2018]
Working to promote the UK to great trading
nation, DIT has set up 14 working groups across 21 countries
to strike trade deals and strengthen commercial ties with key
trading partners.
