Latest data has revealed that UK exports to the world rose by a significant £30 billion – an increase of 5.2% compared to the previous year.
These recent findings from the Office of National Statistics (ONS) show that the country’s renowned service sector continues to thrive with exports up 3.9% to a record high of £283.4 billion, increasing the service surplus to £117.1.
Overall, exports of goods and services to non-EU countries have nearly trebled since 2000 – exports of goods and services to EU countries, by comparison, have nearly doubled. The UK also operates a trade surplus of more than £40 billion with non-EU countries, with this having been a deficit as recently as 2010.
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International Trade Secretary Dr Liam Fox MP, commented, “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 work with companies across the country to ensure they’re making the most of global opportunities.”
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