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East Midlands Chamber News

UK exports to non EU countries continue to outstrip EU

UK exports of goods and services to the rest of the world were higher than UK exports to the EU for ninth year running, latest ONS figures confirm.

 

In figures released in the second calendar year after the EU referendum, exports to non-EU countries amounted to around £342bn in 2017, showing the worldwide demand for British goods and services remains.

 

Exports to EU countries were around £274bn in 2017.

 

The fastest growing export market for the UK since 2010 was Oman, with exports increasing by 354% to £3bn. This was followed by Macedonia (FYROM), with UK trade growing by 318% to £1bn and then Kazakhstan which was up by 210% to £2bn.

 

International Trade Secretary, Dr Liam Fox MP, said: “British goods remain in global demand as exports to non-EU countries continue to grow in markets such as Oman. It shows the confidence the world has in our goods and is important as 90% of global trade will come from outside EU.

 

“As an international economic department, we have a dynamic and experienced team who will negotiate free trade deals and make a success of Brexit. We’re also supporting UK businesses in exporting more and talking to international businesses on why we should be the top destination for investment through our GREAT campaign.”

 

The figures also reveal in 2017:
Overall exports of goods rose by 13% to £339bn
Overall exports of services rose by 7% to £277bn
The USA remains the UK’s top export market, buying over £112bn worth of goods and services in 2017, an increase of 8% since 2016.
 

Separate ONS figures show that UK exports overall rose by 5% in the year to end May 2018.

 

Our world-leading services sector recorded a trade surplus of £111b in the same period, with services exports totalling £279bn in the year to May 2018.

 

The UK also attracted more than 2,000 foreign direct investment projects in financial year 2017 to 2018.

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