New official data published in recent days has revealed that UK exports rose to a record high in the year to March 2018.
According to the figures, which were published by the Department for International Trade on Friday 29 June 2018, British exports rose to hit an impressive £620.2 billion in the period studied.
Overall, goods exports were up year-on-year by 10 per cent, while services exports soared by 4.2 per cent, the report reveals. The Government attributed the former to a sharp increase in demand for British-manufactured goods and the latter to a spike in global interest for UK financial and travel services.
By country, exports to Canada grew fastest to India, up by 31.8 per cent. This was followed closely by China and Canada, up by 15.3 per cent and 12.7 per cent respectively. Exports to all three countries grew at a faster rate than exports to the European Union (EU), which were up by just 10 per cent in comparison, the report reveals.
Meanwhile, the Department for International Trade’s latest data also suggests that the UK’s trade deficit has ‘narrowed’ significantly year-on-year.
The figures reveal that the trade deficit has narrowed from £7.7 billion to £23.1 billion, while the UK’s current account deficit has also narrowed by approximately £12.2 billion.
The current account deficit, which now sits at £80.3 billion, is the narrowest deficit as a percentage of GDP since 2012, the Government has said.
Commenting on the data, International Trade Secretary, Dr Liam Fox 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.
“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.
“As an international economic department we are banging the drum for the growing demand for our goods and services.”
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