British exports are at a record high

Data released by the Office for National Statistics (ONS) show that UK exports are at a record high.

The statistics show that businesses in the UK sold more overseas in the 2018/19 financial year than another other year since records began.

Exports from the UK reached £639.9 billion, a rise of 3 per cent on 2017/18, and a total increase of £18.5 billion. The services sector achieved total exports of £238.8 billion, with an increase of 1.4 per cent on the previous year.

UK exports have now been growing for three consecutive years, with the resilience of the economy continuing despite uncertainty surrounding Brexit.

Data published by the Organisation for Economic Co-operation showed that UK exports grew at a fast rate than Germany, France and Italy between 2016 and 2018. In those two years, total UK exports grew by 13.8 per cent. The rate of UK export growth was also faster than the European Union, which grew 11.9 per cent.

Dr Liam Fox, Secretary of State for International Trade, said: “UK exports continue to grow and beat records across Europe, these new numbers published today highlight the quality and innovation of British goods and services and how much they are valued across the globe.

Foreign Direct Investment (FDI) figures from the OECD showed that UK inwards investment stock increased by 5 per cent in 2018, to a record high of £1.4 trillion.

The OECD figures mean that the UK is the leading destination for FDI in Europe.

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