Demand for UK goods increased following Brexit referendum

Demand from abroad for British goods and services has reached record levels despite the UK facing an unprecedented level of economic uncertainty, according to the latest research.

The report, published by the Department for International Trade (DiT), reveals that all of England, Wales, Scotland and Northern Ireland experienced growth in exports in the year to Q2 2019.

It means that demand for British produce has grown for four consecutive years, despite the UK voting to leave the EU in July 2016. In fact, the British export economy grew significantly quicker over the three-year period after the Brexit referendum compared to the three-year period before the vote.

According to the report, goods exports in England grew by 2.7 per cent to £252 billion, while exports in Scotland grew 14.5 per cent to £34 billion.

Wales, meanwhile, saw goods export growth of 6.8 per cent to £17.7 billion, while Northern Ireland grew by 6.8 per cent to £9.1 billion.

The report notes that London and the East Midlands helped considerably in “driving export growth in England”, with goods exports rising by 10.1 per cent and 9.3 per cent respectively.

Commenting on the figures, Secretary of State for International Trade, Liz Truss, said: “Opening up new markets for British businesses across the country is a top priority of mine, and today’s statistics show businesses are benefiting more than ever from global trade.

“Having today launched a new online market access tool to help business voice barriers to international trade, my Department is committed to ensuring businesses are able to fully grasp the opportunities from global trade as we leave the EU.”

Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax infrastructure, and to support them with their international ambitions. To find out how we can help you, please contact us.

 

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