International Trade Secretary, Dr Liam Fox MP, has stated that a record number of businesses are looking into overseas expansion opportunities.
Dr Fox MP described 2018 as “a year to celebrate” in regards to the UK’s trade success, boasting “record highs in investment and exports.”
“In a year where we launched our Export Strategy, our GDP continues to grow at a quicker rate than the Eurozone, and employment is at a rate we haven’t seen for more than 40 years.”
As the UK’s exports reached £626 billion, The International Trade Secretary seemed optimistic about trade in 2019, describing overseas trade as “a crucial part in economic growth.” Dr Fox MP reassured UK businesses that the international economic department will assist with their expansions overseas.
The UK’s department for international trade shared some key figures regarding British trade in 2018. These include the UK’s GDP in the third quarter growing at a much higher rate to that of the Eurozone, 0.6 per cent compared to 0.2 per cent respectively. The economy has grown 17.8 per cent since 2010.
The US has held its place as the number one single export destination, responsible for a staggering £114 billion of exports.
Goods exported from the Northern Powerhouse increased by 2.1 per cent in the third quarter of 2018 to £59 billion.
Goods exported from the Midlands Engine increased by 6.1 per cent in the third quarter of 2018 to £56 billion.
The amount of VAT-registered buildings exporting goods outside of the UK rose by 1.5 per cent in the third quarter of 2018, in comparison to the same quarter in 2017.
Exports to ASEAN rose by 10.4 per cent showing a growing interest in British produce from some of the world’s fastest-growing economies.
The UK technology sector received over £5 billion from venture capitalists between June 2016 and June 2018. This is more than Germany, France, and Sweden combined.
Last but certainly not least, an enormous 75,698 jobs were created in 2017 and 2018 as a result of Foreign Direct Investment. The UK remains the top destination for FDI in Europe.
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