New official data suggests that the buzz around the launch of the new UK Export Strategy has helped to fuel growth in British goods and services exports.
According to the latest figures, total exports of goods and services increased by 6.4 per cent in the year to June 2018.
During the same period, the trade deficit has narrowed by an impressive £14.4 billion, while the service surplus has widened by £10.4 billion.
An update issued on the GOV.UK website this week suggests that the sharp increase in goods exports was driven by a demand for high quality British manufacturing, alongside a buzz surrounding the launch of the Government’s new UK Export Strategy.
Despite the uncertainties surrounding what Britain might look like after Brexit, the update notes that exports to the European Union (EU) remain strong.
However, the Government has been keen to point out that “Non-EU countries remain a larger market than the EU 27.”
According to its figures, total exports outside of the EU hit £342.8 billion in the period studied, while service exports were up by 3.3 per cent, rising to £168.2 billion.
Commenting on the good news, International Trade Secretary, Dr Liam Fox MP, pointed out that demand for British exports was “continuing to increase” all over the world.
“As we leave the EU, we look to further our trading ties with key overseas markets such as the USA, Japan and China where our exports have risen by 4.1 per cent, 7.4 per cent and 7.5 per cent respectively,” he said.
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