UK exports to non-EU countries rises

There has been an increase in the number of countries outside of the EU importing British goods and services, according to the latest figures from the Office for National Statistics (ONS).

With the UK set to leave the European Union on October 31, exports to non-EU countries are growing twice as fast as those in the EU.

This is largely due to major non-EU trading partners such as the USA and China, with trade levels exceeding £200 billion in the USA for the first time.

The ONS figures have revealed that there was a 4.2 per cent increase in exports to non-EU countries, compared with a rise of only 1.6 per cent to EU member nations.

Exports of goods and services to the USA have increased by 9.3 per cent in the year ended June 2019, from £115.7 billion to £126.4 billion.

During the same period, demand for UK goods and services in China has also significantly increased, by13.9 per cent, from £20.8 billion to £23.7 billion.

The Rugby World Cup has also had an effect on UK exports to Japan, which have increased 9.2 per cent to 14.3 billion as UK based businesses make the most out of the commercial interest the tournament brings by exporting their goods and services to the country.

International Trade Secretary, Liz Truss MP said: “Leaving the EU provides the UK with great opportunities to form closer relations with countries outside the EU bloc.

“Following my recent trips to the US and Japan, it is clear to see the potential that trading with our close friends across the world brings to the UK economy. Businesses are already making the most of opportunities such as the Rugby World Cup to take their products to market abroad.

“There is so much more to gain. When we leave the EU, we will open more of these markets up to help UK businesses seize the opportunities in front of them.”

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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