New figures published by the Office for National Statistics (ONS) in recent days have revealed that, in the year to June 2018, global UK exports have increased by an impressive £26 billion.
According to the ONS’ data, exports have risen by 4.4 per cent year-on-year, with both goods and services driving export growth.
Goods exports were up by £343 billion – a 6.3 per cent rise on the previous year.
Meanwhile, services exports rose by 2.2 per cent during the same period, soaring to £278 billion and pushing the UK’s service surplus up to £112 billion.
The ONS also noted that for some time now, British exports have been growing at a much faster rate than imports.
In fact, June represents the 11th consecutive month on record that this was the case, the ONS said.
This has inadvertently narrowed the UK’s overall trade deficit by £6 billion.
The research also revealed that Oman has been Britain’s fastest-growing export market since 2010, while Macedonia and Kazakhstan are also increasingly purchasing British goods and services.
Commenting on the good news, Dr Liam Fox MP, the UK’s International Trade Secretary, said: “Today’s trade figures show demand for UK goods and services is continuing to grow, as overall exports rose to £621 billion – up 4.4 per cent on this time last year – and the trade deficit continued to narrow by £6 billion over the last 12 months.”
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