UK exports to European Union (EU) countries have risen by approximately £1.3 billion, while exports to non-EU countries have fallen by around £2.4 billion over the same period, new research reveals.
The figures come from think tank the National Institute of Economic and Social Research (NIESR), which claims that weak sterling may not be bolstering the UK’s export market as much as some might think.
Despite this, the NIESR says that economic growth in the UK appears to be accelerating – albeit at a slower rate than recorded in previous recent years.
The research comes at a time when concerns are mounting over the effects Brexit might have on international trade between the UK and EU member states.
In recent days, however, a tracker published by Z/Yen has revealed that political and economic uncertainties appear to have had little impact on international perceptions of London as being the world’s top financial centre.
The group’s latest 2017 Global Financial Centres Index (GFCI), published earlier this week, has revealed that London still retains the top spot – with its total score falling by just two points over figures recorded last year.
Comparatively, London’s closest rival, New York, fell by as much as 24 points following turbulence regarding President Donald Trump’s controversial views on free trade.
London and New York were followed by Hong Kong, Singapore and Tokyo, which took third, fourth and fifth place in the survey, respectively.