UK products and services are among the fastest growing exports out of the top five economies in the world, a new report has revealed.
The Department for International Trade, which published the figures, suggested that despite a “challenging global outlook”, UK exports have continued to grow.
According to the research, UK exports grew at the second fastest rate of the top five major economies – including China, the USA, Japan and Germany – between 2017 and 2018.
In total, British exports grew by 2.7 per cent to £636 billion over the recorded period, while the latest ONS statistics show that UK good-only exports grew by 3.1 per cent to £10.6 billion in the year to January 2019.
Commenting on the figures, the International Trade Secretary, Liam Fox, suggested that the figures “underline the fundamental strength of the British economy” despite recent economic and political events.
The Trade Secretary said 2018, in particular, was challenging for the global trading environment, which saw the impact of trade tensions between the USA and China, a significant slowing of growth in the Chinese economy which led to reduced imports, and of course, Brexit.
“Goods exports in particular performed well, rising faster than all of the top five largest economies except China in 2018 – yet further evidence of the massive demand for British products,” said Mr Fox.
“We are seeing many of our trading partners, particularly in the Eurozone, struggle to cope with external economic pressures, so maintaining an upward trend in this climate reinforces that message that Britain is open for business.”
He added: “My international economic department is focused on growing exports and boosting the UK economy through our Export Strategy, providing stability as we leave the European Union and putting the UK at the heart of the world’s fastest growing markets through an independent trade policy. These priorities are key to Britain’s economic future.”
The report follows recent research which found that the number of VAT-registered businesses exporting goods across the UK has increased to 110,800 – a rise of over 1,000 since this time last year.
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