It’s been a record breaking year for British exports, with the UK racking up £60.2 billion in goods sold abroad.
Worryingly for the EU, latest figures leading up to March this year, show that just over 60% of these goods are being sold to nations outside of the bloc.
Latest @ONS figures show UK exports grew faster to:
🇨🇦 Canada (up 12.7%)
🇮🇳 India (up 31.8%)
🇨🇳 China (up 15.3%)
than to the EU (up 10%)
Find more stats 👇 pic.twitter.com/sbuynzAEJq
— Department for International Trade (@tradegovuk) July 2, 2018
A triumphant press release from the government said: ‘Goods exports were up 10%, driven by a demand for manufactured goods, while services exports rose 4.2% due to strong global interest in the UK’s prestigious financial and travel services.’
Tucked away within the article was where the goods had actually been sold:
“Exports grew faster to Canada (up 12.7%), India (31.8%) and China (15.3%) than to the EU (10%).
“Non-EU countries remain the main destination for UK services (£167.4 billion), making up 60.4% of all services exports.”
— Full Fact (@FullFact) July 2, 2018
‘Optimistic times ahead’
As part of the positive news, 1,500 jobs have been created every week in the year leading up to March 2018, with most due to a better-than-forecasted export market.
Trade secretary Liam Fox said:
‘Thanks to the hard work and dedication of UK businesses up and down the country, exports of goods and services rose to a record high of £620 billion.
‘Demand for high quality British products remained strong from countries outside the EU including China, India and Canada and we are putting companies in position to benefit from growing global opportunities.
‘Far from the negative forecasts after the EU referendum, there is every reason to be optimistic. Our trade deficit narrowed and UK business is delivering for Britain and succeeding on the world stage. As an international economic department we are banging the drum for the growing demand for our goods and services.’