Demand for British exports ‘higher than ever before’ as value hits £620bn
The demand for British goods and services around the world is higher than ever, according to new data.
The Office for National Statistics (ONS) said the value of British exports hit a record £620bn in the 12 months to May 2018.
The figure is £30bn more than in 2016/17, representing an year-on-year increase of 5.2%.
Service exports rose 3.1% to a record £279bn. Goods saw an uptick of 6.9% to £341bn.
With exports having grown for the tenth consecutive month, the UK’s overall trade deficit narrowed by £4bn to reach £26bn in the year to May.
The ONS also found that exports grew faster to India (rising 31.8%), China (15.3%) and Canada (12.7%) than to EU countries (10%).
Non-EU countries remain the main destination for UK services, accounting for 60.4% (£167.4bn) of the total.
Liam Fox MP, International Trade Secretary, said of the findings: “There’s a lot to be proud of with football potentially coming home and demand for UK goods and services being higher than ever before.
“The latest trade figures are further good news as overall exports rose to £620 billion and the trade deficit continued to narrow by £4bn.”
He continued: “We’re seeing a shift in the UK where we’re continuing to sell more than we buy.
“My international economic department will work with companies across the country to ensure they’re making the most of global opportunities.”