New figures released today (20 December 2019) by the Office for National Statistics (ONS) show in the twelve months to September 2019 that UK exports to outside the EU grew nearly 5 times as fast as exports to countries inside the bloc.
UK exports to the EU grew by 1.3% and now total £296.8 billion, while exports to non-EU countries saw growth of 6.3% to reach £376.7 billion.
Over the 12-month period, non-EU markets remained the top destination for the UK’s renowned service sector. 60.2% of UK services exports, including financial, travel and transport, go to non-EU markets and are now worth £190.8 billion.
International Trade Secretary, Liz Truss said:
These figures show how big the opportunities are for British businesses exporting across the world, and the strength of the trade relationship with the USA and Japan.
This government will continue to back our business communities to ensure they have the tools to seize this opportunity and take full advantage of all its benefits.
My priority is to strike new trade deals with key partners and to open up new markets to British products as we go forward and leave the European Union.
The USA maintains its position as the number 1 destination for British goods and services, with increased demand driving exports up 11.4% to £133.7 billion – compared to £120.0 billion in the previous 12 months.
Today’s figures also reveal an increase in trade with Japan rising by 7.6%, from £13.8 billion to £14.8 billion. Japan is already the UK’s fourth largest non-EU trading partner and one of the world’s fastest growing markets.
- December 20, 2019 at 3:03 pm by Editor (displayed above)
- December 20, 2019 at 3:03 pm by Editor