9 October 2019
We recently reported on details issued by manufacturers’ organisation Make UK and Santander showing that trade with other EU Member States is worth more than twice that with the United States (see Europe remains dominant market for UK goods).
Now, however, the Government has issued its own analysis revealing greater overall demand for British goods and services outside of the EU.
The latest trade figures from the Office for National Statistics (ONS) show a 4.2% rise in exports to countries outside of the EU, in comparison to a rise of 1.6% to EU member countries.
So exports to non-EU countries are in fact growing twice as fast than those to the Union, the Department for International Trade (DIT) points out, driven in large part by major non-EU trading partners including the US and China, with total trade with the former surpassing £200 billion for the first time.
International Trade Secretary Liz Truss said: “Following my recent trips to the US and Japan, it is clear to see the potential that trading with our close friends across the world brings to the UK economy. Businesses are already making the most of opportunities such as the Rugby World Cup to take their products to market abroad.”
In the lead up to the World Cup, UK exports to host country Japan have seen a rise of 9.2% from £13.1 billion to £14.3 billion in the year ending June 2019.
Demand for UK goods and services in China has also seen a significant increase in this period of 13.9%, from £20.8 billion to £23.7 billion, as DIT’s presence at the Beijing Expo 2019 comes to a close.