According to the Department for International Trade (DIT), new figures by the Office for National Statistics (ONS) show, for the 12 months to September 2019, that UK exports to outside the European Union grew nearly five 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.
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 United States 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.”
Over the 12-month period, non-EU markets remained the top destination for the UK’s service sector with. 60.2% of UK services exports, including financial, travel and transport and now worth £190.8 billion, going to non-EU markets.
The US maintains its position as the number one 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.
The new figures also reveal an increase in trade with Japan, rising by 7.6% from £13.8 billion to £14.8 billion. One of the world’s fastest growing markets Japan is already the UK’s fourth largest non-EU trading partner.
“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,” Ms Truss concluded.
Last reviewed 9 January 2020