With Taiwan reporting 40.8% growth and India reporting 19.3%, the Department for International Trade (DIT) has highlighted that the fastest growing export markets for the UK are in Asia.
It points to research carried out by HSBC which predicts that some 70% of future world growth will be from emerging economies.
Other notable fast-growing export markets, according to the latest figures from the Office for National Statistics (ONS), include Nigeria (up 18.3% to £2.7 billion), Thailand (up 17.8% to £2.2 billion) and Kuwait (up 14.1% to £2.5 billion).
Secretary of State for International Trade Liam Fox said: “Today’s figures show the rapidly growing demand for British produce in some of the world’s fastest growing markets. By 2030, Asia will represent 66% of the global middle-class and 59% of consumption, highlighting the need for British businesses to be reaching out to these markets now.”
The DIT has also drawn attention to analysis by the United Nations Conference on Trade and Development (UNCTAD) which shows that, by 2020, Asian economies will be larger than the rest of the world combined for the first time since the 19th century.
This reflects the growing prosperity and economic potential of the region, and, the Trade Secretary added, its attractiveness as a destination for British goods and services.
With five of the fastest growing economies being in Asia, further analysis by Standard Chartered shows Asia’s share of global GDP will likely reach 35% by 2030, equivalent to that of the euro area and United States combined.
“I encourage businesses across the UK to be encouraged by today’s figures, as my international economic department stands ready to help connect businesses to emerging markets across the world,” Mr Fox concluded.
Last reviewed 10 May 2019