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UK trade figures reveal demand for British goods and services at record high
UK trade figures reveal demand for British goods and services at record high

UK trade figures reveal demand for British goods and services at record high

Demand for British goods and services remains strong, as the latest trade figures reveal UK exports to the world rose by almost £31 billion in the year to July 2018.

Overall, exports are at a record high of £629.3 billion, according to the UK trade data released by the Office for National Statistics (ONS).

As part of the figures, the percentage splits of goods exports and imports by countries inside and outside the EU in the 12 months to July 2018 have been revealed.

Of all the goods imported into the UK in the 12 months to July 2018, more than 45% come from non-EU countries.

For the export market, the greater percentage of British goods exported actually goes to the non-EU market (51%).

This comes at a time when the UK is extolling the virtues of the future economic partnership between Britain and Norway, ensuring the relationship is long-lasting and prosperous.

Norway is one of the UK’s trading partners outside of the EU, and yet the data highlights that non-EU countries are a strong market for the import and export of British goods.

Exports of goods and services in the 12 months to March 2018 was £344 billion – higher than the total to EU countries. Indeed, goods and services exported to non-EU countries have almost trebled since the millennium.

Overall, UK’s exports to the world increased by 5.2%; within this, the service sector enjoyed a 3.9% increase in exports to a record high of £283.4 billion.

Goods exports increased by 6.2%, while annual exports rose for the 12th successive month, narrowing the trade deficit by £13.8 billion in the year to July 2018.

International Trade Secretary, Dr Liam Fox MP, commented: “As we open consultations for future trade relationships with key markets around the world, we’re seeing the UK shift towards selling more than we buy, with exports increasing faster than imports.

“My international economic department will continue work with companies across the country to ensure they’re making the most of global opportunities.”

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