British exports hit record high

Mon 12 Jun 2017
Posted by: IOE&IT News
Trade News

cargo ship being unloaded at Felixstowe


Latest figures from the Office for National Statistics have shown that British exports hit a record high between February to April, shipping £84.8billion of goods to overseas buyers.

The figures show an 18 per cent increase on the same period last year and is in no small part due to the fall in the pound which has tumbled against the dollar and the euro since the Brexit vote in June last year.

Sales to the EU were up 16.4 per cent to £40.4billion while sales to the rest of the world jumped 19.6 per cent to £44.4billion.

Exports to China were up 54.1 per cent, while shipments to South Korea rose 39.9 per cent.

Whilst the rise in exports helped narrow Britain's trade deficit by £1.8 billion in April to £2.1 billion, a separate report by the ONS showed factory output rose by a weaker than expected 0.2 per cent in April while construction output fell 1.6 per cent.