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News & Press: International Trade News

UK exports at all-time high on back of non-EU growth

14 February 2020  
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uk exports

UK exports are at an all time high according to figures published on Tuesday 11 February by the Office for National Statistics. The UK has now experienced 45 consecutive months of annual growth on a rolling annual basis.

 

UK companies exported £689bn worth of goods and services across the globe, up by 5.0% on 2018.

 

With the UK no longer a member of the EU, export growth provides some optimism as it becomes an independent trading nation. However, the UK remains a net importer and the exports have also increased on the back of the weakening of pound sterling following the 2016 referendum in EU membership.

 

A major source for optimism will be the substantial growth of UK goods exports to non-EU markets – souring by 14% in the last year. EU sales, meanwhile, have dipped by 0.9%.

 

China is also now the UK’s third largest export market, leapfrogging France, the Netherlands and Ireland and behind only the USA and Germany.

 

Secretary of State for International Trade, Liz Truss, said:

 

“The UK is an exporting superpower and these new statistics show that UK companies are exporting record levels of goods and services.

 

“As a newly independent trading nation, we will strike new trade deals with key partners across the world, open up new markets.”

 

Scotch exports also rise but fears abound

 

Scotch exports also grew in the last year by 4.4% to £4.91bn, growing in more than 100 of its global markets. Scotch exports grew by a value of 9.8% in Asia and 11.3% in Africa.

 

However, the trade dispute between America and Europe remains a significant threat.

The Scotch Whisky Association (SWA) have claimed that a 25% tariff on the import of single malts and liqueurs into the USA would leave the industry feeling uncertain, especially as that tariff could still further rise.

 

Sources

https://www.gov.uk/government/news/2019-was-record-breaking-year-for-uk-exports

 

https://www.thisismoney.co.uk/money/news/article-7993135/Sales-UK-goods-EU-fall-0-9-soar-14-rest-world.html

 

https://www.bbc.co.uk/news/uk-scotland-scotland-business-51460893