New trade figures released by the Office for National Statistics (ONS) have revealed that demand for British goods and services overseas is growing, with exports hitting a record high of £620 billion in the year to May 2018.
According to the new data, UK exports to the world rose by £30 billion – an increase of 5.2 per cent compared to the previous year’s figures.
Much of the increase was thanks to the UK’s Goods exports, which rose strongly by 6.9 per cent to £341 billion, while the UK’s revered service sector saw exports increase by 3.1 per cent to a record high of £279 billion.
In good news for the UK’s trade deficit, exports have continued to grow faster than imports for the tenth consecutive month, with the overall deficit narrowing by £4 billion to £26 billion in the year to May 2018.
International Trade Secretary Dr Liam Fox MP said: “The latest trade figures are good news as overall exports rose to £620 billion and the trade deficit continued to narrow by £4 billion.
“We’re seeing a shift in the UK where we’re continuing to sell more than we buy. My international economic department will work with companies across the country to ensure they’re making the most of global opportunities.”
Separate figures released by the ONS also showed that UK exports grew faster to Canada, India and China than to the EU.
In fact, non-EU countries remain the main destination for UK services, making up 60.4 per cent of all service exports.