UK exports at record high

The latest trade figures show demand for British goods and services rising with exports at record high of £620 billion in the year to May 2018.

In data released by the ONS, UK exports to the world rose by £30 billion – an increase of 5.2% compared to the same time last year.

The country’s service sector continues to thrive with exports up 3.1% to a record high of £279 billion, increasing the service surplus to £111 billion.

Goods exports also rose strongly by 6.9% to £341 billion.

On an annual basis, exports continue to grow faster than imports for the tenth consecutive month with the overall trade deficit narrowing by £4 billion from £30 billion to £26 billion in the year to May 2018.

International Trade Secretary Dr Liam Fox MP said: "We’re seeing a shift in the UK where we’re continuing to sell more than we buy."

Edwin Morgan, Director of Policy at the Institute of Directors, said: "Whatever happens to the UK over the coming decades, we know that boosting international trade is a vital path towards future prosperity. Increasing exports should be a high priority for the whole of government, spearheaded by DIT.

"Two-thirds of IoD members already export, showing we can create the products and services the world wants, and if we could only slightly increase the proportion of firms overall who trade the gains could be enormous."

Separate figures released by the ONS last week showed UK exports grew faster to Canada (up 12.7%), India (31.8%) and China (15.3%) than to the EU (10%).

Non-EU countries remain the main destination for UK services (£167.4 billion), making up 60.4% of all services exports.

The UK’s current account deficit also narrowed to £80.3 billion, down by £12.2 billion from 12 months earlier. This is the narrowest deficit as a percentage of GDP since 2012.

The country also remains a strong destination for investment with nearly 76,000 new jobs created as a result of inward investment from foreign direct investment projects in 2017 / 18, more than the previous year, the Government reports.

Figures from the Department for International Trade published this week show 2,072 new projects recorded, creating 75,968 new jobs and safeguarding 15,063, amounting to nearly 1,500 new jobs per week across the country.