Exports of UK goods and services rose to a record high of £620.2 billion in the year to March 2018 according to new recently released trade figures – news which has been welcomed by North Swindon MP Justin Tomlinson
Exports grew faster to Canada (up 12.7%), India (31.8%) and China (15.3%) than to the EU (10%).
Demand for goods manufactured in the UK drove a 10% increase in exports, while there was a 4.2% rise in services exports – due to strong global interest in the UK’s prestigious financial and travel services.
Non-EU countries remain the main destination for UK services (£167.4 billion), making up 60.4% of all services exports.
The trade deficit also continued to narrow over the last year, falling £7.7 billion to £23.1 billion.
Over the same period, 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.
Justin Tomlinson MP said: “These are great figures, showing how much confidence there is in the UK economy, and how well-respected UK goods and services are. As me move closer to Brexit, it is very good to know how healthy our trade with non-EU countries is.”