Demand for British goods and services rose in the year to the end of January 2018, according to new figures published by the ONS.
UK exports rose 11.5% (£64.5bn) to £625.9bn in the year which includes figures from February 2017 to the end of January 2018. The country’s renowned service sector continues to thrive with exports up 10.1% to £281.4bn, increasing the service surplus to £107.9bn.
Goods exports also rose strongly by 12.6% to £344.5bn, with strong manufacturing figures leading the way in making the biggest contribution to this growth.
Exports continue to grow faster than imports with the overall trade deficit narrowing by £12.8bn from £41.6bn to £28.8bn.
The figures come on the back of HMRC figures released yesterday (Thursday, 8 March) which show the exports of goods have risen in every part of the UK. These include:
International Trade Secretary, Dr Liam Fox said: “The UK is entering a period of unprecedented economic opportunity, with latest figures showing a surge in exports together with an increase in manufacturing output at the start of the year - this adds up to a positive picture for the British economy.
“As an international economic department, we are supporting UK businesses from every part of the country to succeed on the global stage, which in turn creates more good jobs and prosperity at home."
In a further boost, statistics from the ONS also released today show manufacturing output increasing in January 2018 – this was the ninth consecutive period of growth, the first time this has occurred since records began in February 1968.
The country also remains a strong destination for investment with the record numbers of foreign direct investment projects into the UK in 2016/17. The Department for International Trade (DIT) recorded 2,265 FDI projects up 2% on the previous year – estimated to have created or safeguarded more than 108,000 jobs.
The GREAT Festival of Innovation, taking place from 21 - 24 March in Hong Kong will showcase some of the best British businesses to the Asian market. The Festival will bring together business leaders, Government Ministers and the latest ground-breaking technologies from the UK and across Asia.
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