Exports of UK goods and services rose to a record high of £620.2bn in the year to March 2018 - an increase of 7.3% - according to new trade figures released today.
Goods exports were up 10% driven by a demand for manufactured goods while services exports rose 4.2% due to interest in the UK’s prestigious financial and travel services.
Non-EU countries remain the main destination for services exports, making up 60.4% of all services exports. The new figures also reveal the trade deficit continuing to narrow over the last year.
Over the same period, the UK’s current account deficit also narrowed to £80.3bn, down by £12.2bn from a deficit of £92.6bn twelve months earlier. This is the narrowest deficit as a percentage of GDP since 2012.
International Trade Secretary, Dr Liam Fox said: “Thanks to the hard work and dedication of UK businesses up and down the country, exports of goods and services rose to a record high of £620bn. Demand for quality British products remained strong from countries outside the EU including China, India and Canada and I’m putting companies in position to benefit from the growing global opportunities.
“Far from the negative forecasts after the EU referendum, there is every reason to be optimistic. Our trade deficit narrowed and UK business is delivering for Britain and succeeding on the world stage, and as an international economic department we are banging the drum for the growing demand for our goods and services.”
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.
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