Saturday, May 30, 2020

British exports hit a record high

Data released today (10th May) by the Office of National Statistics (ONS) shows the 2018/19 financial year was a record-breaking year for UK exports, as they reached £639.9 billion.

Total exports grew at a rate of 3.0% and increased by £18.5 billion compared to the 2017/18 financial year.

Despite the uncertain global economic outlook, UK exports have been growing for the past 36 consecutive months on an annual rolling basis, an indication of the unparalleled spirit and resilience of UK exporters up and down the country.

In terms of services alone, the ONS figures show our dynamic services sector saw exports increase by 1.4% to £283.8 billion in the 2018/19 financial year.

Separate data published by the Organisation for Economic Co-operation (OECD) showed between 2016 and 2018, UK total exports grew at 13.8%, faster than Germany (10.5%), France (10.1%) and Italy (11.4%).

The OECD data also showed UK export growth was faster than the overall rate for the European Union (11.9%).

Secretary of State for International Trade, Dr Liam Fox, said: “UK exports continue to grow and beat records across Europe, these new numbers published today highlight the quality and innovation of British goods and services and how much they are valued across the globe.

“From exports of our Scotch Whisky to our world-class cars, consumers all over the world are demanding British goods at unprecedented levels.

“My international economic department is confident British businesses will continue to excel as we leave the EU and will offer its full support to businesses with the same ambition.”

Foreign direct investment (FDI) into the UK is also at a record high. Data released by the OECD last week showed UK inwards investment stock in 2018 increased by 5% to £1,400 billion.

The figures confirm the UK as the leading destination for FDI in Europe, and the third most significant in the world.

 

Help us maintain our standards of journalism

Readers enjoy our news site but keeping our news up to date and authoritative, without charging readers to view the site is a challenge. Especially now with the Corona Virus measures affecting us all, as many clients have been severely affected and are naturally reducing their spend on advertisements. Given this lack of revenue stream we are calling on the generosity of our readers to help us fill that void and enable our journalists to continue delivering the news that you enjoy.

Unlike many other news sites, we don't have annoying pop ups or charge scandalous prices for events. We also produce printed magazines for each title and we make these freely available to read on line too, for your enjoyment. Often, people have asked why we don't make a charge for viewers to read these magazines and news stories but we feel that would adversely affect our readership/advertisers response rate. But with advertising revenues now severely affected we need your help. So, if you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs from just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the current storm and continue in our quest to deliver quality journalism.

We value your readership and your support, as this enables us to continue to provide our regular daily news updates. We've been established over 30 years, during which we've lost count of the numerous recessions and financial meltdowns, and we intend to weather the storms caused by Covid-19. So, every reader contribution, however big or small, is invaluable in helping us to get through this. Please click here to help support your favourite news site/magazine.




Latest news

Channel 4 puts Leeds at centre of digital strategy

Channel 4 has this week unveiled plans for its Leeds-based in-house digital content studio, 4Studio, putting the city at the epicentre of its digital...

Bank cash sees biofuel supplier support NHS

A Barnsley-based biofuel supplier has secured six-figure funding to provide fuel to an NHS hospital during the continuing pandemic. The funding from HSBC UK will...

Pandemic sees business confidence plummet in Yorkshire

Business confidence in Yorkshire fell 12 points during May to a near-record low of -31%, according to the latest ‘Business Barometer’ from Lloyds Bank...

Harris CM begins contract to extend specialist engineering campus

Harris CM has started work on a contract to extend York College’s specialist motor vehicle and engineering campus. The contact will see the Yorkshire construction...

Gelder reveal its new ‘Can Do’ Commercial Division Leadership Team

The Gelder Group merged its Facilities Maintenance and Building and Major Contracts Divisions in 2019 to one ‘Commercial Division’ reporting in to Construction Director...

Safe working guidelines published for British businesses

BSI, the UK’s National Standards Body, has published new safe working guidelines to help businesses manage a safe return to work and reoccupation of...

Related news

Channel 4 puts Leeds at centre of digital strategy

Channel 4 has this week unveiled plans for its Leeds-based in-house digital content studio, 4Studio, putting the city at the epicentre of its digital...

Bank cash sees biofuel supplier support NHS

A Barnsley-based biofuel supplier has secured six-figure funding to provide fuel to an NHS hospital during the continuing pandemic. The funding from HSBC UK will...

Pandemic sees business confidence plummet in Yorkshire

Business confidence in Yorkshire fell 12 points during May to a near-record low of -31%, according to the latest ‘Business Barometer’ from Lloyds Bank...

Harris CM begins contract to extend specialist engineering campus

Harris CM has started work on a contract to extend York College’s specialist motor vehicle and engineering campus. The contact will see the Yorkshire construction...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close