With just under 12 months to go until the UK’s departure from the EU on 29 March 2019, new trade figures have revealed exports of UK goods and services at a record high.
According to the Office for National Statistics (ONS), UK goods and services exports increased in 2017 faster than imports – up 12.1% and 9.3% respectively. As a result, the trade deficit narrowed significantly by £12.1 billion to £28.6 billion from £40.7 billion.
Overall, UK exports of goods and services have increased by 12.1% to £622.1 billion.
Annually, the UK’s current account deficit was £82.9 billion (4.1% of gross domestic product (GDP)) in 2017, a narrowing of £30.7 billion from a deficit of £113.6 billion in 2016; this is the narrowest deficit as a percentage of GDP since 2011 when it was 2.4%.
International Trade Secretary Liam Fox said: “It’s clear evidence that UK companies are 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.”
He pointed out that non-EU countries continue to be the main destination for services exports (£171.4 billion), making up 61.3% of all exports in this sector.
Mr Fox also highlighted work done by the Department for International Trade (DIT) as it has now set up 14 working groups across 21 countries to strike trade deals and strengthen commercial ties with key trading partners.
