UK exports at record high for July

Imports and Exports | | MIC Customs Solutions |

UK exports increased again in July, the Office for National Statistics has said.

New data has shown that UK exports remained at a record high for the month of July, despite the continued uncertainty surrounding Brexit.

Figures from the Office for National Statistics (ONS) released this week showed that exports from Britain rose by £30.9 billion ($40.3 billion), up by 5.2 per cent compared to the same month last year.

When looking at goods exports specifically, the picture was also positive. They were shown to have risen by 6.2 per cent and continued to grow faster than imports for the 12th month in a row.

International trade secretary Dr Liam Fox said: "Today's trade figures show demand for UK goods and services is continuing to grow. As we open consultations for future trade relationships with key markets around the world, we're seeing the UK shift towards selling more than we buy."

He added that the British international economic administration will continue to work with companies to ensure they are able to make the most of opportunities to send their goods and services across the globe.

In total, exports of British goods to non-EU countries have almost doubled since 2000 and in 2017, eight out of the ten fastest-growing markets for UK exports since 2010 were outside of the European bloc.

This may bode well for businesses unsure of their chances of international trading post-Brexit, since a number of markets are sure to exist away from Europe in countries including those in Asia.

Indeed, many countries have been attracted to UK exports thanks to a cheaper currency making British goods more affordable for overseas buyers to purchase.

Only the manufacturing sector has been demonstrating sluggish growth, something ministers are keen to address as the departure from the EU approaches.

This week's news came after the government launched an Export Strategy last month, designed to boost exports as a proportion of GDP to 35 per cent.