Demand for British goods and services at “unprecedented levels”

More British goods and services were sold overseas in 2018-19 than any other year, new figures have revealed.

The data, published by the Office for National Statistics (ONS), shows that British exports reached a record-breaking £639.9 billion in the last 12 months.

This represents growth of around three per cent, or £18.5 billion, compared to the year previous.

The figure also marks 36 months of consecutive growth for British exports, despite ongoing Brexit uncertainty. The UK services sector in particular – which includes the retail, hospitality, finance and real estate industries and is the UK’s biggest export product – grew by some 1.4 per cent to £283.8 billion.

The data comes after separate research recently revealed that the UK outgrew the EU in terms of average export growth, at 13.8 per cent compared to 11.9 per cent, as well as the EU’s top economies Germany (10.5 per cent), France (10.1 per cent) and Italy (11.4 per cent).

Commenting on the figures, the Secretary of State for International Trade, Liam Fox, said today’s research highlights “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,” he said.

“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.”

To access the ONS’s data in full, please click here.

Posted in Business, Overseas Corporate Tax.