{"id":93777,"date":"2018-07-10T15:10:25","date_gmt":"2018-07-10T15:10:25","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=3e413f23c77cbac837a7e16ad3d44430"},"modified":"2018-07-10T15:10:25","modified_gmt":"2018-07-10T15:10:25","slug":"news-story-uk-exports-remain-at-record-high","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=93777","title":{"rendered":"News story: UK exports remain at record high"},"content":{"rendered":"
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There\u2019s good news for the country as the latest trade figures show demand for British goods and services is higher than ever with exports at record high of \u00a3620 billion in the year to May 2018.<\/p>\n

In data released by the ONS<\/abbr> today (Tuesday, 10 July), UK exports to the world rose by \u00a330 billion \u2013 an increase of 5.2% compared to the same time last year.<\/p>\n

The country\u2019s renowned service sector continues to thrive with exports up 3.1% to a record high of \u00a3279 billion, increasing the service surplus to \u00a3111 billion.<\/p>\n

Goods exports also rose strongly by 6.9% to \u00a3341 billion.<\/p>\n

On an annual basis, exports continue to grow faster than imports for the tenth consecutive month with the overall trade deficit narrowing by \u00a34 billion from \u00a330 billion to \u00a326 billion in the year to May 2018.<\/p>\n

International Trade Secretary Dr Liam Fox MP said:<\/p>\n

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There\u2019s a lot to be proud of with football potentially coming home and demand for UK goods and services being higher than ever before. The latest trade figures are further good news as overall exports rose to \u00a3620 billion and the trade deficit continued to narrow by \u00a34 billion.<\/p>\n

We\u2019re seeing a shift in the UK where we\u2019re continuing to sell more than we buy. My international economic department will work with companies across the country to ensure they\u2019re making the most of global opportunities.<\/p>\n<\/blockquote>\n

Edwin Morgan, Director of Policy at the Institute of Directors, said:<\/p>\n

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Whatever happens to the UK over the coming decades, we know that boosting international trade is a vital path towards future prosperity. Increasing exports should be a high priority for the whole of government, spearheaded by DIT.<\/p>\n

There is huge potential in this country to raise our game on trade. Two-thirds of IoD<\/abbr> members already export, showing we can create the products and services the world wants, and if we could only slightly increase the proportion of firms overall who trade the gains could be enormous.<\/p>\n

The good news is that there are steps we can be taking now to encourage exporters to increase sales, and help more companies take that first leap into international markets. DIT has been working with business to develop the new export strategy, and we are very optimistic that government can use the tools at its disposal to make \u2018global Britain\u2019 a reality.<\/p>\n<\/blockquote>\n

Separate figures released by the ONS<\/abbr> last week showed UK exports grew faster to Canada (up 12.7%), India (31.8%) and China (15.3%) than to the EU (10%).<\/p>\n

Non-EU countries remain the main destination for UK services (\u00a3167.4 billion), making up 60.4% of all services exports.<\/p>\n

The UK\u2019s current account deficit also narrowed to \u00a380.3 billion, down by \u00a312.2 billion from 12 months earlier. This is the narrowest deficit as a percentage of GDP<\/abbr> since 2012.<\/p>\n

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.<\/p>\n

Figures from the Department for International Trade published this week show 2,072 new projects recorded, creating 75,968 new jobs and safeguarding 15,063, amounting to nearly 1,500 new jobs per week across the country.<\/p>\n

Background information:<\/h3>\n

Find latest ONS<\/abbr>:<\/p>\n