1 minute read
UK exports increase by 4% to hit record value of £647bn
Fresh statistics released by the Office of National Statistics (ONS) show that despite the global economy slowing down, UK exports are growing. In the 12 months to May 2019, UK exports were worth a record £647.1 billion, as businesses up and down the country continue to tap into the demand for British products and services right across the world.
The UK has now experienced 38 consecutive months of export growth on an annual rolling basis.
Goods exports within the fuels sector were the main contributors to the increase in exports, growing by 25.9% to £39.3 billion. The UK’s renowned services also boasted a 3.3% increase in exports, bringing our trade surplus in services to £107.3 billion.
The Department for International Trade (DIT) will celebrate its 3rd year anniversary this month after helping more British businesses to sell overseas than ever before. Over the past year alone, 58,080 jobs were created and safeguarded as a result of FDI projects which DIT supported.
Secretary of State for International Trade, Dr Liam Fox, said: “Despite the global headwinds getting stronger, today’s record-breaking statistics highlight what a real international trade policy can deliver for the UK as people from around the world continue to express their appetite for British goods and services.
“The Department for International Trade is a dedicated international economic department, helping British business succeed abroad, as never before.
“This is just the beginning – now is the time to get behind DIT so that we can give British business the backing it needs and grasp the golden opportunity in front of us.”