Department for Business & Trade
Minister hails ‘world-class’ exporters as new data shows UK businesses reach record highs
Revised figures from the Office for National Statistics indicates that the UK's total exports in 2022 were worth £834 billion, up from £815 billion.
Exports Minister Malcolm Offord has praised the UK’s ‘world-class’ exporters as new data from the Office for National Statistics (ONS) released today (29 September) shows UK exports performed even better than previously thought.
The figures reveal that the UK’s total exports in 2022 were worth a huge £834 billion, putting the UK well on the way to hitting its target of £1 trillion of exports a year by the end of the decade.
2022 was a record year for the UK’s services exports in particular as they topped £400 billion for the first time, and new ONS data estimates they were worth £411 billion in total last year – £10 billion higher than the original estimation of £401 billion.
The ONS have said this is due to more data becoming available and more accurate methodologies being used to calculate export values – particularly for education services exports.
Minister for Exports Lord Offord said:
This is fantastic news and shows our world-class exporting businesses are doing even better than first thought and selling more of the goods and services to the world.
The UK is a services superpower, hitting over £400 billion in exports for the first time last year, but we want to see even more businesses exporting, so we can hit our ambitious target of £1 trillion of exports a year by 2030.
We’re backing British business by knocking down trade barriers, signing new trade deals, giving expert advice via our Export Support Service and funding through UK Export Finance – our award-winning export credit agency.
Marco Forgione, Director General of the Institute of Export & International Trade said:
It’s positive to see improvements across a range of exports within both trade in goods and services.
The Institute of Export & International Trade’s recent report ‘Global horizons: realising the services exports potential of UK nations and regions’ demonstrates why we are a services powerhouse. It’s vital that we maintain our global advantage as an exporter of services and one of the key recommendations of our report was creating regional sector specialisations – which, if implemented, will improve regional outputs.
We have a clear pathway to continue this success and by focusing on our nations and regions we can work together with businesses to reap the benefits of entering new markets.
The ONS has today published an article setting out a detailed assessment of its changes to the export stats, available online on its website.
Latest News from
Department for Business & Trade
Laws passed to reduce strike disruption and protect public services08/12/2023 14:17:00
New laws to reduce the impact of industrial action on rail, border security and ambulance services while balancing the ability of workers to strike.
Prime Minister's keynote speech at the Global Investment Summit: 27 November 202328/11/2023 13:12:00
Prime Minister Rishi Suank's speech given yesterday at the Global Investment Summit.
Prime Minister unveils £29.5bn of investment at historic Global Investment Summit27/11/2023 14:22:00
Thousands of jobs will be created across the UK in our most innovative sectors, including tech, life sciences, renewables, housing and infrastructure.
Government issues new strategic steer to guide CMA direction for the future24/11/2023 12:05:00
The UK government has set out top priorities to ensure the continued effectiveness of the Competition and Markets Authority (CMA)
Nissan triples investment in electric vehicle production in the UK24/11/2023 10:27:00
Nissan is delivering up to £2 billion of new investment to produce two new electric vehicle models in Sunderland.
Record wage boost for nearly 3 million workers next year22/11/2023 12:07:00
Biggest ever increase to the National Living Wage, worth over £1,800 a year for a full-time worker, fulfils manifesto pledge to end low pay.
New Welsh Export Champions announced by UK Government10/11/2023 12:10:00
The nine new Champions will promote the benefits of exporting.
UK hosts talks with Taiwan to boost trade ties09/11/2023 10:05:00
26th annual trade talks with Taiwan take place in London