Department for International Trade
UK exports remain strong despite global slowdown
Latest ONS data shows demand for British goods and services continue to grow to record heights despite a challenging global outlook.
- UK exports of goods and services in the 12 months to May 2019 increased by 4.0% to a record high of £647.1 billion.
- Goods exports increased by 4.7% to £357.1 billion.
- The Department for International Trade (DIT) celebrates its 3rd anniversary this month.
Fresh statistics released by the Office of National Statistics (ONS) yesterday 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.
As the Department for International Trade celebrates its 3rd year anniversary this month, it celebrates helping more British businesses to sell overseas than ever before.
Secretary of State for International Trade, Dr Liam Fox, yesterday 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.
Notes to editors:
- Latest trade figures for 12 months to May 2019 were sourced from ONS Statistics
- Over the past year, 58,080 jobs were created and safeguarded as a result of FDI projects which DIT supported. [Source: DIT Inward Investment Results 2019]
- Last year, DIT helped UK businesses export goods and services worth around £30.5 billion [Source: DIT Annual Report and Accounts 2018]
- Analysis by the Institute for Economic Affairs has estimated that this could potentially generate around £10 billion for the Exchequer.
- To date, the UK has signed or agreed in principle agreements with countries that account for 63% of the UK’s trade with all the countries with which the UK is seeking continuity for a potential No Deal.
Latest News from
Department for International Trade
DIT launches first ever ‘InsurTech for Development’ conference in Africa23/07/2019 14:33:00
The event in Nairobi provided a platform for the African tech and insurance sectors to collaborate on development opportunities.
Welsh salami producer takes a slice of global market23/07/2019 13:10:00
Pontardawe salami producer set to export to Canada and China as Welsh food and drink exports nearly triple in value over the last decade.
Summaries of consultations on future FTAs published19/07/2019 11:20:00
Summaries of one of the largest consultation exercises in recent government history were published yesterday (Thursday 18 July).
Liam Fox launches toolkit for MPs to help boost UK exports18/07/2019 11:20:00
The toolkit will provide MPs with the resources and information needed to encourage local businesses to begin their export journey or expand their global reach.
Majority support free trade agreements17/07/2019 09:33:00
Two thirds (66%) of the UK public support free trade agreements, with only 3% saying they are opposed.
Dr Liam Fox: India Day speech16/07/2019 17:05:00
International Trade Secretary's speech at Mansion House in London for India day, celebrating UK-Indian trade.
Indian financial services market access for UK strengthened16/07/2019 16:27:00
Top UK and Indian business and finance leaders meet to celebrate strong financial services ties and explore new business opportunities.
Sixth Meeting of the U.S.-UK Trade and Investment Working Group16/07/2019 15:10:00
On July 10-11, the UK and United States held the sixth meeting of the U.S.-UK Trade and Investment Working Group in London.