New figures published by the Office for National Statistics (ONS) in recent days reveal that UK exports have increased by 5.2 per cent year-on-year.
According to the research, UK exports to global markets rose by an impressive £30.9 billion in the year to July 2018.
This marks the 12th consecutive month that exports grew at a faster rate than imports, the ONS noted, pointing out that the overall trade deficit had also narrowed by £13.8 billion year-on-year.
The ONS’ report reveals that Britain’s service sector continues to perform particularly well, with exports up by 3.9 per cent in the period studied.
In fact, UK service exports rose to a record high of £283.4 billion, increasing the service surplus to £117.1 billion.
The good news comes just weeks after International Trade Secretary Dr Liam Fox MP launched the UK’s much-anticipated Export Strategy.
The ambitious Strategy, which was unveiled in August, sets the UK a target of increasing exports as a proportion of GDP to 35 per cent.
“As we open consultations for future trade relationships with key markets around the world, we’re seeing the UK shift towards selling more than we buy, with exports increasing faster than imports,” Dr Fox said.
“My international economic department will continue to work with companies across the country to ensure they’re making the most of global opportunities.”
