UK exports at a 22 month high driven by trade to non-EU countries

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Felixstowe port and container. Photo credit: Department for Transport. Creative Commons License.

New figures show exports of goods and services from the UK rose 4.6 percent from a month earlier to a 22-month high of GBP 57.1 billion in November of 2021, driven by a 15.2 percent jump in goods exports to non-EU countries.

At the same time, goods sales to the EU rose 1 percent.

Among major commodities, exports were up for material manufactures (5.7 percent), machinery and transport equipment (0.7 percent), crude materials (4.2 percent) and food & live animals (3.9 percent), but were down for fuels (-6.3 percent), chemicals (-1.1 percent) and miscellaneous manufacturers (-1.1 percent). Exports of services were 0.2 percent higher.

Exports in the United Kingdom are expected to be 59200.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

In the long-term, the United Kingdom Exports is projected to trend around 65600.00 GBP Million in 2023 and 69800.00 GBP Million in 2024, according to Trading Economics econometric models.

Secretary of State for International Trade, Anne-Marie Trevelyan MP, said:

This is a defining moment in our national trading story. As we agree ambitious new trade deals around the world, it is more vital than ever that businesses across the UK take advantage of these opportunities and unleash their full exporting potential.

Our export strategy will help more businesses start exporting and help those who already export to sell more products to more countries. Reaching £1 trillion worth of exports by the end of this decade means more jobs, more opportunities and higher wages helping the UK to level up and build back better.

The Government has launched a new ‘Made in the UK, Sold to the World’ plan to help businesses across the UK double exports and sell their world-class products around the globe.

The Department for International Trade say the 12-point export strategy “gives businesses the tools they need to become a nation of exporters and reap the benefits of our free trade deals.”

Click here for more details: https://conservativepost.co.uk/made-in-the-uk-sold-to-the-world-new-strategy-to-boost-exports-to-1-trillion/

Source: Office for National Statistics / Trading Economics

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