Total value of UK exports reach “record high” despite global headwinds
The total value of UK goods and services exports increased by four per cent in 2019, a new report has revealed.
The statistics have been published as part of the Office for National Statistics’ (ONS) new analysis of the UK economy.
The figures show that despite ongoing political uncertainty and the looming global threat of Brexit, UK businesses have actually performed positively year-on-year.
The surprise statistics show that the total value of UK goods and services exports in the 12 months to May 2019 increased by four per cent to a “record high” of £647.1 billion.
This figure also represents 38 consecutive months of export growth on an annual rolling basis.
The positive flow of goods has been experienced up and down the country, with more than 19,500 businesses across the North now exporting £59 billion of goods every year – or around 18 per cent of the UK’s total goods output.
With no signs of slowing, the UK’s thriving tech sector now also contributes a huge £130.5 billion to the UK economy each year, exporting some £55 billion in digital goods and services over the past 12 months.
However, no industry has been able to match the fuels sector by annual growth in exports, growing by 25.9 per cent to £39.3 billion in 2019.
Commenting on the figures, Secretary of State for International Trade, 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.”