UK Exports Are Record High

UK Exports Are Record High

There’s good news for the country as the latest trade figures show demand for British goods and services is higher than ever with exports at record high of £620 billion in the year to May 2018.

In data released by the ONS in July, UK exports to the world rose by £30 billion – an increase of 5.2% compared to the same time last year.

The country’s renowned service sector continues to thrive with exports up 3.1% to a record high of £279 billion, increasing the service surplus to £111 billion.

Goods exports also rose strongly by 6.9% to £341 billion.

On an annual basis, exports continue to grow faster than imports for the tenth consecutive month with the overall trade deficit narrowing by £4 billion from £30 billion to £26 billion in the year to May 2018.

Image: London port / Pixabay

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Linda Casey has over 10 year work experience in accounting and covers UK news on accounting and taxation.