ONS: 2018/19 Financial Year Was Record-Breaking for UK Exports

ONS: 2018/19 Financial Year Was Record-Breaking for UK Exports

In the 2018/19 financial year, UK exports reached record £639.9 billion.

According to the May report released by the Office of National Statistics (ONS), total UK exports grew at a rate of 3.0% and increased by £18.5 billion compared to the 2017/18 financial year.

Despite the uncertain global economic outlook, UK exports have been growing for the past 36 consecutive months on an annual rolling basis, an indication of the unparalleled spirit and resilience of UK exporters up and down the country.

From exports of our Scotch Whisky to our world-class cars, consumers all over the world are demanding British goods at unprecedented levels.

 

– Dr Liam Fox, Secretary of State for International Trade

In terms of services alone, the ONS figures show our dynamic services sector saw exports increase by 1.4% to £283.8 billion in the 2018/19 financial year.

UK’s top trading partners are the USA and European countries.

Separate data published by the Organisation for Economic Co-operation (OECD) showed between 2016 and 2018, UK total exports grew at 13.8%, faster than Germany (10.5%), France (10.1%) and Italy (11.4%). The OECD data also showed UK export growth was faster than the overall rate for the European Union (11.9%).

Not only are UK exports booming, but foreign direct investment (FDI) into the UK is also at a record high. Data released by the OECD last week showed UK inwards investment stock in 2018 increased by 5% to £1,400 billion.

The figures confirm the UK as the leading destination for FDI in Europe, and the third most significant in the world.

Image: Buckingham Palace, London, UK / Ferdinand Stöhr / Unsplash

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Chris McCarthy is an Zurich-based researcher and adviser at a consulting firm specialising in global economy, policy and trade. As a journalist, Chris writes about the global issues that have the most profound impact on the business environment.