A sign in front of the River Thames and Houses of Parliament with 'Brexit' and 'EU' on it

Latest Figures Show UK Exports Rising and Trade Deficit Narrowing

This may give Remainers at least one less reason to think Brexit is all doom and gloom.

Brexit is very much a hot topic right now; it has been for a couple of years and will most likely continue this way for decades to come.

Let’s talk figures:

Figures display an increase of £30.9bn from UK exports to the world, which represents a rise of 5.2% over the same time last year.

Furthermore, the overall trade deficit has been sliced by £13.8bn in the year to July 2018.

In August 2018, the Export Strategy was launched, setting out a new ambition to increase exports as a proportion of the UK GDP to 35%, making the UK one of the G7’s most successful exporters.

Separate figures released by the Office for National Statistics (ONS) in June 2018 showed that UK exports of goods and services to non-EU countries amounted to approximately £344bn in the year ending March 2018.

This indicates positivity ahead. Imagine a road sign saying ‘go ahead, the road is smooth and safe’. This is somewhat similar, in a Brexit-related way, as the figures highlight that worldwide demand for British goods and services remains.

Plus, exports to EU countries were around £276bn in this period.

Overall, exports of goods and services to non-EU countries have nearly trebled since 2000. Also, the UK operates a trade surplus of over £40bn with non-EU countries, which is incredibly impressive considering this was a deficit as recently as 2010.

International Trade Secretary, Dr Liam Fox MP, said: “These trade figures show demand for UK goods and services is continuing to grow. 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.”

So, it’s pretty good news then

Here’s some even more encouraging news: in 2017, eight of the 10 fastest growing markets for UK exports since 2010 were outside of the EU, highlighting the potential for a positive future post-Brexit.

Additionally, the UK’s current account deficit narrowed to £79bn in 2017 after £24bn being chopped off from 12 months earlier. This represents the narrowest deficit as a percentage of GDP since 2012.

So, we can certainly take some hope from these figures as they give us less reason to panic so much about Brexit.

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