A new study has found that Britain’s fastest-growing export partners are Switzerland and China.
The research, commissioned by Wyelands Bank, found that countries in the Asian Pacific dominate the growth charts with Switzerland topping the chart.
Overall, China leads in terms of projected growth with an additional $886m in trade expected on-top of $24.6bn last year, with growth rate forecasts level with Switzerland at 3.6% over the next three years.
Other nations where high export growth is expected through to 2021 include Saudi Arabia, Hong Kong and South Korea.
|Rank (fastest growing)||Country||Growth rate a year to 2021||Value in 2017 (US$)||Project growth (value US$)|
|1||Switzerland||3.6 per cent||$23.6bn||$850m|
|2||China||3.6 per cent||$24.6bn||$886m|
|3||Saudi Arabia||2.9 per cent||$7.8bn||$226m|
|4||Hong Kong||1.2 per cent||$9.1bn||$109m|
|5||South Korea||1.1 per cent||$5.9bn||$65m|
Exports in the top five export growth partnership nations totalled $71bn last year with an additional combined $2.1bn expected to add to that figure, which includes selling both products and exporting services.
UK firms already focusing outside of EU block?
Whilst Europe remains the UK’s primary export partner, totalling 46%, the insight that the Asia Pacific marketplace is growing for British businesses indicates a potentially positive trend ahead of the UK’s exit from the EU.
Increasing trade with what are currently regions which account for a small amount of Britain’s total export value is one of the key aims after Brexit with new trade deals being negotiated. What this research suggests is that Britain’s businesses are already doing it, although further stimulus is certainly required with the second highest expectant growth market, South America, forecast to generate just 0.5% export value growth by 2021.
Commenting on the research, CEO of Wyelands Bank, Iain Hunter said that: “Behind these headline economic figures, trade is important because it creates jobs. It has helped to contribute to the UK’s record employment levels, providing financial security for millions of families up and down the country.
“However, in order for businesses to succeed, they need working capital. It is only by providing better access to funding that we can support businesses to trade, grow and create jobs.”