Data from the ONS has revealed that the 5 fastest growing export markets for UK businesses are in Asia.
Figures released last month highlighted 40.8% growth in Taiwan, followed by 19.3% export growth in India.
Other emerging markets seeing significantly higher growth than the average of 2.7% for UK firms include Nigeria (up 18.3%), Thailand (up 17.8%) and Kuwait (14.1%).
The figures are a positive sign for UK businesses with HSBC predicting that 70% of future world growth will come from emerging economies, for which the UK has seemingly stolen a march.
Further research by the United Nations Conference on Trade and Development shows that by next year, Asian economies will be bigger than the rest of the world combined for the first time since the 19th century with Asia’s share of GDP expected t reach 35% by 2030.
International trade secretary, Liam Fox said of the news that: “Today’s figures show the rapidly growing demand for British produce in some of the world’s fastest growing markets.
“By 2030, Asia will represent 66% of the global middle-class and 59% of consumption, highlighting the need for British businesses to be reaching out to these markets now.
“With this in mind, we need to start thinking about markets which will dominate the centre of the world stage in years to come and to make sure we are operating there with success.
“I encourage businesses across the UK to be encouraged by today’s figures, as my international economic department stands ready to help connect businesses to emerging markets across the world.”
For exporting businesses in the UK, looking beyond the EU to find export partners in emerging economies such as across Asia represents a great opportunity to grow sales.
For advice on where to start and researching which territories could offer profitable export growth for your business, read more about our international trade consultancy.