The value of goods exports has increased once again across all four regions of the UK as demand for British products continues to grow overseas.
Through the 2018/19 financial year, Scotland recorded the highest growth, whilst Wales and Northern Ireland also returned strong international trade increases. England continues to deliver the highest trade value with nearly £252 billion in export sales from goods.
- England | +3% to £251.9bn
- Scotland | +12.9% to £32.8bn
- Wales | +7.5% to £17.7bn
- Northern Ireland | +4.4% to £9bn
The number of exporting companies also grew by over 5,000 to 110,831 in the first quarter of the year compared to Q1 2018 – a new record.
International Trade Secretary Liam Fox commented on the latest HMRC figures that: “Whether it is an exporter in rural Derbyshire or the Scottish Highlands, people and businesses across the world want to get their hands on British goods at unprecedented levels.
“The data released today pays homage to the hard work of people working in British businesses up and down the United Kingdom, who are now exporting their goods on unprecedented scales.
“I am delighted that exports continue to grow in every part of the UK, this shows we are working for every corner of our country and are not led by one region alone.”
Continued demands and goods sales from British companies overseas defeats some predictions that foresaw an international sales slowdown from UK firms following the EU referendum result.
Yet, with the latest Brexit deadline of 31st October approaching, and the next two candidates to become the next Prime Minister openly backing a no deal exit should no agreement be reached for the UK’s departure, demand for British goods and the number of exporting local companies has never been higher.
However, many companies have invested millions of potential growth investment into preparing for a no deal Brexit already in goods stockpiling and in some instances, upping sticks to create new bases on the continent.
To continue export success it’s critical that all businesses that trade with the EU or rely on stock and components from within the single market are ready for whatever Brexit outcome on what seems to be an increasingly more certain 31st October deadline.
If your firm has only recently begun exporting or are yet to begin or finale Brexit strategy, see how Go Exporting can help audit your Brexit readiness here.