UK exports hit all-time £620bn high in latest financial year

The latest figures released by Office National Statistics (ONS) show that the UK’s exports of goods and services have reached a record £620bn (US$816.4bn) in the most recent financial year.

The government published figures last week that showed that goods exports have risen 10% which has been caused by the increased demand for UK manufactured products.

The findings also proved that exports were faster in countries such as China (15.3%), India (31.8%) and Canada (12.7%) than the EU.

The report also suggests that countries outside of the EU make up 60.4% of all UK service exports.

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However, due to 40% of the nation’s service exports travelling to the EU, the UK may be required to focus of strengthening relationships with countries in its continent for potential future trade.

International Trade Secretary, Dr Liam Fox, said: “Thanks to the hard work and dedication of UK businesses up and down the country, exports of goods and services rose to a record high of £620bn.

“Demand for high quality British products remained strong from countries outside the EU including China, India and Canada and we are putting companies in position to benefit from growing global opportunities.”

The UK’s current account deficit has been reduced to £80.3bn which is down by £12.2bn on last year.