Strong interest in UK’s financial services drives services exports growth
Figures from the Department for International Trade (DIT) have shown that a strong global interest in the UK’s financial and travel services is helping to drive services exports growth, with a 4.2% rise in services exports.
Exports of goods and services from the UK hit a record high of £620.2bn in the year leading up to March 2018, with demand for high-quality services from Britain remaining strong.
The figures showed that goods exports increased by 10%, while non-EU countries accounted for more than 60% of all services exports.
The UK’s trade deficit figures were also positive, with the research showing that the deficit narrowed by £7.7bn to £23.1bn over the past year.
The UK also remains a top destination for foreign investment, with inward investment from foreign direct investment projects in 2017/2018 helping to create 76,000 new jobs, higher than the amount created in the previous year.
The figures come after research from Barclays Corporate Banking highlighted a demand for British goods, with 64% of consumers in India, 57% in China, and 48% in the UAE willing to pay a higher amount for goods made in the UK as they believe that they are of higher quality.
Commenting on the DIT’s export figures, International Trade Secretary Dr Liam Fox said: “Far from the negative forecasts after the EU referendum, there is every reason to be optimistic. Our trade deficit narrowed and UK business is delivering for Britain and succeeding on the world stage. As an international economic department we are banging the drum for the growing demand for our goods and services.”