The demand for UK goods and services is growing across the globe, with exports to India increasing at the fastest rate among the United Kingdom’s top non-European Union (EU) trading partners, according to data released recently by the UK Office of National Statistics (ONS). UK exports, which increased by 2.7 per cent to £634.1 bn in 2018, continue to rise.
UK exports grew faster to India (up 19.3 per cent), Japan (up 7.9 per cent), China (up 4.6 per cent) and Canada (up 4.2 per cent) than to the EU (up 3.6 per cent) in 2018, according to an ONS statement. Share of UK exports to the EU over the past ten years has declined by nearly 5 percentage points to 45.6 per cent last year.
The export of goods and services to non-EU trading partners in 2018 reached a high of £345.1 bn. The figures show the share of exports to the United Kingdom’s top three non-EU trading partners—the United States, China and Switzerland—increasing from 21.3 per cent in 2000 to 25.4 per cent in 2018.
In contrast, the share of UK exports to the EU has decreased significantly from 54 per cent to 45.6 per cent over the same period. The data also highlights the attractiveness of the United Kingdom as a destination for foreign investment as inwards stock has increased by 12.6 per cent to a record high of £1,336.5 bn in 2017. The United States is the top investor, with its investment stock increasing by 19.5 per cent to £351 bn.
There has also been a growing demand from Asian investors in the United Kingdom, with inwards investment stock increasing by 201 per cent since 2008, the highest growth rate of any continent. The share of inwards stock from Asia has increased from 6.8 per cent to 9.6 per cent between 2008 and 2017.