Exports to non-EU countries are growing five times as fast as exports within the single market, new figures have revealed.

The report, published by the Department for International Trade (DIT), shows that exports to countries outside of the European Union saw growth of 6.3 per cent to £376.7 billion.

This is compared to exports to the bloc, which grew by 1.3 per cent to £296.8 billion over the same period.

It means that sales outside of the single market grew nearly five times as fast as exports to countries inside the EU, which the UK is set to leave next year.

The USA remains the single biggest market for British products outside the bloc, with demand increasing by 11.4 per cent to £133.7 billion in 2018/19.

British businesses also saw greater demand from the Japanese market, where exports grew by 7.6 per cent to £14.8 billion. This places Japan as the fourth largest non-EU trading partner.

Commenting on the figures, International Trade Secretary Liz Truss said: “These figures show how big the opportunities are for British businesses exporting across the world, and the strength of the trade relationship with the USA and Japan.”

She added: “My priority is to strike new trade deals with key partners and to open up new markets to British products as we go forward and leave the European Union.”

Click here to access the figures.

Are you ready to explore new markets? Get in touch with our expert team today.

Categories: BlogBusiness