UK food and drinks exports reached a record of £5.7 billion in the first quarter of 2019.

The sector saw a rise of 12.3 per cent according to the latest HM Revenue & Customs (HMRC) figures.

The UK food and drink sector exports are now worth £22 billion a year and have almost doubled since 2007.

Exports of Scottish Whisky were worth a total of £4.7 billion in 2018, which is 21 per cent of all food and drinks exports. According to the Scotch Whisky Association, the UK balance of trade deficit would have been more than three per cent higher without Scotch Whisky.

Graham Stuart MP, minister for trade, said: “Leaving the EU does not mean turning our backs on our European trading partners, far from it.

“We want to continue to build upon our already deep trade ties with our EU partners, while also looking outwards at the other, faster-growing markets around the world.”

The figures come from the Department for International Trade (DIT), and come after the Office for National Statistics (ONS) announced a record-breaking year for UK exports.

Total exports grew by three per cent in the 2018/19 financial year, increasing by £18.5 billion to reach £639.9 billion.

Foreign Direct Investment into the UK is also at a record high, with data showing that inwards investment stock increased by five per cent last year. The UK is the leading destination for FDI in Europe.


Categories: BlogBusiness