Bringing Businessto The UK

The UKEF continued to put their export finance managers at the center of the “Exporter’s Edge” campaign from 2021 to 2022. The campaign has seen UKEF’s customer relationship database grow from around 30,000 to 100,000 contracts.

The growing overseas network and support teams in the UK engage with overseas multilateral agencies, finance ministries, and developers to know projects of mutual interest that can benefit the UKEF and the UK supply chain. 

The activities held by UKEF seek opportunities around the world and insert themselves into procurement conversations so that financing can facilitate the UK supply chain’s entry into export opportunities. 

Now that you have known some of the factors that affect the export of the UK, it is time now to delve into its export statistical figures to know its export growth. 

United Kingdom Export statisticalThat You Should Know

1. The value of goods exports increased slightly by 0.7% in November 2022, rising by a small amount when compared to imports. 

2. The trade in goods and services deficit, excluding precious metals, narrowed by £6.5 billion to £20.2 billion in the three months to November 2022, driven by a decrease in goods imports from non-EU countries which are linked to falling fuel prices.

3. According to new data from the Office for National Statistics, U.K GDP grew 0.1% in November.

4. The top trade partner of the UK last year was the United States.

5. According to a new report, 42% of firms in the UK are expecting their exports to grow this 2023. 

6. The top biggest exporting industry in the UK in 2023 is precious metals production. 

7. Exports of wine fell in value in markets including the US, the UK, Denmark, Germany, the Netherlands, and New Zealand.

8. After Brexit, the UK is now the second most important market outside the EU, up 26.8% in value and 7.6% in pairs of footwear.

9. Britain’s exit has cut the potential value of goods exports to Europe by 16 percent, while EU exports to the U.K. were even more sharply lower, representing a 20 percent loss in potential sales.

10. An internal forecast suggests that Britain will be 15 years late in achieving its £1tn annual export target after being hit by Brexit.

11. In the same forecast, estimates show exports falling from £739bn last year to £707bn next year, before rising again to £725bn by 2027.

12. Extrapolations of the Office for Budget Responsibility forecast suggest £1tn exports could be achieved by around 2035 without additional intervention.

13. The United Kingdom is one of the biggest exporters of crude oil with exports of 710,600 barrels per day as of 2017. 

14. UK traders exporting to the EU have faced major hurdles over the last two years due to Brexit-related changes and uncertainties.

15. Several sources report that a sizable fraction of UK exporters have reduced exports in some significant way or stopped exporting altogether in the past two years since the new EU-UK Trade and Cooperation Agreement (TCA) was implemented.

16. Drawing on the British Chambers of Commerce (BCC) Trade Survey conducted during July and August 2022, a sample of 395 UK exporters, primarily small and medium-sized, reveals that a firm’s business confidence really matters to exports.

17. A recent survey included 1,140 internationally active UK businesses and found that general uncertainty around Brexit was considered the top barrier to export, listed by almost half (47%) of businesses, followed by specific concerns around tariffs and exchange rate volatility, listed by 35% and 33% respectively.

18. Malaysia was the UK’s 43rd largest trading partner in the four quarters to the end of Q3 2022 accounting for 0.4% of total UK trade.