Exports from all four UK countries are up in 2018
The HMRC UK Regional Trade in Goods Statistics for Q1 2018 reveals that exports overall from the UK in are up 8.2% (Q2 2017 – Q1 2018) based on the same period a year ago.
Regionally, Scotland saw the biggest export increase rising 12.1% to £28.8 billion, followed by Wales with a 7.1% rise to £16.4 billion. England turned in an export rise of 6.5% which is the most significant due to the £244.6 billion in exports that it represents, with Wales seeing the smallest increase of 4.9% generating exports of £8.5 billion.
The largest export countries by value was the USA for England, Germany for Wales, the Netherlands for Scotland, and the Irish Republic for Northern Ireland.
Overall the number of VAT registered companies exporting fell slightly from a high of 109,739 in Q4 2017 to a still respectable 109,134 in Q1 2018 which is a rise of 4.1% for the same period a year ago.
These figures are not specific to ecommerce, but have been published at the same time as the DIT report revealing their best target company size to assist under their Exporting is GREAT campaign. Exports are up (total of £330 billion Q2 2017 – Q1 2018) but with £468 billion of imports the balance of trade still has a fair way to go, hence the DIT’s interest in increasing the number of companies selling overseas.
The DIT said of Small 10-49 employees) and Medium (50-249 employees) companies “These businesses are of a scale where they have the potential to add significantly to the value of UK exports, but are not so large that they will always have already seriously looked into exporting“.
If your business falls into the Small or Medium category then the DIT are very motivated to assist you with your exporting endeavours and you can get in touch on the Exporting is GREAT website.