Why aren't you exporting?
In the next few days the UK will learn if we have an EU deal or a no deal.
Statistics on UK-EU trade, during 2019 the EU accounted for 47% of the UK's total trade - 43% of UK exports and 52% imports. The UK exported £294 billion of goods and services to other EU member states. This was equivalent to 43% of all UK exports. Goods and services imports from the EU were worth £373 billion, 52% of all UK imports. The UK had a trade deficit with 16 EU countries, a surplus with 6 and was broadly in balance with 5. The UK’s largest EU trade surplus was with Ireland (£10 billion) while its largest deficit was with Germany (-£22 billion).
When you hear about the UK/EU trade deficit (imports over exports), why do we even have a deficit? One of the reasons is that many UK companies aren't exporting.
As you can see in the graph, the South West region exports the second lowest goods to EU. Why is that? South West companies could be exporting much more to boost UK recovery, growth and to build back stronger.
Looking at individual countries, the USA is the UK’s largest trading partner, accounting for just over a fifth of UK exports and 13% of imports in 2019.
Statistics on UK trade with China - China was the UK's sixth largest export market in 2019, accounting for 4% of all UK exports of goods and services.
If you have not considered exporting and this has sparked your interest, I’ll be taking part with a panel of other export experts from USA, Europe, India and China to share our insights and lessons learnt to encourage South West companies to export.
Thursday 19th November
Exporting - International Trade Forum 9.30am – 11.00am
Exporting - Tips session at from 1.30pm – 3.00pm
Please message me if you would like to join either of these sessions.
Sources: House of Commons Briefings Numbers 7851, November 2020 and Number 7379, Statistics on UK trade with China, July 2020