New data shows goods exports rise | UK trade deficit narrows | Trading with India

Posted on 12/09/2018 by DHL Express

New data shows goods exports rise

New figures released by HMRC last week show a sustained rise in exports in the UK with the overall value of UK trade in goods exports increasing by 5.4 per cent.

The data showed an increase in exports from all nations of the UK, with Scotland enjoying the highest rise with an increase of 7 per cent to £28.8bn.

International Trade Secretary Dr Liam Fox said: “People around the world want to buy British and, with the launch of our new Export Strategy, my economic department has set out an offer for all businesses to ensure they are able to make the most of the global opportunities this presents.”

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UK trade deficit narrows

Other data released on Monday (10 September) by the Office for National Statistics reported that the total trade deficit in goods and services narrowed to £3.4bn in the three months to July.

This comes as it was also announced that the UK economy grew more strongly than expected in July as the heatwave and World Cup boosted the retail sector.

Exports and imports of goods to and from EU countries increased by more than those to and from non-EU countries.

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Trading with India

With a GDP Annual Growth rate of 7.2 per cent, India was 2017’s fastest growing economy – and by 2020 it could overtake the U.S. to become the second-largest middle-class market in the world after overtaking Japan in 2016 to move into third position.

The World Bank rates India as 100th of 190 countries in its ease of doing business rankings, but armed with the right information and advice you could make the most of cross border trading with the world’s sixth largest economy.

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