UK Exports outside EU rise | Trading with Japan

Posted on 9/08/2018 by DHL Express

UK exports to non-EU countries continue to outstrip EU

Figures released by the Office for National Statistics (ONS) last week confirmed UK exports to the rest of the world were higher than exports to the EU for the ninth year running.

The fastest growing export market for the UK since 2010 was Oman, with exports increasing by 354 per cent to £3 billion. International Trade Secretary Liam Fox said: “British goods remain in global demand as exports to non-EU countries continue to grow […] It shows the confidence the world has in our goods and is important as 90 per cent of global trade will come from outside EU.”

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Liam Fox meets Japanese Cabinet Minister

Last week Liam Fox met Japanese Cabinet Minister Toshimitsu Motegi to discuss taking “our trading relationship to the next level.” Japan is the UK’s fifth largest trading partner with total trade worth £28 billion, up by nearly 15 per cent in 2017.

The visit with the UK’s closest partner in Asia follows the UK’s recent announcement that it is looking to seek potential accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

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Exporting to Japan

As the world’s third largest economy, Japan is a mature market with strong e-commerce growth and smooth import procedures. Along with being a healthy nation (Japan has the world’s highest life expectancy), it’s also a wealthy one. In fact, Tokyo has the highest concentration of millionaires in the world.

E-commerce is booming, growing 8.7 per cent in 2016 and there’s little sign of it slowing down. Internet penetration is around 91 per cent, with at least 70 per cent of the country shopping online, and growth hotspots include the fashion, furniture and electronics industries.

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