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Further UK growth | South Korea | Importing to Britain made easy

Britain’s economic recovery continues steadily, latest figures reveal

Britain’s Office for National Statistics (ONS) has released its Q1 figures – and the news is good. Overall, the UK’s economy increased by 0.8 per cent, and growth was more balanced than initially expected.

Manufacturing and construction (the latter boosted by the government-supported ‘Help to Buy’ mortgage plan) both grew by 1.5 per cent in the first quarter – significantly higher than earlier respective estimates of 1.4 and 0.6 per cent. Business investment, previously estimated to increase by 2.7 per cent, went up by 5 per cent. Although the ONS revised the annual GDP estimates from 3.1 per cent to 3.0 per cent, this would still be the strongest growth the UK has experienced since 2007.


Sights set on South Korea

In June, credit ratings agency Moody’s Investors Service announced that South Korea’s economy is ‘likely to continue to outperform most high-income and advanced economies, both in the immediate term and further ahead’.

This is fantastic news for one of Asia’s strongest economies. South Korea has a strong reputation for its technologically advanced products, but also has several initiatives underway to foster sustainable economic growth and become one of the top ten business-friendly economies in the world.

The UK and South Korea have strong business relations and the EU-South Korea Free Trade Agreement (FTA) is estimated to be worth over £500 million to British business each year; more than 150 British companies are already doing business in South Korea.

For more information on how you can start trading with South Korea, click here to read our country guide and fact sheet.


Shipping your goods to the UK – top tips

If you’re shipping goods to the UK from outside the European Union (EU), you need to be aware of the existing regulations and restrictions to ensure the process goes smoothly. For example, do you hold an Economic Operator Registration Identification (EORI) number? Do you know if there are any restrictions on getting your goods to the UK, and how to obtain any required licences?

Click here for our step-by-step guide as well as our Importing to the UK video with Rebecca Cluer and Simon Roe from our Customs team.


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