Dr Fox: global trade will work for every part of the UK
International Trade Secretary, Dr Liam Fox hails the growth in UK exports as a win for every part of the UK as he visits Scotland today (Thursday, 10 May).
Latest ONS trade figures show UK exports rose 9.2% (拢52.8billion) to 拢628.8 billion from April 2017 to the end of March 2018.
The country鈥檚 renowned service sector continues to thrive with exports up 9% to 拢284 billion, increasing the service surplus to 拢109.2 billion.
Goods exports also rose strongly by 9.3% to 拢344.9 billion.
Exports continue to grow faster than imports with the overall trade deficit narrowing by 拢13.3 billion from 拢39.9 billion to 拢26.6 billion.
Separate data released by HMRC shows the UK鈥檚 exports of fuels (including coal, oil and gas) was 拢27.3 billion in the year to March 2018. The largest buyers of these goods include Netherlands, Belgium and China.
Sales of food and drink also continue to soar, with exports of Scotch whisky rising by 21% to 拢4.4 billion. Top markets for these goods were the USA, France and Singapore.
The figures come as Dr Fox is in Aberdeen and meets representatives from Oil and Gas UK, the UK鈥檚 largest business body for the offshore oil and gas industry.
He will discuss raising the profile of an industry that hires more than 120,000 people in the UK and generates turnover of around 拢30 billion 鈥� of which 40% comes from exports.
He will also meet staff from Wood plc, which recently became a FTSE 100 company following a large acquisition, and will see first-hand the brewing process at Deanston Distillery where he will meet representatives from the Scotch Whisky Association.
International Trade Secretary Liam Fox said:
Today鈥檚 trade figures show exports rising and the trade deficit falling as households across the UK feel the benefits of a stronger economy - from more skilled jobs to increased prosperity.
It鈥檚 clear evidence the world wants to buy high-quality UK good and services, and my department is putting the country in a position to benefit. That鈥檚 why I鈥檓 meeting Scottish businesses driving this export boom in sectors covering oil & gas and Scotch whisky to ensure we succeed on the global stage.
As an international economic department, we鈥檙e creating an independent trade policy for the first time in forty years that will work for every part of the UK.
Dr Fox also used the visit to announce he will chair the DIT鈥檚 Board of Trade in Stirling next week to ensure the department is meeting the needs of businesses, exporters and inward investors across the country.
Further information
- Oil and Gas figures quoted are from published by EY in January 2018