Official figures from the Office for National Statistics (ONS) show Britain’s exports hit a record high of £616 billion last year, with more goods and services being exported globally.
In the past year, the UK trade deficit narrowed by £5 billion to £25.8 billion, with goods rising by 13 per cent to £339 billion, and services increasing by 7 per cent to £277 billion.
The UK’s top exports were cars, medicinal products, power generators and aircraft in the last 12 months, the ONS figures show. And on a positive note for post-Brexit deals around the world, more than half of all exports were shipped to destinations outside of the European Union.
Commenting on the findings, Tory MP Anne Main says: “This is really encouraging news and highlights the confidence countries all across the world have in our markets and goods. This is another nail in the Project Fear coffin which should have been dead and buried a long time ago.”
Ahead of Brexit and in this current economic climate, it is essential that businesses put in place measures to help them adapt to the market changes. Businesses must also keep a constant lookout for risk factors in their supply chains which could mean the difference between success or failure. By recognising and acting on the warning signs at the earliest possible opportunity you will be able to re-evaluate, improve and, where necessary, restructure your personal or business’ financial affairs.
At Beavis Morgan, our specialist advisers to SMEs are able to assist with all aspects of business performance including putting adequate measures in place to protect the health of your business, both now and for the future.
Further reading: British-made brands that aren’t exporting are missing out