China Has Become Britain’s Sixth Largest Export Market
US, Germany, Netherlands, France and Ireland are the top export destinations for UK businesses
With exports having grown by 12% in 2014 to £13.9bn, British businesses are now exporting more to China than Belgium and Luxembourg – according to an analysis of ONS data by Santander Corporate & Commercial.
China is now the UK’s sixth biggest export market with Ireland fifth then France, the Netherlands, Germany and America; the latter being the the UK’s largest export market – accounting for £36.9bn worth of all Britain’s exports.
UK businesses have also increased exports to Hong Kong by 11% to £6.3bn, meaning the combined value of exports to Hong Kong and China in 2014 is £20.1bn – more than France at £18.9bn or the Republic of Ireland at £18.6bn.
The report also revealed that British companies are taking advantage of fast developing markets, with exports to the United Arab Emirates (UAE) totaling £6.1bn, as well as £5.6bn to South Korea, £4.6bn to India and £3.8bn to Poland.
Additionally, 2014 saw four new countries enter the top 50 UK exports list with Angola (£808m), Pakistan (£619m), Azerbijan (£602m) and Macedonia (£518) all emerging as major markets.
Santander Corporate & Commercial head of international, John Carroll, commented:
“It is important that businesses look to explore opportunities around exporting as, managed correctly, it can be hugely beneficial to their long-term growth aspirations.
“International trading continues to be a key, strategic growth strategy for UK businesses as well as all stakeholders in the UK economy.”