Total UK Exports rise 2.3%
Clothing revealed as fastest growing UK export industry followed by cars and cleaning products
A new report conducted by Santander revealed the total UK goods exported rose 2.3% in the last year, with the export of all manufactured products witnessing 5.4% growth.
The findings, based on the latest official ONS data, revealed that off all the industries, clothing, cleaning materials and cars witnessed the fastest growth. Clothing increased by 16% in 2013, car exports rose by 14% and cleaning materials by 10%.
Machinery, cars and pharmaceuticals were the most significant manufacturing industries; accounting for over a third (37%) of all UK exports and with a total value of £113bn, followed by refined and crude oil which contribute £39bn in value.
Other manufacturing sectors that experienced growth were aircraft (8%), scientific and photographic equipment (7%), and iron and steel (6%). Beverages also increased by 2% to £7bn– meaning the industry now accounts for more than iron and steel (£6.1bn) or plastics (£5.6bn).
A number of sectors saw a decline in export value, with works of art dropping 5%, vehicles other than cars dropping 6% and pharmaceutical products suffering the biggest drop at minus 8%.
The Santander report follows a recent survey which revealed that although UK exports are on the rise, three quarters of small businesses are failing to tackle overseas markets due to a lack of support and technical knowledge.
The head of international at Santander UK, John Carroll, discussed the findings:
“We know that businesses that trade internationally tend to be more resilient and are more likely to grow than purely domestic businesses, so it’s encouraging to see overall export growth and the growth of key sectors. While lack of knowledge on new markets can seem daunting to UK businesses wanting to grow internationally, this is an obstacle that can be overcome with the right support.
“Exporting is a key part of the success of the UK economy.”