China Has Become Britain’s Sixth Largest Export Market

US, Germany, Netherlands, France and Ireland are the top export destinations for UK businesses

China Has Become Britain’s Sixth Largest Export Market

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.”

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