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Latest government figures show more UK firms are becoming exporters

The new HMRC figures, for the 3rd quarter of 2018, showed rises across the board.

Exports from England reached £247.6bn, a rise of 3.1%, while firms in Scotland exported goods to a value of £29.6bn, up by 6.2%. Welsh firms exported goods valued at £16.9bn, which is a 3.0% increase. For Northern Ireland, the rise was not quite so marked, but the figure was none-the-less up by 0.2%.

On average, each exporter sent goods worth £0.8m from the UK to other countries between July and September. Importantly, the number of firms exporting goods rose by 110,000, which is 1.5% more than the previous year.

More firms are choosing to export their goods beyond the EU. The number of companies exporting to non-EU countries rose to 49,000, and many are exporting to other English-speaking countries like the USA – around a fifth (19.9%) of exporters targeted that market.

New trade deals are prompting many local firms to consult with their accountant in Bromborough to help them to work out if the new agreement would make it profitable to enter that export market.

In the last 12 months, UK-based firms have exported 13.7% more goods to Canada. A recent UK government report pointed out that this uplift in trade coincided with the introduction of the EU-Canada Comprehensive Economic and Trade Agreement (CETA).

The agreement removed around 98% of the export tariffs that were previously in place. Prior to the agreement, any food or drink imported into Canada was subject to a tariff of 11%. Now, this figure stands at zero.

Posted by Louise
December 31, 2018

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