Weakening pound favours exports
Exports of goods have risen in every region of the UK, since the start of the year, according to HM Revenue and Customs (HMRC) figures, as the weak pound boosts business.
Fresh on the back of the Government’s Industrial Strategy and the Prime Minister brokering a last minute Brexit deal, the latest HMRC import/export data has shown that sales of goods made in the UK and exported were up by 14.1% to £241.1 billion year-on-year up to September.
The weakening of the pound against a host of major currencies including the US dollar and the Euro has also made goods cheaper for overseas buyers.
Non-EU exports for October 2017 were £15.3 billion, an increase of 1.5 billion (11%) on last month and an increase of £1.0 billion, or 7.2%, compared with October 2016. EU exports for October 2017 were £14.6 billion.
This was a marginal decrease of 0.3% on last month and an increase of £2 billion (16%) compared with October 2016.
According to the figures, the top destination for English goods was the United States, followed by Germany and France.
In the south west region, exports to the United States also saw the biggest increase of 18% from £2.3 million to £2.8 million. Exports to the EU were up 15.5% from £5.9 million to £7 million with Asia coming a close third recording a rise of 14% year on year from £2.3 million to £2.7 million.
Stuart Rogers, head of Brexit at chartered accountants and business advisers PKF Francis Clark, said: “Now that the PM has negotiated the breakthrough deal we should see the beginnings of the trade deal being negotiated. This is what businesses have been waiting for and it is what we will need to be focusing on so that we can help our clients through what is almost certainly going to be a very challenging time.
“There are plenty of Government led initiatives and we can see that, for the moment, the export statistics are strong. However, we are very much now entering the unknown.”