Home Business NewsBusiness Exports continue strongly across London

Exports continue strongly across London

by LLB Reporter
6th Dec 18 2:49 pm

The number of VAT-registered businesses exporting goods in London is at 17,982 according to new figures released today (Thursday 6 December).

Published by HMRC, the statistics show the value of goods exports from London increased by 2.25% to £37.1bn in the year to Q3 2018.

The figures also reveal:

  • Exports of goods from England increased by 3.1% to £247.6 billion
  • in Scotland, goods exports increased by 6.2% to £29.6 billion
  • in Wales, goods exports increased by 3.0% to £16.9 billion
  • in Northern Ireland, goods exports decreased by 0.2% to £8.6 billion

Between July – September 2018, the average value of goods exported in the UK per exporter was £0.8m.

London’s businesses were also taking advantage of global interest as the number exporting goods to non-EU countries rose to more than 8500. The most popular non-EU destination was Asia and Oceania, accounting for 25% of exports.

International Trade Secretary, Dr Liam Fox MP said:

“The continued rise in the value of exports from London and across the country is fantastic news for Britain – driving job creation and prosperity. More than 110,000 businesses are expanding their horizons and making the most of the demand for quality British goods.

“Through our Export Strategy, my international economic department has set out an offer for all businesses to ensure they are able to make the most of the global opportunities this presents.”

Launched in August, the Export Strategy set out how DIT will support businesses of all sizes to make the most of the opportunities presented by markets around the world.

A government-led collaboration with business, developed after extensive engagement with a range of UK firms – the Strategy sets a new ambition from government to increase exports as a proportion of UK GDP to 35%.

Separate figures released this week by the ONS show the UK remains a top destination for foreign direct investment (FDI), with inward stock at the highest level since records began 12 years ago.

The figures show stocks from across Asia have increased by more than 33% in 2017 to £128bn and stocks from Japan increased by 71% to £78bn. The greatest growth from any country has come from Indian investors, rising 321% to £8bn.

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