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Exports rise to record high of £621bn

Exports of UK goods and services increased to a total of £620.7 billion in the year to June 2018, according to the Office for National Statistics (ONS).

Between June 2017 and June 2018, goods exports showed strong growth compared to the same time in the previous year - rising by 6.3% to £342.5 billion.

Meanwhile, exports of services grew by 2.2% year-on-year to a total of £278.2 billion.

With exports growing faster than imports on an annual basis, the overall trade deficit narrowed by £6.2 billion to £25 billion.

Separate research from the ONS showed exports to non-EU nations totalled £342 billion in 2017, with Oman, Macedonia and Kazakhstan the fasting growing markets for exports.

Liam Fox MP, international trade secretary, said:

"As we open consultations for future trade relationships with key global markets, the UK is moving towards selling more than we buy, with exports increasing faster than imports.

"My international economic department will continue work with companies across the country to ensure they're making the most of global opportunities."

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