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Exports Continue to Rise Across Wales

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The number of VAT-registered businesses exporting goods in Wales is at 2,796, according to new figures released.

Published by HMRC, the statistics show the value of goods exports in Wales increased by 3% to £17bn 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 £30 billion
  • in Northern Ireland, goods exports decreased by 0.2% to £8.6 billion

Between July – September 2018, the average value of goods exported per Welsh exporter was £1,550,000.

Welsh businesses were also taking advantage of global interest as the number exporting goods to non-EU countries in the last quarter stood at 1,267. The most popular non-EU destination include the USA, that 21.4% of exporters sold goods to, Australia (9.5%), Switzerland (8.9%).

Goods exports to NON-EU countries from Wales grew the most to:

  • Honduras – 292% to £153,000
  • Kenya – 159% to £25,566,000
  • Bangladesh – 93% to £2,573,000

International Trade Secretary, Dr Liam Fox MP said:

“The continued rise in exports in Wales and across the country is fantastic news for Britain – driving job creation and prosperity. Our firms should look at today’s figures and be confident about the opportunities they have to grow their business overseas.

“People around the world want to buy British and, 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.