Brexit news: Project Fear dealt sharp blow as UK exports SOAR to record high of £616bn | Politics | News – UK

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Exports to non-EU countries accounted for around 55 percent of trade in 2017 at £342billion, compared to around 45 percent to EU nations at £274billion.

Close to a fifth of all exports were also sold to the US, which accounts for £112.2billion in trade.

International Trade Secretary Liam Fox, commented on the figures, stating: “British goods remain in global demand as exports to non-EU countries continue to grow.

“It shows the confidence the world has in our goods and is important as 90 percent of growth in global trade will come from outside the EU.

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“As an international economic department, we have a dynamic and experienced team who will negotiate free trade deals and make a success of Brexit.

“We’re also supporting UK businesses in exporting more and talking to international businesses on why we should be the top destination for investment.”

Overall exports of goods soared by 13 percent in 2017 to £339billion, and the export of services rose by 7 percent to £277billion.

The fastest growing market for the UK since 2010 has been Oman, where exports have increased by 354 percent to £3billion.

Exports to Macedonia have also increased by 318 percent to £1billion, and to Kazakhstan by 210 percent to £2billion.

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The UK’s overall trade deficit also reduced by £5billion to £25.8billion.

Figures released by the Office for National Statistics (ONS) revealed UK exports rose by five percent in the year up to the end of May 2018.

They noted the UK’s service sector also enjoyed a trade surplus of £111billion in the same period.

Mr Fox nevertheless raised concern over the Brexit negotiations, stating the chances of a ‘no-deal’ Brexit were mounting, and now stood at “60-40”.

Speaking to the Sunday Times, Dr Fox said: “I think the intransigence of the commission is pushing us towards no deal.

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“We have set out the basis in which a deal can happen but if the EU decides that the theological obsession of the unelected is to take priority over the economic wellbeing of the people of Europe then it’s a bureaucrats’ Brexit – not a people’s Brexit – then there is only going to be one outcome.

“It’s up to the EU27 to determine whether they want the EU Commission’s ideological purity to be maintained at the expense of their real economies.”

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