In a challenging trading year, the UK achieved remarkable growth in exports in 2022, recording year-on-year growth of 24% to a record level of £813 Billion. Even after stripping out inflation, that’s real terms growth. The government is aiming to reach annual exports of one trillion pounds (£1,000,000,000,000) by 2030, which would see the UK joining an elite band of countries such as the United States, Germany and China who have already reached that landmark. 

Despite this increase, the UK slipped from 5th to 7th place in the world exporters league. We shouldn’t be downhearted about that; it means that in other areas, trade is growing even faster, and therefore there are even more opportunities for UK exporters. We’re good, but we could be even better. 

So where are the opportunities for your business? Whether you’re a novice or a seasoned exporter, you should pay close attention to global trends. Exports to Bangladesh increased by 46% last year to £2.6 billion. Closer to home, the UK sold £1.3 billion worth of goods to Lithuania, an increase of 68% year-on-year. And sales to India rose by 47% to just under £9 billion, making what is now the world’s most populous country our 12th most significant export market. As you can see, some potential surprises are hidden behind that headline figure. 

Of course, none of this is directly relevant to you. But it could be. Maybe it’s time to re-evaluate your export strategy. Just drill the data down to the specific products for your business, and you can see how trade with other countries is changing. 

While you are here you may be interested in some Strong & Herd LLP training courses & live clinics related to this topic:

Understanding Origin & Preference

Export Essentials: Focus on Exporting

Focus On: Understanding Free Trade Agreements

Focus On: An Essential Guide to Direct Shipping

The Export Journey