The UK’s exports of goods and services to the rest of the world have outstripped the EU’s every year since Britain voted to leave the bloc, GB News can reveal in partnership with Facts4EU.
Since 2016, the UK has seen the value of its exports grow 22 per cent faster than the 27 EU countries in what is a loss to Brexit doom-mongers who warned of weakened trade.
UK v EU exports to rest of world since 2016
Facts4EU
The analysis reveals Britain’s exports of goods and services to the rest of the world has grown 53.7 per cent since 2016. During the same period, exports of goods and services to the EU have grown 44.2 per cent.
Analysis of latest ONS figures show the UK’s fastest growing export markets since 2016 are Guyana with a rise of 880.2 per cent, Gibraltar at 166.4 per cent and the enormous market of India at 159.7 per cent.
Other notable countries where UK exports were increasing were Nigeria (sixth fastest growing), Brazil (eleventh), the USA (seventeenth) and China (twenty-fifth), all large economies.
Britain’s fastest growing export markets since 2016
Facts4EU
Guyana’s enormous increase in the amount of goods and services it imports from Britain has been driven by imports of ‘Road vehicles other than cars’ to the tune of £33.9 million.
‘General industrial machinery’ made up £17.7 million, followed by ‘specialised machinery’ at £13.8 million, ‘ships’ at £11.4 million and ‘iron and steel’ at £10.9 million
Sir John Redwood, Conservative MP for Wokingham in Berkshire from 1987 to 2024, said: “It’s great news that UK total exports are up by a half since 2016 Brexit with a 44 per cent rise to the EU and a 54 per cent increase to the Rest of the World.
“There have been fast growth rates to the huge markets of India, the US, Brazil and China with even faster growth to Guyana and Gibraltar.
“Why did we hear so many wrong forecasts of how our trade would fall on Brexit? Our services are the biggest strength, and they will be helped by new UK trade deals that make the sale of services easier.”
The figures appear to show that losing a place in the EU’s single market has not harmed British trade with the bloc as much as the naysayers proposed.
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It also confirms the need to include services in any analysis of UK exports as services make up as much as 80 per cent of our economy.
The UK is a world leader in finance, insurance and business services which, critics of the EU argue, were not helped by the single market enough.
This analysis comes after the election of Donald Trump in the United States has worried certain commentators in Britain that a more competitive US economy will suck money in from around the world.
There are concerns Trump could curb UK-US free trade with universal tariffs, harming growth in Britain just after the Chancellor announced a massive tax raising budget designed to promote growth.
The Chancellor was dealt a blow by the OBR- Britain’s independent financial watchdog- when they downgraded growth forecasts after she announced her budget.