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British beverage exports to India rise by 49.2 per cent to £179 m

BRITISH beverage exports to India climbed by 49.2 per cent to £179 million following robust demand in the year to February 2019, latest export data showed. 

Non-EU countries were the top destination for British beverages, accounting for 63.4 per cent of all exports.  


The US remains as the top destination for drinks from the UK, growing by 3.9 per cent to £1.8 billion.

The export of UK beverages, which include the British gin and Scotch whisky, climbed £8.3bn in the year to February 2019, increasing by seven per cent on the previous year. 

The unprecedented demand for British soft drinks, wine and spirits has seen exports more than double in the past 15 years.

The UK boasted a healthy £1.6bn trade surplus in beverages. 

Secretary of state for international trade, Dr Liam Fox, said: “Today’s figures show that despite the challenging global economic environment, people across the world are continuing to demand high-quality British exports.

“The UK’s drink industry has global appeal and it’s fantastic to see the sector continue to deliver real tangible economic benefits for the UK”.

Meanwhile, the total exports from the UK jumped £639.9bn in the year to February 2019, an increase of 3.1 per cent since the previous year.

The goods exports in the same period remained firm, rising by 3.5 per cent to £353.2bn.

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Highlights

  • Average UK house price rose 0.3 per cent in October to £272,226, down from 0.5 per cent growth in September.
  • Annual house price growth edged up to 2.4 per cent, with market remaining resilient despite mortgage rates being double pre-pandemic levels.
  • Buyers delaying purchases amid speculation that November budget could introduce new property taxes on homes worth over £500,000.
British house prices grew at a slower pace in October as buyers adopted a wait-and-see approach ahead of the government's budget announcement on 26 November, according to data from mortgage lender Nationwide.

The average house price increased by 0.3 per cent month-on-month in October to £272,226, down from a 0.5 per cent rise in September. Despite the monthly slowdown, annual house price growth accelerated slightly to 2.4 per cent, up from 2.2 per cent in the previous month.

Robert Gardner, Nationwide's chief economist, said the market had demonstrated broad stability in recent months. "Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs".

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