India becomes second fastest growing export destination for UK in 2018

INDIA was the second fastest growing export destination for British goods after Nigeria in 2018, a recent analysis showed.

The UK’s exports to India were climbed 24 per cent to £5.52 billion last year when compared to 2017, said an analysis by Santander Corporate & Commercial of the latest Office for National Statistics (ONS) export data.

British exports to Nigeria jumped 27 per cent to £1.63bn in 2018.

The analysis, which looks at the top 50 goods export markets, shows that the top 10 fastest growing markets in 2018 were predominantly made up of non-European Union countries.

Gautam Sehgal, India Alliances Director, Santander UK said: “India is a thriving market with a strong rate of economic growth. Its drive towards infrastructure expansion is well reflected in a 65 per cent rise in exports of electrical energy infrastructure from the UK in 2018 alone.

“The data also shows a significant increase in automotive, advanced engineering and medical sector exports – industries which are considered major contributors to UK job creation and GDP. As the world’s fastest growing economy, India is a key international trading partner as the UK looks to expand its global connections.”

The UK’s total exports during 2018 were climbed 2 per cent from the previous year to an all-time high of £629bn.