- Friday, April 26, 2024
By: Radhakrishna N S
THE fastest growing export markets for the UK are in Asia, with India reporting 19.3 per cent growth in 2018, latest data showed.
Most of the UK’s fastest growing export partners in 2018 were from emerging markets across the world, the figures released by the Office for National Statistics (ONS) noted.
The list of the key export markets for the UK include India with a growth of 19.3 per cent to £8 billion, followed by Taiwan with a growth of 40.8 per cent to £2.8bn, and Nigeria with a growth of 18.3 per cent to £2.7bn.
The exports to the three countries were significantly above the overall British export growth rate of 2.7 per cent for 2018.
Other notable fast-growing export markets for the UK were Thailand whose imports from the UK moved up by 17.8 per cent to £2.2bn, and Kuwait up by 14.1 per cent to £2.5bn.
The UK secretary of state for international trade, Dr Liam Fox, said: “…by 2030, Asia will represent 66 per cent of the global middle-class and 59 per cent of consumption, highlighting the need for British businesses to be reaching out to these markets now.
“With this is mind we need to start thinking about markets which will dominate the centre of the world stage in years to come and to make sure we are operating there with success.”
An analysis by Standard Chartered shows Asia’s share of global GDP will likely reach 35 per cent by 2030, equivalent to that of the Euro area and the US combined.
This reflects the growing prosperity and economic potential of the region, and its attractiveness as a destination for British goods and services.
