More British Firms Eye On Overseas For Further Business Expansion

More UK businesses than ever are seeking expansion opportunities overseas, UK International Trade Secretary Dr Liam Fox MP said on Monday (31).

Dr Liam Fox MP said, “2018 has been a year to celebrate our successes in trade - with record highs in investment and exports. In a year where we launched our Export Strategy, our GDP continues to grow at a quicker rate than the Eurozone, and employment is at a rate we haven’t seen for more than 40 years.

“With exports reaching £626 billion we look forward to 2019. Overseas trade will continue to play a crucial part in economic growth and my international economic department will do all it can to support UK businesses to expand their operations overseas,” he added.

According to UK’s department for international trade, the key headline figures from the British trade and investment in 2018 include,

The demand for UK goods and services overseas continued to grow, as exports in the year to October 2018 rose to £626bn.

UK GDP growth in the third quarter this year was significantly greater than the Eurozone (0.6 per cent from 0.2 per cent) and the economy is now 17.8 per cent bigger since 2010.

The US remained the UK's top single export destination, with exports increasing to £114bn in the year to the third quarter of 2018.

Goods exports from the Northern Powerhouse increased by 2.1 per cent in the year to the third quarter of 2018.

Goods exports from the Midlands Engine rose by 6.1 per cent in the year to the third quarter of 2018.

The number of VAT-registered businesses exporting goods in the UK increased by 1.5 per cent to 110,000 in the third quarter of 2018 compared to the same quarter in the last year.

Over the past year, some of the world’s fastest-growing economies have shown a growing interest in British produce, as exports to ASEAN increased by 10.4 per cent in the year to end 2018 Q2.

Foreign investors are feeling more confident than ever placing their money in UK firms. The UK's vibrant tech sector has received over £ five billion in venture capitalist funding between June 2016 and June 2018, more than France, Germany, and Sweden combined.

The period, 2017-2018 saw 75,968 new jobs created as a result of foreign direct investment (FDI), as the UK remained the top destination for FDI in Europe.