UK's exports to India increased at the fastest rate among the country's top trading partners outside the European Union (EU), with a 19.3 per cent hike in goods and services trade in 2018, according to official figures.
The figures released by the UK's Office for National Statistics (ONS) was hailed by the UK's Department for International Trade (DIT) as a major boost to the Brexit-hit economy's future trading prospects.
Besides India, Japan (7.9 per cent), China (4.6 per cent), and Canada (4.2 per cent) also registered a faster exports hike last year when compared to the EU - which grew at 3.6 per cent.
"Even with an increasingly challenging global economic outlook, these latest figures show demand for UK exports across the globe continues to grow and there is clear appetite for British products all around the world," Liam Fox, UK secretary of state for international trade, said.
"Now more than ever is the time for UK businesses to be exploring opportunities overseas," he said.
He said the DIT's Export Strategy is geared towards growing Britain's exports and boosting the economy by putting the UK at the heart of the world's fastest growing markets through independent post-Brexit trade policy.
The DIT said that the latest figures show the export of goods and services to non-EU trading partners in 2018 reached a high of "345.1 billion, demonstrating the growing appetite for British produce outside of the EU.
The latest figures reveal an increase in the share of exports going to the UK's top three non-EU trading partners - US, China and Switzerland - increasing from 21.3 per cent in 2000 to 25.4 per cent in 2018.
Contrastingly, the share of UK exports to the EU has decreased significantly from 54 per cent to 45.6 per cent over the same period.
Eurostat data also shows the UK was one of only two EU member states to export more goods to non-EU countries than within the EU in 2018, demonstrating the UK's increasing popularity in markets beyond the union, the DIT noted.
The US remains the UK's top destination for exports, increasing by 3.9 per cent to £118.2 billion in 2018.
Latest data also indicates a growing demand from Asian investors in the UK, with inwards investment stock increasing by 201 per cent since 2008, the highest growth rate of any continent.
Mago Capital acquires the 145,000 square foot Notting Hill Gate Estate for £180million.
Prideview Group plays key role, completing £200million in London deals this year
Eastway Estates to back Mago Capital’s future property investments.
Prideview powers Mago’s expansion
Mago Capital has purchased the 145,000 square – foot Notting Hill Gate Estate in London for £180 million from Frogmore and Morgan Stanley. The purchase is part of its push to expand its £500 million Central London portfolio, through Prideview Group deal. The company has been actively buying premium properties across Central London.
For Prideview Group, this is another important achievement. The firm has completed over £200 million in Central London deals so far this year, becoming a significant player in the premium property market.
"We've always believed in the long-term value of prime London real estate, and this deal reinforces that," said Jesal Patel, Principal at Prideview Group. "We were able to move quickly with Mago Capital to secure an exceptional property in one of London's most iconic locations."
Ed de Stefano from Tydus Real Estate, told BE news, "The Notting Hill Estate provided a fantastic opportunity to acquire a 100 per cent prime, recently redeveloped, mixed-use estate, in one of central London's most affluent submarkets."
The deal involved several specialists including Tydus Real Estate, Freedman + Hilmi, and Brotherton, showing how complex such large property purchases can be. Prideview Group's investment arm, Eastway Estates, sits on Mago Capital's board and will support their future property acquisitions.
Looking forward, Prideview Group wants to manage £1 billion worth of property within the next 12 to 24 months. The firm is looking to work with investment funds, property agents, brokers, and other property companies to buy more assets.
By clicking the 'Subscribe’, you agree to receive our newsletter, marketing communications and industry
partners/sponsors sharing promotional product information via email and print communication from Garavi Gujarat
Publications Ltd and subsidiaries. You have the right to withdraw your consent at any time by clicking the
unsubscribe link in our emails. We will use your email address to personalize our communications and send you
relevant offers. Your data will be stored up to 30 days after unsubscribing.
Contact us at data@amg.biz to see how we manage and store your data.