£31bn boost for Global Britain as UK exports to Commonwealth markets hit highest level in 15 years
Exactly one month away from the Commonwealth Games in Birmingham, new analysis shows today that goods exports to the Commonwealth reached £31.6bn in the 12 months to April of this year, the largest respective period in over 15 years.
It is larger than the amount of goods exported to other key nations like Germany (£30.1bn), The Netherlands (£30.3bn) and Ireland (£25.2bn) over the same timeframe.
It is also an increase of nearly a fifth (18 per cent) compared to the previous 12 month period, financial services firm Ebury found.
The value of goods’ imports from Commonwealth countries has also seen strong growth over the past 12-month period, increasing to £37.6bn, a rise of 11 per cent compared to the previous respective period (£34bn), and the second highest 12 month Apr-May period in the past 15 years.
“Imports and exports with the Commonwealth had been plateauing or even declining in the years following the financial crisis as the EU accounted for an ever-growing proportion of the UK’s trade,” said Jack Sirett, head of dealing at Ebury.
He added that “Brexit has reshaped the UK’s trading relationships and highlighted the global opportunities for trade leading to a record amount of goods being exported to Commonwealth countries.”
“As a continuation of this trend, we expect to see growing goods’ trade between the UK and the Commonwealth as more free trade negotiations create additional clarity and hopefully bring reductions in tariffs and paperwork,” Sirett concluded.
