UK trade with Europe is growing – and we’re here to help

Exporters to Europe have faced significant challenges over the last 3 years including Covid, Brexit transition and Russian invasion of Ukraine.?However…

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UK exports to Europe are at the highest levels ever in money terms.

The latest official figures show that UK exports to Europe were ￡387 billion in the 12 months to the end of September 2022. This is up 26% in current prices compared to the previous 12 months and 12% higher than the previous peak in 2019 before Covid, Brexit and invasion of Ukraine.

There are also plenty of reasons to expect more: world-class trade arrangements; a rich network of commercial, political and personal connections; long-term economic growth; brilliant British businesses selling world class products across every sector of our economy, bringing growth, joy and jobs across the nation.

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Of course challenges remain: "in money terms" is an important caveat; experience varies considerably between sectors, countries and size of firm; competition from international partners is strong (as shown by some of them having higher export growth rates); and the global political and economic context is tough.?

Philosophers describe the world, the point is to change it

The UK government is therefore working continually to reduce unnecessary barriers to trade and support UK exporters. And I have a brilliant team of experts in 34 countries across the continent who are determined to do all we can to help.

Our work in Europe is also fundamental to achieving the 5 top priorities of Kemi Badenoch (Secretary of State for the Department for Business and Trade ), which she has set out below.?

In particular my superb colleagues are:

#1

-??????removing barriers to trade with Europe by delivering an active programme to knock down 40 unnecessary blockers to UK exports in Europe - and removed over 30 in 21/22, and are aiming to achieve even more this year.

#2

-??????growing UK exports to Europe by providing advice, advocacy and assistance for UK businesses to help them sell across the continent – supporting ￡bns of projects each year, building a pipeline of opportunities, and nurturing high potential exporters.?Nearly 50% of our exports go to Europe, so the Race to a Trillion translates to a Race to ￡500bn for us.

#3

-??????attracting investment from Europe: UK already enjoys c￡956bn of European investment in UK, and my team aims to support c300 FDI projects worth over ￡10bn each year alongside active engagement of key investors and banging the drum for investment opportunities in UK

#4

-??????supporting negotiations for high quality trade deals including with Israel and Switzerland, – complementing those with India, CPTPP and others

#5

-??????defending free trade: we engage with counterparts in multiple European governments to work together to strengthen supply chains, stand up to protectionism and support high standards.?

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My team and I would love to help you be part of this story. Please visit great.gov.uk to find out more.

[*Data Sources: ONS Q3 Report*]