Lancashire is playing its part in the UK’s latest export stats success.
According to the latest figures, the UK has become the world’s fourth largest exporter due to a boost in services.
It is now only behind China, the US and Germany in the exporter rankings, having overtaken France, the Netherlands and Japan, according to statistics from the UN Conference on Trade and Development.
Despite the UK leaving the European Union in 2021 and fears over post-Brexit trade, the country’s service sector has bounced back with exports and is now in on track to reach ambitious targets set by the government by 2030.
UK services trade across the world has made a good recovery since the outbreak of the pandemic in 2020, with export volumes being 12% higher since then. 2022 was a particularly strong year for UK services exports.
UK service exports hit a record £470billion last year.
And Lancashire has helped contribute to these record exports with county businesses amassing more than £10bn in exports globally, with more companies expected to find routes into global markets in the coming months.
Many of these businesses use the Chamber of Commerce for its international trade department which co-ordinates important document services for exporting and training for businesses looking to trade outside UK borders.
And Lancashire can also claim to be one of the first counties to look further having been one of the forefathers of the Industrial Revolution.
Babs Murphy, chief executive of the Chamber, said: “The latest figures are very encouraging and to be at the top table with some of the biggest exporters on the planet is testament to the direction many businesses have taken in the past few years.
“The questions surrounding leaving the EU and the uncertainty over Brexit seems to be fading as the UK continues to shine in the service sector. However, there is still much work to be done on manufacturing, particularly when the UK is competing with cheaper imports from wealthier countries.
“This is a step in the right direction and something Lancashire exporters – and those considering exporting – should take notice of. This county has always been at the forefront of looking at a global market and we hope these latest stats are the start of further positive news.”
William Bain, Head of Trade Policy at the British Chambers of Commerce said: “The UK has real emerging strengths in travel and professional services – alongside other business services such as law, auditing, and accounting. These sit alongside our established position as a strong financial services exporter.
“Securing more opportunities in global services trade for UK companies should be at the heart of a refreshed trade strategy which Government and business can work in partnership together upon.”
