To ask Her Majesty's Government what assessment they have made of reports that manufacturers are predicting sharp declines in exports next year.
Answered on
29 October 2019
Recent data demonstrates the current strength of UK manufacturing, in the 12 months to August 2019, UK goods exports were up 3.5% on the same time period in the previous year. The government has noted reports of declining perceptions of the export environment for the manufacturing sector. This is unsurprising in the context of forecasts for a slowdown in global trade anticipated by several international organisations, including the IMF, WTO and OECD.
The March 2019 OBR’s Economic Outlook projected that UK exports would rise by 1.7% in 2020.
However, our ambition is for the UK to increase exports as a percentage of GDP from 30% to 35%. We are helping business seize international opportunities through the support outlined in the government’s Export Strategy, including impartial export advice from International Trade Advisors and our overseas network in markets across the world.