UK exports to Europe fall 2.1% while exports to rest of world rise 6.8%
http://www.dailymail.co.uk/news/arti...-soar-6-8.html
Exports to Europe fall 2.1%... but those to the rest of the world soar by 6.8%
- Britain has exported more to countries outside of the EU for 13th month running
- Campaigners used the figures as evidence UK could thrive outside the EU
- PM has promised an in/out referendum on EU membership by the end of 2017
Quote:
Originally Posted by Mail
Britain has sold nearly £16billion more in goods to countries outside the EU than to those within it in just over a year, official figures showed yesterday. Exports to Europe have now lagged behind those to the rest of the world for a record 13 months in a row. Eurosceptics seized on the figures – which showed that trade with the US, Canada and Japan is booming – as evidence that Britain could forge a prosperous future outside the EU.
David Cameron has promised an in-out referendum on the country's membership by the end of 2017, triggering a row between eurosceptics and pro-EU campaigners including the Confederation of British Industry. Paul Stephenson, a spokesman for the Vote Leave campaign, said: 'Global trade patterns are changing, and those who say we should stay in the EU at all costs are trying to stop Britain benefiting from these new opportunities.
'It is increasingly clear that remaining trapped in the EU and its shrinking share of world trade is the most risky option. It is time we took back our rightful place in the global economy.' The Office for National Statistics said exports of British-made goods to the EU fell 2.1 per cent in September to £11.3billion. By contrast, sales to the rest of the world rose 6.8 per cent to £12.7billion.
Over the past 13 months, sales to the EU have totalled £150.9billion, some £15.7billion less than the £166.6billion worth of goods sold to the rest of the world. 'Exporters to the EU have found life tough going over the past few months,' said Philip Shaw, an economist at the banking group Investec. The ONS said exports to the US over the past three months were 30.2 per cent higher than in the same period last year, while sales to Canada rose by 29.5 per cent and those to Japan by 9.9 per cent.
Martin Beck, senior economic adviser to the Ernst & Young Item Club, an economic forecasting group, said EU countries accounted for 47 per cent of British goods exported during the first nine months of this year, down from 50 per cent last year and a peak of 66 per cent in the early 2000s. He noted 'a decline in the share of UK exports going to the EU' since the financial crisis.
We export more to outside the EU now than ever before... and that figure will continue to grow as Commonwealth economies such as India, South Africa, Singpore and Canada continue to surge ahead of France, Italy and Greece. The figure for EU exports is actually even lower than the official figure because of something known as the 'Rotterdam effect' which see's a lot of our exports classed as to the EU when they're merely stopping at the Dutch port.
Good news to wake up to. But isn't it clear where our future lies? It is a global one and not a European one.
Thoughts?
