Wales goods exports up by 12.3% in 2017
New figures reveal Welsh exports are now worth £16.4 billion
Exports of goods have risen 12.3% (£16.4billion) in Wales during 2017 compared to the previous 12 months, the latest HMRC figures show (published Thursday 8th March).
The figures show that Wales is home to nearly 4,000 exporters with an average value per exporter of more than £4.2million.
Secretary of State for Wales Alun Cairns said:
The big increase in Welsh exports shows our home-grown companies are succeeding on the world stage and that there is a global demand for the high quality goods and services that we have to offer.
But there is so much more that we can achieve. I want Welsh businesses to get out into the wider world, to trade and do business. That is why we are sharing the advice, guidance and support available from the UK Government, in particular from the Department for International Trade, for Welsh businesses in our Wales Export Guide.
From advice and guidance to financial assistance and support to attend trade fairs, the UK Government.has a wide range of support available to businesses looking to build their brand abroad as we continue to increase Wales’ significant impact on the UK’s burgeoning export rates.
International Trade Secretary, Dr Liam Fox said:
The UK is entering a period of unprecedented economic opportunity, with latest figures showing a surge in exports together with an increase in manufacturing output at the start of the year - this adds up to a positive picture for the British economy.
As an international economic department, we are supporting UK businesses from every part of the country to succeed on the global stage, which in turn creates more good jobs and prosperity at home”.
This positive picture is also reflected in the latest Office for National Statistics figures (published Friday, 9th March). These show that UK exports rose 11.5% to £625.9bn in the year from February 2017 to the end of January 2018.
The ONS stats also show the UK’s renowned service sector continues to thrive with exports up 10.1% to £281.4bn, increasing the service surplus to £107.9bn.
Exports continue to grow faster than imports with the overall trade deficit narrowing by £12.8bn from £41.6bn to £28.8bn.
The GREAT Festival of Innovation, taking place from 21 - 24 March in Hong Kong will showcase some of the best British businesses to the Asian market. The Festival will bring together business leaders, Government Ministers and the latest ground-breaking technologies from the UK and across Asia.