New research undertaken by Wyelands Bank and Global Trade Review, which was released on Monday, shows some interesting new evidence about Britain’s rising global trading partners.
The U.K.’s fastest growing export markets are, in descending order, Switzerland, China, Saudi Arabia, Hong Kong and South Korea, with U.K. exports to these five countries worth $71 billion last year alone. Taking a closer look at this list of countries, one can easily see that none of these countries currently sit within the European Union.
The report predicted that the export growth rate to Switzerland and China was 3.6 percent a year through to 2021 and could reach 2.9 percent to Saudi Arabia in the same period.
Export growth to Hong Kong and South Korea, meanwhile, could reach around 1.2 percent per year to 2021, the research showed.
“The projected growth means that these markets could generate an extra $2.1 billion a year for U.K. exports,” the report commissioned by Wyelands Bank, which was set up to help the U.K.’s small and medium-sized businesses grow, said.
As the UK prepares to leave the European Union, it is refreshing to see a renewed focus on countries outside the EU. Our trade with the EU is of course incredibly significant but it is plateauing and it is important that we focus energy on countries that are up-and-coming.
In order to secure a strong future for Britain we must tie ourselves to countries whose economies are not declining but increasing in strength.