From todays Times Business section:
Britain’s exports to the European Union fell last year while orders to the rest of the world rose.
Although the EU is still Britain’s single largest trading partner, the value of goods exported to the Continent fell from £173.3 billion in the first quarter of 2019 to £168.5 billion in the third quarter. Goods sold elsewhere rose from £170.9 billion to £177.1 billion, research by Lloyds Bank and IHS Markit found.
Asia led the growth, with the value of exports rising by 11.3 per cent thanks to significant demand for alcohol. Whisky and spirits to Vietnam and India rose by 204 per cent and 73 per cent respectively. Goods exports to the US rose by 7.7 per cent, while new export orders to the EU grew by 6.9 per cent.
With economic growth stagnating in Europe, analysts said British exporters would benefit from exploring markets further afield.
Gwynne Master, managing director and global head of trade for Lloyds Bank global transaction banking, said: “The fluctuating economic environment could prompt more businesses to take advantage of a diverse range of overseas markets.”
Britain recorded its largest overall trade surplus in November. Its trade balance rose to £4 billion in November, up from a deficit of £1.3 billion in October, according to the Office for National Statistics.