Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Trade figures reveal UK’s challenge to boost economic growth

by November 28, 2024
November 28, 2024
Trade figures reveal UK’s challenge to boost economic growth

The UK government is committed to kickstarting the nation’s economic growth, but recently released trade figures from HM Revenue & Customs (HMRC) indicate a substantial journey ahead, according to leading audit, tax, and business advisory firm Blick Rothenberg.

Simon Sutcliffe, Customs & Excise Duty Partner at the firm, commented: “Trade statistics for 2023, published by HMRC yesterday, show that the UK remains a predominantly service-based economy in international trade, with imports and exports of services dwarfing the movement of goods. The total value of exported services in 2023 stood at £187 billion, whereas imports of services were £423 billion.”

He added: “In some notable industries, the exports by sector exceed imports in value. Importantly, the main industries where imports exceed exports are agriculture and food, and the oil, energy, and petroleum sectors. This may feed opposition claims that the UK remains food and energy insecure.”

Sutcliffe continued: “Although reducing import rates in the agriculture and food, and oil, energy, and petroleum sectors is important both politically and economically, the services sector remains crucial to delivering economic growth. Hopefully, the government will give sufficient focus in future trade deals to matters affecting this part of the economy, such as regulatory frameworks, common standards, and access to talent and skills.”

He highlighted that the United States and China, aside from the EU bloc countries, remain the UK’s largest individual trading partners. “The US is the largest export market at £57.7 billion and import market at £63.3 billion for goods and services. The US is closely followed by China, with an export value of £27.3 billion and imports at £62.2 billion,” he said.

Sutcliffe noted that this situation puts pressure on the Prime Minister over how to handle trade policies with these major economies.

He added: “The EU exports to the UK are valued at £189.1 billion, whereas imports are valued at £326 billion. This is one of the largest trade imbalances in the report and perhaps indicates the struggle that UK businesses, whose sole overseas marketplace prior to Brexit was the EU, have faced post-Brexit in dealing with new administrative and customs burdens that have impacted how and with whom they do business in the EU.”

Read more:
Trade figures reveal UK’s challenge to boost economic growth

0
FacebookTwitterGoogle +Pinterest
previous post
Gambling Commission seeks settlement with Richard Desmond over £200m lottery licence dispute
next post
Why Hire Purchase Makes Sense for Small Businesses

You may also like

5 Tips to Improve Virtual Meetings for Maximum...

May 9, 2025

Borrowing costs for UK companies are climbing

September 29, 2022

Revolut launches Homes feature to take on Airbnb...

October 19, 2022

Heather Mills rescues vegan food empire after blaming...

January 22, 2024

Success Stories in the UK Gambling Industry

June 4, 2024

What is CBD? | An Overview of CBD...

August 17, 2022

Sky Zero Footprint Fund returns in 2025 with...

March 1, 2025

Worst factory output fall in 15 years

October 3, 2023

Podcast services startup Auddy raises £2.5m

August 11, 2022

British start-up wins £1m AI prize for breakthrough...

March 20, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • The Best Five Sectors, #22

      June 9, 2025
    • Half of Brits would trust AI for legal advice, survey finds – but experts urge caution

      June 9, 2025
    • Business leaders paralysed by risk warn BDO as caution stifles growth

      June 9, 2025
    • Starmer pledges £1bn investment to supercharge UK tech and AI infrastructure

      June 9, 2025
    • 5 terrifying flashpoints that could ignite global war

      June 9, 2025
    • HMRC inheritance tax investigations surge 37% as treasury seeks to plug revenue gap

      June 9, 2025

    Categories

    • Business (8,161)
    • Investing (2,019)
    • Politics (15,572)
    • Stocks (3,137)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved