Chile, China and the UAE top list of fastest-growing export markets
6 August 2014
- Chile, China and the UAE show fastest export market growth for UK businesses
- US, Germany, the Netherlands, France and Ireland remain top five most significant markets, with UK goods totalling £137 billion exported in 2013
- Santander’sonline Trade Portal helps UK businesses find international trading partners and develop exporting opportunities
UK exports to Chile, China and the United Arab Emirates (UAE) grew faster in 2013 than other key trading partners, up 73%, 18% and 16% respectively versus 2012, according to analysis of the latest official ONS data by Santander UK1.
Chile was the fastest-growing export partner for the UK, with total exports to the country standing at £1.2 billion last year, while exports to China grew to £12.4 billion.
The UAE, which now buys £6.2 billion worth of British goods and services annually, has become a top 10 trading partner for the first time, nudging Switzerland into 11th place. The US, Germany, the Netherlands, France and the Republic of Ireland remain the top five most significant export partners, with UK goods totalling £137 billion sold into these markets in 2013.
The US is by far the most important single market to the UK economy, accounting for £41 billion, or 13.4% of all exports – though goods sent to the six EU member states of Germany, France, Spain, Italy, Ireland and the Netherlands totalled £113 billion in 2013, even with exports to Germany falling 8.3% year-on-year.
Key Asian markets are also becoming much more valuable to the UK: along with a surge in demand in China, the UK benefitted from strong export growth in 2013 from India (up 12.8%), Malaysia (7.9%), Taiwan (7.7%), Indonesia (7.5%) and South Korea (6.4%).
The analysis by Santander found that the five markets to which UK exports declined the most in 2013 were South Africa (-29.7% to £2.6 billion), Switzerland (-13.4% to £5.8 billion), Kuwait (-8.6% to £562 million), Australia (-8.4% to £4.3 billion), and Germany (-8.3% to £30 billion)2.
|
Top 10 countries ranked by UK export growth, 2013 versus 2012 |
|||||
|
2013 value (£m) |
2013 rank |
% of total UK exports |
2012 value (£m) |
% change year-on-year |
|
|
Chile |
1,168 |
40 |
0.4 |
677 |
72.5 |
|
China |
12,400 |
7 |
4.1 |
10,538 |
17.7 |
|
United Arab Emirates |
6,228 |
10 |
2.0 |
5,364 |
16.1 |
|
Hungary |
1,254 |
37 |
0.4 |
1,111 |
12.9 |
|
India |
5,261 |
14 |
1.7 |
4,666 |
12.8 |
|
Poland |
3,896 |
22 |
1.3 |
3,458 |
12.7 |
|
Turkey |
4,102 |
20 |
1.3 |
3,684 |
11.3 |
|
Saudi Arabia |
3,398 |
24 |
1.1 |
3,087 |
10.1 |
|
Qatar |
1,529 |
33 |
0.5 |
1,393 |
9.8 |
|
Irish Republic |
19,024 |
5 |
6.2 |
17,532 |
8.5 |
|
Source: UK's top 50 exported to territories, ONS |
|||||
Santander has a strong presence in each of the three markets showing the fastest export market growth for UK businesses: Santander is the largest bank in Chile; acquired an 8% stake in Bank of Shanghai in China in 2013 and has a Santander office in Hong Kong; and has an alliance with Abu Dhabi Commercial Bank in the UAE, the corporate and SME banking expert of the region.
The Santander Group has nearly 14,000 branches worldwide – more than any other international bank – and a prominent presence in 14 major markets, including the US and Germany. In November last year, the bank launched the Santander Trade Portal, a new online tool for businesses to help them access new markets and manage their global expansion by identifying where the best importing and exporting opportunities are for their particular products and services.
One of the tools offered by the Trade Portal is a Trade Club which helps connect business customers of Santander UK with a global network of more than five million SMEs and corporates³.
Commenting, John Carroll, Head of International at Santander UK, said: “Exporting is a key part of the success of the UK economy. The good news is that the world is becoming ever more open to trade and UK businesses need to take advantage of the opportunities available in new, existing and emerging markets. Botswana and Angola have broken into the top 50 UK trading partners this year, for instance, and there is increasing demand from countries in the Middle East and Asia.
“It is vital that UK businesses better understand the significant opportunities open to them and the success that can be achieved by exporting their goods and services abroad. Santander is committed to supporting international trade and growth opportunities and in addition to more than 14,000 branches worldwide and our network of international alliance partners, we operate an International Desk in each of our overseas markets.”
Santander is an official partner for the first International Festival for Business (IFB), which opened on Monday 9 June in Liverpool. IFB2014 is a 50 day showcase for British industries and sectors and is designed to help connect UK businesses to new markets, new products and new international partners.
- Ends -
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Notes to editors
1According to Santander analysis of ONS UK trade data published in March 2014.
2 Currency fluctuations may impact trading demand. For example, it is likely that South African exports were impaired by a weakening Rand, which was on average 15.4% weaker against the pound in 2013 compared to 2012.
³ To benefit from the Trade Club, customers must be using the Santander online banking service for Corporate & Commercial clients – ‘Santander Connect’.
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