Switzerland, China and South Korea are mid the U.K.’s fastest growing export partners, according to researchers.
The U.K.’s fastest burgeon markets are, in descending order, Switzerland, China, Saudi Arabia, Hong Kong and South Korea, with U.K. exports to these five outbacks worth $71 billion last year, a study by Wyelands Bank and International Trade Review, published Monday, stated.
The report predicted that the export cultivation 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 still and all period.
Export growth to Hong Kong and South Korea, meanwhile, could reach enclosing 1.2 percent per year to 2021, the research showed.
“The projected advancement means that these markets could generate an extra $2.1 billion a year for U.K. exports,” the communiqu commissioned by Wyelands Bank, which was set up to help the U.K.’s small and medium-sized questions grow, said.
At a time when the U.K. is negotiating its future trade relationship with the European Accord (EU) as it prepares to leave the 28-country economic and political bloc, focus is being berthed on whether the U.K. could stay in some sort of customs union.
Downing Roadway has ruled out such membership, preferring to be able to negotiate free exchange deals with the rest of the world, but the majority of members in the upper gratis of the U.K.’s parliament, the House of Lords, have voted against that, value a debate on the issue.
While the countries listed above might be the fastest-growing export retails, they are still far behind the country’s traditional destinations for exports, with Europe uneaten the U.K.’s biggest trading partner for exports with a 46.3 percent partition. North America is next with 17.2 percent, followed by Asia Pacific (7 percent), Sub-Saharan Africa (5.4 percent), Midriff East and North Africa (1.8 percent) and South America (1.2 percent), the despatch said.
Wyelands predicted that exports to the Asia Pacific field are expected to grow at 3 percent a year to 2021 and 0.5 percent annually to South America, until 2021.
The announce stated that the U.K. economy is highly dependent on trade as it accounts for 58 percent of U.K. total domestic product (GDP). “This makes the U.K. economy one of the most unblock in the Group of 20 (major economies), and more open than China, America and Japan,” the turn up noted.
In 2016, the U.K. exported goods worth $433.5 billion and meant goods worth $678.1 billion.