According to analysis by Santander Corporate & Commercial of ONS data of UK exports for 2014, exports to Hong Kong, counted separately by the ONS, increased by 11 per cent to £6.3 billion. This means that exports to China and Hong Kong were worth a combined £20.1 billion in 2014, more than France (£18.9 billion) or the Republic of Ireland (£18.6 billion).
The US, Germany, the Netherlands, France and Ireland remain the top five most significant markets, with UK goods totalling £129 billion exported in 2014, of which £36.9 billion, nearly 13 per cent of all exports, went to the US.
But even though exports to Germany were up 4 per cent year-on-year to £31 billion, overall exports to the top five were down 5.7 per cent from £137 billion in 2013.
John Carroll, Head of International at Santander Corporate & Commercial, believe international trading is as important as ever.
“International trading continues to be a key, strategic growth strategy for UK businesses as well as all stakeholders in the UK economy. It is important that businesses look to explore opportunities around exporting as, managed correctly, it can be hugely beneficial to their long-term growth aspirations.”
Exports to key, fast-developing markets remained significant, as £6.1 billion was exported to the United Arab Emirates, £5.6 billion to South Korea, £4.6 billion to India, and £3.8 billion to Poland.
Additionally, Angolan, Pakistani, Azerbaijan and Macedonian markets entered the top 50 UK exports list in 2014.
