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Thursday, Aug 22, 2019

UK exports to India up by 27% despite Brexit uncertainty

India is among key countries with which the UK is keen to forge a free trade agreement (FTA) after Brexit.

world Updated: Jan 14, 2019 19:40 IST
Prasun Sonwalkar
Prasun Sonwalkar
Hindustan Times, London
A Pro-European demonstrator raises flags to protest outside parliament in London on January 11.
A Pro-European demonstrator raises flags to protest outside parliament in London on January 11.(AP Photo)
         

New figures released on Friday revealed that the United Kingdom’s goods exports to India in the year to November 2018 were up by 27.3 %, amounting to £5.4 billion during a political climate marked by uncertainty due to Brexit.

The Office for National Statistics said India was among the top two non-EU markets where UK goods exports grew during the year, after Nigeria, where exports grew by 29.2%. The overall worth of UK exports (goods and services) during the year was £630 billion, it said.

India is among key countries with which the UK is keen to forge a free trade agreement (FTA) after Brexit. The UK’s exit from the European Union is scheduled for March 29, after which formal talks for FTA are expected to take place between London and New Delhi.

International trade secretary Liam Fox said: “As the UK takes control of its independent trade policy for the first time in 40 years, markets such as India will provide exciting export and investment opportunities for UK companies.”

“These statistics show that UK companies are beginning to take advantage of these opportunities. My International Economic Department stands ready to drive trade between our two countries and I would encourage any Indian company that wants to do business with the UK to contact our regional trade commissioner, Crispin Simon.”

In December, the Department for International Trade revealed that Indian investment in the UK went up: “The greatest growth from any country has come from Indian investors, rising by 321% to £8 billion”.

Total trade in goods and services (i.e. exports plus imports) between the UK and India was £19.6 billion in year to end 2018 Q2, a 20.0% increase from year to end 2017 Q2.

First Published: Jan 11, 2019 21:25 IST

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