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Europe Remains Dominant Market For UK Goods, Study Suggests

(Alliance News) - The value of trade with the EU is worth more than twice that of the US, ...

Alliance News 16 September, 2019 | 7:22AM
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(Alliance News) - The value of trade with the EU is worth more than twice that of the US, highlighting the importance of achieving a Brexit deal, according to a leading industry group.

Make UK said seven of the UK's top export destinations were in the EU, worth more than GBP230 billion in the year to May.

Exported goods are dominated by transport, pharmaceuticals and chemicals, said the report.

Seamus Nevin, chief economist at Make UK, said: "These figures lay bare the overwhelming importance for manufacturers of trade with our closest market and the need to avoid imposing any barriers which will make this more difficult.

"Whilst the US remains the biggest market and, presents significant opportunities for export growth, it is a fallacy to believe that geography is not the biggest factor driving trade. For UK manufacturers access to their biggest market must be a premium.

"The figures also provide an important reminder that we're still one of the top 10 biggest manufacturing nations and we want to see policy makers working with industry to help move UK manufacturing up the rankings."

Paul Brooks, of Banco Santander – which helped with the research, added: "The UK has always punched well above its weight when it comes to exports and it's vital this trend continues – jobs across the UK count on it.

"The message from manufacturers is clear – Europe must remain a strong trade ally."

By Alan Jones, PA Industrial Correspondent

source: PA

Copyright 2019 Alliance News Limited. All Rights Reserved.

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