{"id":6253,"date":"2020-11-07T08:40:56","date_gmt":"2020-11-07T08:40:56","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=6253"},"modified":"2021-06-08T13:09:20","modified_gmt":"2021-06-08T13:09:20","slug":"british-exports-to-china-surge-in-2020","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/british-exports-to-china-surge-in-2020\/","title":{"rendered":"British exports to China surged by 10.7% in 2020"},"content":{"rendered":"

China has emerged as the biggest growth engine for UK exports in 2020, the latest sign of the importance of our economic ties with the world\u2019s second-largest economy<\/h2>\n

Analysis of the UK\u2019s trade data for the first eight months of the year show that British goods exports to China rose by 10.7% compared with the same period in 2019, excluding volatile items such as crude oil and non-monetary gold. In value terms, British exports to China are up by \u00a3837 million year-to-date.<\/p>\n

British goods exports to other major markets have meanwhile fallen sharply on the same basis, with\u00a0worldwide UK goods exports down 25% this year. Shipments to the US have dropped 17.7% in the first eight months of 2020, with those to the EU plummeting by 18.8%.<\/p>\n

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The same is true for major Asian economies besides China. British goods exports to Japan, with which the UK has recently signed a trade agreement, are down 14% so far this year, while shipments to India have contracted by over one quarter. Only South Korea, whose economy heavily relies on trade with China, increased imports from the UK among major Asian nations. Whilst UK exports to Canada are rising at a faster rate than those to China, it is a much smaller market for the UK than China.<\/p>\n