In a remarkable reversal of fortune, the UK topped the list of G7 nations’ export growth figures in April. The OECD data shows UK exports soared by 5.86% in April, to $38.25bn (around £30.74bn, seasonally adjusted, the biggest percentage rise in exports of all the G7 economies. In contrast, US exports came bottom of the table, down -5.30%.
In his analysis of the latest figures, ParcelHero’s Head of Consumer Research, David Jinks said: “UK exports performed healthily in April, with a rise of 5.86% over a disappointing March. In March, the UK actually came bottom of the list of G7 exporters, down -5.02% at $36.14bn (£29.78bn, seasonally adjusted).
“That makes April’s bounce-back a truly encouraging performance, especially as Japan, the country that enjoyed the second highest percentage improvement in exports, had just a 2.52% increase.
“In contrast to the UK’s exports success, US exports plummeted by -5.30% against March, leaving it at the bottom of the percentage change table. Even so, the US still topped the G7’s list in terms of the actual value of exports at $163.82bn (around £129.44bn).
‘Britain’s Office for National Statistics (ONS) figures broadly align with the OECD’s April results (though it values them at a slightly higher £31.4bn). It says a 7.3% (£1.1bn) rise in exports to non-EU countries was largely responsible for the jump.
“The US took the lion’s share of Britain’s non-EU exports, and the US is now ParcelHero’s No.1 individual export market. That makes sense when you look at the USA’s imports in April, which rose by 2.14% to $260.92bn.
“Imagine the opportunities the US will offer UK exporters if that elusive UK Free Trade Agreement (FTA) is ever reached. Credit where it’s due, Prime Minister Sunak did recently sign an “Atlantic Declaration” that could help UK companies selling green tech, such as car batteries, to the US."
Significant hurdles in US trade remain, however, Jinks continued: “Most UK goods exported to the US that are valued at over $800 (the US import tax threshold) are still subject to tariffs of 0% to 37.5%, with the typical rate being 5.63%.
“US duties difficulties aside, the UK’s buoyant April exports make a welcome change from recent gloomy economic news.”
The full G7 export “league” table for April (as a percentage change from March) is below:
UK – 5.86%
Japan – 2.52%
Germany – 1.51%
Canada – 1.22%
France – 0.96%
Italy – 0.93%
USA – -5.30%
For ParcelHero’s advice on UK-US shipping, including useful frequently asked questions (FAQs), help for exports and prohibited items details, see: https://www.parcelhero.com/en-gb/international-courier-services/usa-parcel-delivery