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The 2022 figure was a record year for the UK\u2019s services exports in particular as they topped \u00a3400billion for the first time, and new ONS data estimates they were worth \u00a3411billion in total last year \u2013 \u00a310 billion higher than the original estimation of \u00a3401billion.<\/p>\n
Lord Offord said: \u201cThis is fantastic news and shows our world-class exporting businesses are doing even better than first thought and selling more of the goods and services to the world.<\/p>\n
\u201cThe UK is a services superpower, hitting over \u00a3400billion in exports for the first time last year, but we want to see even more businesses exporting, so we can hit our ambitious target of \u00a31trillion of exports a year by 2030.<\/p>\n
\u201cWe\u2019re backing British business by knocking down trade barriers, signing new trade deals, giving expert advice via our Export Support Service and funding through UK Export Finance \u2013 our award-winning export credit agency.\u201d<\/p>\n
Mr Forgione told Express.co.uk that Brexit has opened up new opportunities for the UK.<\/p>\n
Don’t miss… <\/strong> He said: \u201cIt\u2019s positive to see improvements across a range of exports within both trade in goods and services.<\/p>\n \u201cThe Institute of Export & International Trade\u2019s recent report \u2018Global horizons: realising the services\u00a0exports\u00a0potential of UK nations and regions\u2019 demonstrates why we are a services powerhouse.<\/p>\n “It\u2019s vital that we maintain our global advantage as an exporter of services and one of the key recommendations of our report was creating regional sector specialisations \u2013 which, if implemented, will improve regional outputs.<\/p>\n \u201cWe have a clear pathway to continue this success and by focusing on our nations and regions we can work together with businesses to reap the benefits of entering new markets.\u201d<\/p>\n The IoE&IT report has highlighted the benefits of the new Border Target Operating Model (BTOM) which will be the world’s most advanced digital border.<\/p>\n We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n BTOM will begin to be rolled out at the start of January after a delay but has been the target of Rejoiners complaining that it will increase costs of products from the EU.<\/p>\n However, Mr Forgione points out that it will open up import and export opportunities to the UK from all over the world leading to greater competition and a potential reduction in prices.<\/p>\n He said that the improvements on imports will make the UK supply chain one of the most robust in the world and in turn boost exports further.<\/p>\n Mr Forgione highlighted a pilot scheme of the whole system which was carried out with tea, coffee and cut flowers from Kenya.<\/p>\n He said: “This went through the haulage company, the wholesaler, the port, the shipping company, the receiving company in the UK, all of this was done digitally.<\/p>\n “We had integration into the Kenya single trade window and then we complied with the UK regulatory and customs requirements.<\/p>\n “The speed of the of the transit of the goods increased by over 35 percent and profitability increased by over 40 percent.<\/p>\n “It enabled UK authorities to de-risk and pre-clear the product there because they got 14 days notice whereas currently under the existing system, you’d get notice of a shipment maximum 48 hours.<\/p>\n “So this move to digital which the government is spearheading is really fundamental to creating a supply chain that works in the best interest of the consumer.”<\/p>\n
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