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The UK has become the world’s fourth largest exporter, but can it maintain this momentum?
By Ibiyemi Omeihe, University of the West of Scotland
UK business is beaming with pride with the recent news of the country’s emergence as the fourth largest exporter in the world based on the United Nations Conference on Trade and Development report. The UK jumped three places in 2022, surpassing France, the Netherlands and Japan.
This pride is justified, as there have been many challenges along the way, especially in the wake of Brexit, when the UK found itself redefining its economic landscape. With the dust settling from its EU departure, combined with COVID disruption, the UK was embarking on an uncertain journey.
But with the newfound autonomy, the UK decided to chart its own course in the international space. The break from the EU trading bloc meant a departure from established trade agreements and regulations, leading to a revaluation of economic policies and partnerships.
So how did the UK get from a place of uncertainty to the fourth largest exporter in the world? Untangling what export means is a good way to start. In simple terms, export means taking goods or services made in one country and sending them to another country to be sold or traded.
This description fits well with the two main categories into which the UK export portfolio is split: products and services. Exporting is a fundamental aspect of international trade, and it allows countries to exchange goods and services that they specialise in producing for those that they do not. Global economic growth, employment creation and access to a larger variety of goods and resources are all eased by export.
Right now, the UK government is trying to drive expansion in exports in response to global economic opportunities, and challenges like navigating new trade barriers and customs procedures, increased bureaucracy and logistical issues. Yet, the country has remained resilient, negotiating with old and new trading partners.
Read Full Story https://theconversation.com/the-uk-has-become-the-worlds-fourth-largest-exporter-but-can-it-maintain-this-momentum-229053