A study by Wyelands Bank and Global Trade Review, has shown that Switzerland, China and South Korea are among the UK's fastest growing export partners.
The UK's fastest growing markets are, in descending order:
- Switzerland
- China
- Saudi Arabia
- Hong Kong
- South Korea
Exports to these five countries were worth $71bn last year. Projected growth means that these markets could generate an extra US$2.1bn a year for UK exports.
Regionally, Europe remains the UK’s biggest trading partner for exports with a 46.3 per cent share. North America is next with 17.2 per cent, while Asia Pacific (7 per cent), Sub-Saharan Africa (5.4 per cent), Mena (1.8 per cent) and South America (1.2 per cent) follow.
However, the fastest growing market is Asia Pacific, where exports are expected to grow at 3 per cent a year to 2021. South America, where UK exports are expected to grow by around 0.5 per cent annually until 2021, is the second fastest growth region.
