In the wake of the historic Brexit referendum in 2016, the United Kingdom embarked on a journey that reshaped its economic landscape, including its global trade relationships. As the country adjusted to a new era of autonomy, its global exports became a key indicator of its economic prowess and adaptability. In this blog post, we will explore the trajectory of UK global exports from 2016 to 2023, examining the challenges, triumphs, and shifts in trade dynamics that have characterised this period.
The Brexit Transition (2016-2019): The initial years following the Brexit referendum were marked by uncertainty and negotiation. As the UK navigated its departure from the European Union, trade agreements were in flux, impacting export patterns. During this period, the country saw fluctuations in key sectors such as manufacturing, agriculture, and services.
Global Trade Diversification (2019-2021): With the finalisation of the UK’s exit from the EU in 2020, the nation sought to broaden its global trade partnerships. New trade agreements were forged with countries beyond the EU, and the UK aimed to reduce its reliance on any single market. This period witnessed the emergence of new opportunities in Asia, Africa, and the Americas, leading to a more diversified export portfolio.
Pandemic Challenges (2020-2021): The outbreak of the COVID-19 pandemic in 2019 posed unprecedented challenges to global trade. Lockdowns, supply chain disruptions, and reduced consumer demand affected UK exports across various industries. However, the resilience of the UK’s export sector became evident as the country adapted to new norms and explored innovative ways to sustain international trade.
Technology and Services Boom (2021-2023): In the post-pandemic recovery period, the UK experienced a surge in technology and services exports. As remote work and digital solutions became integral to global business operations, the UK positioned itself as a leader in technology-driven exports. Services such as fintech, software development, and consultancy saw notable growth, contributing significantly to the country’s export revenue.
Sustainability and Climate Initiatives (2022-2023): As global awareness of climate change heightened, the UK prioritised sustainability in its export strategy. Clean energy, eco-friendly technologies, and green initiatives gained prominence in the export portfolio. The country’s commitment to addressing environmental challenges not only aligned with global priorities but also opened up new markets for UK businesses.
Challenges and Opportunities Ahead: Despite the successes, challenges persist. Ongoing geopolitical tensions, supply chain vulnerabilities, and economic uncertainties on the global stage continue to impact UK exports. However, the resilience and adaptability demonstrated in the past years position the UK to capitalize on emerging opportunities and navigate potential hurdles effectively.
Exports of Goods and Services over time (2016 to 2022)
| Year | Goods (£Billions) | Services (£Billions) | Total (£Billions) |
| 2016 | 299.4 | 276.2 | 575.6 |
| 2017 | 339.9 | 303.4 | 643.3 |
| 2018 | 354 | 325.7 | 679.7 |
| 2019 | 368.2 | 338.5 | 706.7 |
| 2020 | 314.2 | 310.6 | 624.8 |
| 2021 | 331.2 | 344.8 | 676 |
| 2022 | 422.6 | 411.2 | 833.9 |
| 2023* | 413.6 | 463 | 876.6 |
*2023 12 months to September https://www.gov.uk/government/statistics/uk-trade-in-numbers/uk-trade-in-numbers-web-version
The journey of UK global exports from 2016 to 2023 reflects a nation in flux, adapting to change, and embracing new opportunities. The post-Brexit era has seen the UK redefine its role in the global marketplace, diversifying trade relationships and leveraging strengths in technology and sustainability. As the country continues to navigate the waves of international trade, the lessons learned, and strategies employed during this period will shape the future of the UK’s economic engagement on the world stage. In 2022 the UK is now the 5th largest global exporter up from 6th in 2021 and is the 4th largest importer, from 6th in 2021 in the world. The Northwest region is the largest exporter of goods and services after London and the Southeast, with just under £57 billion (8.7%) with a similar level of imports to the region. These are based on 2021 figures with the next update from the ONS coming out in the New Year. Something to celebrate……….?