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UK become world’s fourth largest exporter


L.A.T.1961

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Not quite as gloomy as many doomsayers predicted… 😉

TUESDAY 09 APRIL 2024

The UK has become the world’s fourth largest exporter thanks to a boost in services, fresh trade figures have shown.

It comes after the UK ranked seventh in 2021, moving up three places in the figures for exporting goods and services in 2022, the United Nations (UN) has confirmed.

According to the latest statistics from the UN Conference on Trade and Development (UNCTAD), which leads on global trade for the UN, the UK has overtaken France, Netherlands and Japan to take fourth position, behind only China, the US, and Germany.

“Britain is the largest net exporter of financial services in the world, and the second largest exporter of financial services overall, behind only the US.

 

https://www.cityam.com/services-trade-sees-uk-become-worlds-fourth-largest-exporter/

Post-Brexit, the UK is Becoming a Service Export Superpower!  

Since the 1990s, the U.K. share of service exports has been continuously increasing, from about 30% back then and now exceeding 50% of total exports since 2020. 

While other countries have also seen their service exports increase in recent decades, the U.K. is a clear international outlier with a much higher service export share than any other large, advanced economy. 

 

 

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2 hours ago, L.A.T.1961 said:

Not quite as gloomy as many doomsayers predicted… 😉

TUESDAY 09 APRIL 2024

The UK has become the world’s fourth largest exporter thanks to a boost in services, fresh trade figures have shown.

It comes after the UK ranked seventh in 2021, moving up three places in the figures for exporting goods and services in 2022, the United Nations (UN) has confirmed.

According to the latest statistics from the UN Conference on Trade and Development (UNCTAD), which leads on global trade for the UN, the UK has overtaken France, Netherlands and Japan to take fourth position, behind only China, the US, and Germany.

“Britain is the largest net exporter of financial services in the world, and the second largest exporter of financial services overall, behind only the US.

 

https://www.cityam.com/services-trade-sees-uk-become-worlds-fourth-largest-exporter/

Post-Brexit, the UK is Becoming a Service Export Superpower!  

Since the 1990s, the U.K. share of service exports has been continuously increasing, from about 30% back then and now exceeding 50% of total exports since 2020. 

While other countries have also seen their service exports increase in recent decades, the U.K. is a clear international outlier with a much higher service export share than any other large, advanced economy. 

As an expert based industry our financial services are sustainable in the long-term.

Its not simply a case of another country opening a new bank, they have to find enough people with the right qualifications to work in them too. The UK has a disproportionate share of those people in London. We also have all our offshore jurisdictions where customers can take advantage of banking secrecy laws.

Now we are out of the EU the Franco-Prussians cannot apply tariffs to our financial exports outside of the block. Haha. We need to get our technological edge back in manufacturing though. We need a large chip foundry, consumer electronics and domestic appliances, and a space program please.

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8 hours ago, L.A.T.1961 said:

Not quite as gloomy as many doomsayers predicted… 😉

TUESDAY 09 APRIL 2024

The UK has become the world’s fourth largest exporter thanks to a boost in services, fresh trade figures have shown.

It comes after the UK ranked seventh in 2021, moving up three places in the figures for exporting goods and services in 2022, the United Nations (UN) has confirmed.

According to the latest statistics from the UN Conference on Trade and Development (UNCTAD), which leads on global trade for the UN, the UK has overtaken France, Netherlands and Japan to take fourth position, behind only China, the US, and Germany.

“Britain is the largest net exporter of financial services in the world, and the second largest exporter of financial services overall, behind only the US.

 

https://www.cityam.com/services-trade-sees-uk-become-worlds-fourth-largest-exporter/

Post-Brexit, the UK is Becoming a Service Export Superpower!  

Since the 1990s, the U.K. share of service exports has been continuously increasing, from about 30% back then and now exceeding 50% of total exports since 2020. 

While other countries have also seen their service exports increase in recent decades, the U.K. is a clear international outlier with a much higher service export share than any other large, advanced economy. 

 

 

Great news! But service exports have nothing to do with Brexit. It is not a benefit of leaving the single market.

Just think how much larger our economy would be if we didn't have the drag (which is ever increasing) on physical goods.

And unless the people who currently work with physical goods (farmers, retail staff, small businesses, etc) reskill in data and IT and move into those industries, they will continue to get poorer. Which to be fair, is what Patrick Minford and Dominic Cummings predicted.

 

 

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I have to admit while this benefit of Brexit is good news, we do need to go full blown Singapore model.

We need to restructure our economy based on our comparative, technological, and expert knowledge advantages. We could also do with bagging ourselves an AI industry, 3D printing, and quantum processing industry as they are going to be the big players in 20 to 30 years.

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Posted (edited)
5 hours ago, Duke Wellington said:

I have to admit while this benefit of Brexit is good news, we do need to go full blown Singapore model.

It is nothing to do with Brexit. Brexit is damaging our economy. And the public have rejected the Singapore model- we want to keep the standards of the democratic West.

Britain has endured the worst exports record of any member of the G7 besides Japan over the last decade, according to a new analysis that will raise pressure on the government to reconsider its post-Brexit trade deal with the EU.

As most of the world’s other major seven economies have rebounded from the pandemic, export growth has remained sluggish in the UK at a time when businesses trading with the EU faced extra red tape and costs as a result of the country leaving the bloc.

That compares with the double-digit increases enjoyed by Canada (10.2%), France (16.1%), Germany (22.7%), Italy (15.9%) and the US (13.8%). The EU’s 27 member states as a whole enjoyed a 29.1% increase in the value of their exports in the same period.

UK exports in last decade worse than any G7 country except Japan | Trade policy | The Guardian

Edited by pellinore
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Posted (edited)
8 hours ago, pellinore said:

But service exports have nothing to do with Brexit. It is not a benefit of leaving the single market.

Oh come off it pellinore, you know as well as I do that if it was the other way around and the UK had dropped three places in the rankings instead, you'd be jumping up and down for joy literally doing cartwheels gleefully sneering claiming that it was all because of Brexit wouldn't you. And don't even bother to lie and tell me that you wouldn't, because we both know that you would.

Strange that in your thread about Shell leaving the City of London for New York you tried to link that to Brexit, but yet on here you are claiming that services is nothing to do with Brexit. So which is it pellinore, because you can't have it both ways? 🤔

Oh, and "Exxon Mobil asked traders in Brussels to relocate to London"

Brussels-based refined products traders were informed on Thursday (8th February 2024) that they have to decide whether to relocate or leave the company this year as the oil giant continues to reorganize its growing trading business.

Quote: "As we continue to strengthen our trading community, London provides better proximity to trading activities, trading talent pool, and will support our evolution as a trading organization," Exxon (NYSE:XOM) said in an emailed statement - must be Brexit.

Also strange how a supposed UK patriot failed to mention that rather inconvenient nugget of positive news at the time that it was announced eh pellinore? 🤔👇👇👇👇

https://www.energyvoice.com/oilandgas/547524/exxon-asks-traders-in-brussels-to-move-to-london-amid-expansion/

Edited by Destination Unknown
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37 minutes ago, pellinore said:

Britain has endured the worst exports record of any member of the G7 besides Japan over the last decade, according to a new analysis

Dear oh dear pellinore, you really do know how to back yourself into a corner don't you. 🤔

The link you provided was from June 2023, with the period in question being between 2012 and 2021, most of which was whilst we were still in the EU, the last 2 years of which (2020 & 2021) was during Covid.!! 🤦👇👇👇👇

https://www.theguardian.com/politics/2023/jun/13/uk-exports-record-worse-than-any-g7-country-except-japan-in-last-decade

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Posted (edited)
4 minutes ago, Destination Unknown said:

The link you provided was from June 2023, with the period in question being between 2012 and 2021, most of which was whilst we were still in the EU, the last 2 years of which (2020 & 2021) was during Covid.!! 🤦👇👇👇👇

Were we the only country affected by Covid? It may have felt so, but it actually was a world-wide pandemic. Here's a more up-to-date report:

New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report warning that UK-EU trade will be damaged as a result.

With less than a month before the introduction of new checks on animal and plant products from 30 April, the insurer Allianz Trade said the controls agreed under Boris Johnson’s Brexit deal could add 10% to import costs over the first year.

New Brexit checks to cost UK business £2bn and fuel inflation, report finds | Trade policy | The Guardian

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Posted (edited)
47 minutes ago, pellinore said:

Were we the only country affected by Covid? It may have felt so, but it actually was a world-wide pandemic. Here's a more up-to-date report:

New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report warning that UK-EU trade will be damaged as a result.

With less than a month before the introduction of new checks on animal and plant products from 30 April, the insurer Allianz Trade said the controls agreed under Boris Johnson’s Brexit deal could add 10% to import costs over the first year.

New Brexit checks to cost UK business £2bn and fuel inflation, report finds | Trade policy | The Guardian

I never said that we were the only country affected by Covid did I pellinore, but to include those 2 years (2020 & 2021) in order to try and back up your narrative that British exports have diminished because of Brexit is being downright disingenuous, because the planet was shut down for those 2 years anyway. 🤦

So what about the 8 years before Covid from 2012 to 2020, whilst we were in the EU, what's your excuse for that then pellinore? 🤔👇👇👇👇

https://www.theguardian.com/politics/2023/jun/13/uk-exports-record-worse-than-any-g7-country-except-japan-in-last-decade

Edited by Destination Unknown
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Posted (edited)
4 hours ago, pellinore said:

New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report

Dear oh dear pellinore, you really do know how to back yourself into a corner don't you. 🤦

From that same report in the link that you yourself provided.

Quote: "The Allianz report found the inflationary pressures from the new checks would be tempered by a two-year suspension of tariffs on goods not covered by free trade agreements, which would cut import costs by £7bn. This included some agricultural products but also cars, fuels, metals and other non-food goods. The report said that because these products represented 45% of total UK imports, it would have the effect of reducing overall inflation by 0.6 percentage points over the next year."

So the £2bn import costs and 0.2% on inflation (which was over the next 3 years by the way) you are screeching about is going to be totally wiped out anyway by an overall saving of £5bn and reducing inflation by 0.6% (over the next year) just by dropping other tariffs - (which is something that could not have been done had we still been in the EU by the way - so another win for Brexit and another Brexit benefit then.!!) You've definitely over-egged this one pellinore. 🤦👇👇👇👇

https://www.theguardian.com/politics/2024/apr/11/new-brexit-checks-to-cost-uk-business-2bn-and-fuel-inflation-report-finds

Edited by Destination Unknown
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27 minutes ago, Destination Unknown said:

Dear oh dear pellinore, you really do know how to back yourself into a corner don't you. 🤦

From that same report in the link that you yourself provided.

Quote: "The Allianz report found the inflationary pressures from the new checks would be tempered by a two-year suspension of tariffs on goods not covered by free trade agreements, which would cut import costs by £7bn. This included some agricultural products but also cars, fuels, metals and other non-food goods. The report said that because these products represented 45% of total UK imports, it would have the effect of reducing overall inflation by 0.6 percentage points over the next year."

So the £2bn import costs and 0.2% on inflation (which was over the next 3 years by the way) you are screeching about is going to be totally wiped out anyway by an overall saving of £5bn and reducing inflation by 0.6% (over the next year) just by dropping other tariffs. You've definitely over-egged this one pellinore. 🤦👇👇👇👇

https://www.theguardian.com/politics/2024/apr/11/new-brexit-checks-to-cost-uk-business-2bn-and-fuel-inflation-report-finds

If that's a two year suspension that just means putting off some negative impact to down the road. It's not an improvement, it's delaying a deterioration.

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Would you look at those nice export figures:

image.thumb.png.81143327ed1e0f53ad761d6f75432ab5.png

Obviously there is a coronavirus hiccup in there, as there is for all countries, but look how much our exports have grown since we decided to leave the EU. Good job there. I think its a good job during the corona hiccup too. I declare Brexit a success.

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Posted (edited)
50 minutes ago, Setton said:

If that's a two year suspension that just means putting off some negative impact to down the road. It's not an improvement, it's delaying a deterioration.

Well it will be up to the incoming Government to decide what to do with that two year suspension of tariffs on those goods (which aren't produced in sufficient quantities in Britain anyway) when the time comes won't it. The next Government may choose to suspend them again for another two years.... or even scrap them altogether. 🤔

Edited by Destination Unknown
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Posted (edited)

 

From a prominent Tories speech:

We must get this right. Too often in the past Britain has missed opportunities.

The task of government is two-fold: —to negotiate in Brussels so as to get the possible results for Britain; —and then to make you the business community aware of the opportunities, so that you can make the most of them. 

It's your job, the job of business, to gear yourselves up to take the opportunities which a single market of nearly 320 million people will offer.

Just think for a moment what a prospect that is. A single market without barriers—visible or invisible—giving you direct and unhindered access to the purchasing power of over 300 million of the world's wealthiest and most prosperous people.

Bigger than Japan. Bigger than the United States. On your doorstep. And with the Channel Tunnel to give you direct access to it.

It's not a dream. It's not a vision. It's not some bureaucrat's plan. It's for real. 

Speech opening Single Market Campaign | Margaret Thatcher Foundation

Edited by pellinore
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Posted (edited)
47 minutes ago, pellinore said:

 

From a prominent Tories speech:

We must get this right. Too often in the past Britain has missed opportunities.

The task of government is two-fold: —to negotiate in Brussels so as to get the possible results for Britain; —and then to make you the business community aware of the opportunities, so that you can make the most of them. 

It's your job, the job of business, to gear yourselves up to take the opportunities which a single market of nearly 320 million people will offer.

Just think for a moment what a prospect that is. A single market without barriers—visible or invisible—giving you direct and unhindered access to the purchasing power of over 300 million of the world's wealthiest and most prosperous people.

Bigger than Japan. Bigger than the United States. On your doorstep. And with the Channel Tunnel to give you direct access to it.

It's not a dream. It's not a vision. It's not some bureaucrat's plan. It's for real. 

Speech opening Single Market Campaign | Margaret Thatcher Foundation

Dear oh dear pellinore, you really do know how to back yourself into a corner don't you. 🤔

Some of that exact same prominent Tories other speeches:

Quote: "Working more closely together does not require power to be centralised in Brussels or decisions to be taken by an appointed bureaucracy. Indeed, it is ironic that just when those countries such as the Soviet Union, which have tried to run everything from the centre, are learning that success depends on dispersing power and decisions away from the centre, there are some in the Community who seem to want to move in the opposite direction. We have not successfully rolled back the frontiers of the state in Britain, only to see them re-imposed at a European level, with a European super-state exercising a new dominance from Brussels" - Prime Minister Margaret Thatcher, addressing the issue of European integration in her famous "Bruges" speech - September 20th, 1988....

Quote: "Yes, the Commission does want to increase its powers. Yes, it is a non-elected body and I do not want the Commission to increase its powers at the expense of the House, so of course we are differing. Of course… The President of the Commission, Mr. Delors, said at a press conference the other day that he wanted the European Parliament to be the democratic body of the Community, he wanted the Commission to be the Executive and he wanted the Council of Ministers to be the Senate. No. No. No." - Margaret Thatcher, House of Commons, 1990....

Also in 1990 that same prominent Tory warned us all that the euro single currency would end European democracy.

Quote: "There would be no European Central Bank accountable to no one, least of all to national Parliament. Because the point of that kind of European Central Bank is no democracy, taking powers away from every single Parliament, and being able to have a single currency, a monetary policy and interest rates which takes all political powers away from us. As my right Hon. Friend (Mr. Lawson) said in his first speech after the proposal of a single currency, a single currency is about the politics of Europe, it is about a federal Europe by the back door."

In later years she even started to become disillusioned with the Single Market as well. From Margaret Thatcher's memoirs, 'The Downing Street Years', published in October 1993....

Quote: "Certain harmful features and tendencies in the European Community started to become evident. A more powerful commission ambitious for power, an inclination towards bureaucratic rather than market solutions to economic problems, and the re-emergence of a Franco-German axis with its own covert federalist and protectionist agenda."

That same prominent Tory even called for Britain to start the process of withdrawing from the European Union as far back as 2002, saying the institution was, quote "fundamentally unreformable".

But you just carry on if you like pellinore, there's still more of a hole for you to dig. 🤦👇👇👇👇

https://www.theguardian.com/politics/2002/mar/18/uk.eu

Edited by Destination Unknown
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41 minutes ago, pellinore said:

 

From a prominent Tories speech:

We must get this right. Too often in the past Britain has missed opportunities.

The task of government is two-fold: —to negotiate in Brussels so as to get the possible results for Britain; —and then to make you the business community aware of the opportunities, so that you can make the most of them. 

It's your job, the job of business, to gear yourselves up to take the opportunities which a single market of nearly 320 million people will offer.

Just think for a moment what a prospect that is. A single market without barriers—visible or invisible—giving you direct and unhindered access to the purchasing power of over 300 million of the world's wealthiest and most prosperous people.

Bigger than Japan. Bigger than the United States. On your doorstep. And with the Channel Tunnel to give you direct access to it.

It's not a dream. It's not a vision. It's not some bureaucrat's plan. It's for real. 

Speech opening Single Market Campaign | Margaret Thatcher Foundation

Things can change in a few years and that speech was 1988. 

There was still a pretense at the time that the EEC, before the EU came along in 1993, was only a trading block with no substantial political aims.

Then we found out different. 

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Posted (edited)
59 minutes ago, Destination Unknown said:

Dear oh dear pellinore, you really do know how to back yourself into a corner don't you. 🤔

Some of that exact same prominent Tories other speeches:

Quote: "Working more closely together does not require power to be centralised in Brussels or decisions to be taken by an appointed bureaucracy. Indeed, it is ironic that just when those countries such as the Soviet Union, which have tried to run everything from the centre, are learning that success depends on dispersing power and decisions away from the centre, there are some in the Community who seem to want to move in the opposite direction. We have not successfully rolled back the frontiers of the state in Britain, only to see them re-imposed at a European level, with a European super-state exercising a new dominance from Brussels" - Prime Minister Margaret Thatcher, addressing the issue of European integration in her famous "Bruges" speech - September 20th, 1988....

Quote: "Yes, the Commission does want to increase its powers. Yes, it is a non-elected body and I do not want the Commission to increase its powers at the expense of the House, so of course we are differing. Of course… The President of the Commission, Mr. Delors, said at a press conference the other day that he wanted the European Parliament to be the democratic body of the Community, he wanted the Commission to be the Executive and he wanted the Council of Ministers to be the Senate. No. No. No." - Margaret Thatcher, House of Commons, 1990....

Also in 1990 that same prominent Tory warned us all that the euro single currency would end European democracy.

Quote: "There would be no European Central Bank accountable to no one, least of all to national Parliament. Because the point of that kind of European Central Bank is no democracy, taking powers away from every single Parliament, and being able to have a single currency, a monetary policy and interest rates which takes all political powers away from us. As my right Hon. Friend (Mr. Lawson) said in his first speech after the proposal of a single currency, a single currency is about the politics of Europe, it is about a federal Europe by the back door."

In later years she even started to become disillusioned with the Single Market as well. From Margaret Thatcher's memoirs, 'The Downing Street Years', published in October 1993....

Quote: "Certain harmful features and tendencies in the European Community started to become evident. A more powerful commission ambitious for power, an inclination towards bureaucratic rather than market solutions to economic problems, and the re-emergence of a Franco-German axis with its own covert federalist and protectionist agenda."

That same prominent Tory even called for Britain to start the process of withdrawing from the European Union as far back as 2002, saying the institution was, quote "fundamentally unreformable".

But you just carry on if you like pellinore, there's still more of a hole for you to dig. 🤦👇👇👇👇

https://www.theguardian.com/politics/2002/mar/18/uk.eu

See everyone, I have always said it, its a Franco-Prussian empire.

@pellinore is so utterly brainwashed he thinks the EU only poops magical rainbows.

Edited by Duke Wellington
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On 4/11/2024 at 8:17 AM, pellinore said:

Great news! But service exports have nothing to do with Brexit. It is not a benefit of leaving the single market.

Just think how much larger our economy would be if we didn't have the drag (which is ever increasing) on physical goods.

And unless the people who currently work with physical goods (farmers, retail staff, small businesses, etc) reskill in data and IT and move into those industries, they will continue to get poorer. Which to be fair, is what Patrick Minford and Dominic Cummings predicted.

 

 

TBH from what I’ve read, a phone call or visit to a website is counted as a “service’s export”. So do not be deceived by the article and its golden goose fanfare

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On 4/10/2024 at 11:17 PM, pellinore said:

Great news! But service exports have nothing to do with Brexit. It is not a benefit of leaving the single market.

Just think how much larger our economy would be if we didn't have the drag (which is ever increasing) on physical goods.

And unless the people who currently work with physical goods (farmers, retail staff, small businesses, etc) reskill in data and IT and move into those industries, they will continue to get poorer. Which to be fair, is what Patrick Minford and Dominic Cummings predicted.

 

 

There is such a small drag on goods that it is practically zero.

We are thriving in the UK by comparison to the EU. 

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