UK comes near bottom of OECD on trade growth

The UK trade deficit is in its eighteenth year

 

The UK ranks almost at the bottom of OECD countries when it comes to export growth since 2010, according to new analysis by the TUC.

This, despite the chancellor George Osborne promising back in 2010 to ‘rebalance’ the British economy.

Trade figures also published today by the Office for National Statistics (ONS) show that the UK trade deficit is in its eighteenth year.

Commenting on the figures, TUC general secretary Frances O’Grady said:

“The UK has been punching below its weight in global trade for almost two decades. With investment and innovation rates so far behind other countries, we should not be surprised that exports are weak.

“UK regions won’t become powerhouses of growth and trade unless they are powered-up by investment in skills and growth – but the chancellor’s extreme cuts will mean pulling the plug. We need a better economic plan that prioritises closing our investment gap to create a positive cycle of export growth and sustainable jobs.”

 

Rank

Country

%

1

Estonia

35.74

2

Slovak Republic

28.83

3

Korea

  26.14

4

Turkey

 25.21

5

Switzerland

21.91

6

Poland

18.13

7

Portugal

17.77

8

Australia

17.74

9

Mexico

17.09

10

Iceland

14.56

11

Luxembourg

14.14

12

Czech Republic

14.12

13

United States

13.69

14

Spain

13.32

15

Germany

12.80

16

Belgium

11.74

17

Ireland

11.68

Euro area (18 countries)

11.42

European Union (28 countries)

11.37

18

Hungary

11.15

19

France

10.38

20

Slovenia

10.18

21

Netherlands

10.02

22

Canada

9.53

23

Austria

9.50

24

Chile

9.20

25

Israel

9.18

26

Denmark

8.27

27

Italy

8.19

28

United Kingdom

7.91

29

Sweden

6.98

30

New Zealand

5.70

31

Greece

3.32

32

Finland

2.50

33

Japan

0.99

34

Norway

-2.33

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