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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3 Responses to “UK comes near bottom of OECD on trade growth”

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3 Responses to “UK comes near bottom of OECD on trade growth”

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