UK’s 10 biggest export markets

The 2024 Made in the UK, Sold to the World Awards, announced by the Department for Business and Trade, highlighted the breadth of British businesses experiencing success in the export market.

Ten small to medium-sized enterprises (SMEs) were announced as winners. They included a family-owned distillery, a 4x4 electric vehicle manufacturer, a marketing agency focussing on digital media, and a fintech company.

“We’re proud of our British exporters and these awards highlight some fantastic businesses punching above their weight and selling UK-made products and services around the world,” said Minister for Exports, Lord Malcolm Offord.

“I hope the winners serve as inspiration to others looking to get onto the exporting ladder and encourage more businesses to showcase the incredible talent and innovation of UK businesses selling abroad.”

Similarly, Marco Forgione, Director General of The Chartered Institute of Export & International Trade, hoped the awards would convince more small businesses to seek success in new markets.

“These awards provide an important opportunity to recognise and celebrate the global trade success stories of small businesses from all nations and regions,” Forgione said. “We hope these winners will inspire even more budding business owners.”

In which markets are British businesses finding success?

Here are the top ten offshore destinations for British goods and services.

UK’s top 10 export territories

According to the Department for Business and Trade, the United States topped the goods and services export list by a long shot, in the 12 months to December 2023. Italy rounded out the top ten.

The USA and China make up a large chunk of the export demand simply because of the size of each of the markets. The rest have more to do with location, being nearby, in the EU. All are offering success to exporters because of the strong reputation of British products and services.

Trade: By the numbers

The Department for Business and Trade says the total value of goods exported from the UK has risen dramatically, from £575.6 billion in 2016 to £864.5 billion in 2023.

The total of all trade – exports and imports – in the 12 months to the end of May was £1,741.9 billion, which was down 3.7 per cent on the previous 12 months.

The split between goods and services each year is roughly 50/50. In 2023, exports of goods were worth £394.8 billion and exports of services worth £469.8 billion.

In 2022, the number of British businesses involved in the export market was 285,100, or 11.6 per cent of the market.

The Office of National Statistics says the UK’s top five exported goods, valued in the 12 months to the end of May 2024, are:

The top five British services finding value offshore, in the 12 months to the end of March 2024, are:

Export is a part of the solution

Businesses looking offshore for success are not just broadening their own markets and therefore increasing their chances of success. They’re also offering the British economy a welcome boost.

“Selling overseas is key to driving economic growth across the UK,” said Cabinet Office Minister Ester McVey.

"The evidence continues to tell us that businesses that trade internationally are more sustainable, more resilient, more innovative, employ more people and, ultimately, are more profitable,” she said.

“So, it is vital that these businesses are supported in their exporting journeys and that their success stories are celebrated."

How does a business approach the export market? The government offers a step-by-step guide, explaining the various processes, licences and rules.

And membership of the Chartered Institute of Export & International Trade brings access to online resources, webinars, training, networking events, access to special interest groups, and more.

Accountants are vital to the success of any export or import venture. They ensure compliance with tax regulations across borders, as well as timely and accurate recording and reporting of tax obligations in various territories.

A report from Mindspace Outsourcing in the UK said: “Accounting serves as the backbone of import-export businesses, providing a systematic framework for recording, analysing, and interpreting financial transactions related to cross-border trade activities.”

“…robust accounting practices provide import-export enterprises with the tools and insights needed to navigate complexities, seize opportunities, and thrive in the competitive international marketplace.”

UK import markets for goods and services in the four quarters to the end of March 2024

Source: ONS international trade in UK nations, regions and cities: 2021