UK now 4th biggest exporter

...Right so let’s see what we’ve got.

The Mail report gleefully trumpeted above as proof that the UK economy has emerged from Brexit unscathed is indeed correct in that in 2022 the UK turned in the fourth best export performance, ahead of traditional rivals like Japan, France and the Netherlands. But as always it is worthwhile looking beyond the headlines to figure out what is really going on.

Breaking the total exports down into exports of goods and exports of services reveals a different picture. This shows the extent to which UK exports are now uniquely dependent on ‘services’ (whatever they are) compared to other major exporting countries. The UK is second only to the USA – an economy more than seven times larger – in service exports. In export of goods the UK is at best a middle-ranking performer, in 12th place in 2022.

But the most eye-catching stat is the proportion of UK exports that are from the service sector. Only Ireland has a similarly unbalanced economy.

The earliest year for UNCTAD stats are available is 2005. In that year, while still confined in the clammy clutches of the EU and under the yoke of the unelected dictators in Brussels, the UK was ranked the sixth largest exporter of goods.

What are ‘services’ anyway? And where are they 'manufactured? Right first time.