UK food and drink exports hit record £5.7bn in Q1

The first quarter of 2019 brought about record exports for the UK’s food and drink sector, which soared 12.3% to reach £5.7 billion (US$7.4bn).

According to the most recent figures from Her Majesty’s Revenue and Customs (HMRC), UK food and drink exports have almost doubled since 2007 and are now worth £22bn (US$28.5bn) a year.

Trade minister Graham Stuart MP is due to speak at the Food and Drink Federation’s annual convention in London today (14 May) to praise the “booming” sector.

He commented: “Britain’s food and drinks exports are booming. The explosion in demand for British produce across the globe is fuelled by our reputation for excellence, high standards and culinary innovation.

“The growing army of discerning consumers across the globe consider the ‘made in the UK’ produce mark as a badge of excellence.”

The sector has also attracted record levels of foreign direct investment (FDI), which has almost trebled in value since 2014 to reach £159.8bn (US$207bn) in 2017.

In regards to Brexit, Stuart added: “Leaving the EU does not mean turning our backs on our European trading partners. Far from it.

“We want to continue to build upon our already deep trade ties with our EU partners while also looking outwards at the other faster growing markets around the world.

“That’s why we’ve established working groups with a range of key trade partners, including the United States, India, China and Japan.

“These big-hitting economies are the future of global trade growth. And food and drink exports will play a key role in helping define our international profile, as we continue on this incredible journey.”

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Author: Melita Kiely {authorlink}