UK exports more goods outside than within Europe

UK goods exports to non-EU countries have exceeded exports to EU countries for the first time since the 1970s, according to the Centre for Economics and Business Research (cebr).

Exports to the EU in the last quarter were down 7.3%, while non-EU exports rose by 13.2% compared to the same period last year, exceeding EU exports by 1.5%. The data appears to underline the growing instability in the eurozone region and highlights the growing markets in Asia, Latin America and Africa.

While UK services have traditionally been exported to predominantly non-EU markets, UK goods exports have oriented towards EU countries.

Some experts believe that this landmark shift may help calm fears and mitigate risk in the event of an economic implosion in the eurozone.