Goods exports fall to record low as financials jump 13%

THE proportion of UK exports made up of goods has plummeted to a record low, with the economy ever more dependent upon services.

- By Matt Kenyon

According to analysis carried out by the Financial Times, based on Office for National Statistics data, goods are now accounting for just 40.8% of exports.

However, back in 2000, they were making up around two-thirds of British exports.

The FT's investigation has discovered that since 2023, the value of goods for export has been falling by 5.4% each year.

By comparison, exports of services have risen 7.3% in the last year up to May — hitting their own record figure of 59.2%.