China is UK’s second fastest growing export partner

New figures have highlighted the growth of trade between the UK and China, with the latter country being revealed as the second fastest growing export market for British goods and services.

Trade between the UK and China [Photo: VCG]

That’s according to the Institute of Export and International Trade, who report that only exports to Switzerland from the UK grew at a faster rate over the last year.

Total exports to China were said to be worth some $24.6 billion in 2017.

Exports, of course, don’t have to be physical goods – and indeed the UK has always tended to perform well in the export of services.

One such sector is FinTech, in which trade between the UK and China is blossoming.

Over £1 billion of FinTech deals between the two countries have already been announced in 2018.

The news follows our report from 2017 about growing FinTech links between China and the British city of Cambridge.

Specialist Chinese FinTech company BBD has made a significant investment in Cambridge, which is the location of its UK research hub.

The research hub is part of a pioneering ‘incubation program’ set up by BBD. This will foster enhanced relationships across the international FinTech community.