Internet retailing has helped the UK achieve the highest trade surplus in the world, having exported some £0.6 billion more than it imported, mediaweek.co.uk reports.
This is the end result of a report developed by Google and OC&C Strategy Consultants, which found that the UK had a greater trade surplus than any other of the world’s leading economies.
In total, the UK exported goods worth £600 million more than those it imported, comfortably beating the US (which managed only £109.6 million) and Germany (on £21.3 million).
Much of this is thought to have come from the online retailing industry, with the UK utilising global perception of its products as being well made and designed. Localised marketing also helped, with targeted ads spreading to wide-reaching audiences.
Not only did the report provide good news for the UK at present, it also forecast an even more buoyant future to come. When combining Britain’s ecommerce markets with those of the US, Germany, Nordics, Netherlands and France, the total is expected to grow five times over – rising from the £15.11 billion recorded in 2013 to £78.55 billion by 2020.
Commenting on the findings, director at Google, Peter Fitzgerald, told internetretailing.net: “The global increase in the number of people with internet access coupled with a rise in consumer confidence, combine to provide the ideal market conditions for ecommerce.
“The success of UK retailers can partly be attributed to operating in the most advanced ecommerce market in the world, but also to the high level of trust international customers have in UK brands and retailers. Looking to the future, any retailer wishing to enter the market must adopt a digital-first strategy to succeed.”
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