Report: UK’s Exports of Art Helps to Reduce Trade Deficit

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The Art Newspaper:  Exports help to reduce the UK’s trade deficit

Art exports to non-EU countries helped to reduce the UK’s trade deficit by £2.1bn to £6.2bn in the three months to November 2017, according to a report released today, 10 January, by the Office of National Statistics (ONS).

Excluding erratic commodities, such as oil, ships, aircraft, precious stones, silver and non-monetary gold, the UK’s total deficit narrowed by £1.2bn to £6.1bn.

Works of art were among the main commodity contributors (aside from erratics) to the increase in exports, rising by £43.3% (£0.5bn). Car exports, meanwhile, increased by 3.8% (£0.3bn).