Question to the Department for International Trade:

To ask the Secretary of State for International Trade, when she expects the Government’s target of exporting £1 trillion in exports via the Made in the UK, Sold to the World plan will be reached.

Our ambition, set out in the Export Strategy in November 2021, is for the UK to achieve £1 trillion exports per year by 2030. The latest Office for National Statistics figures show that UK exports were £758.5bn in the 12 months ending October 2022.

Extrapolations of the Office for Budget Responsibility forecast suggest £1 trillion exports could be achieved by around 2035 without additional intervention. We recognise the speed by which the UK reaches this milestone will be impacted by macro-economic factors such as global demand and exchange rates. This has proven to be the case over the past year where we have experienced external shocks and a spike in inflation.