A target to increase exports as a proportion of the UK's gross domestic product (GDP) to 35 per cent has been announced by international trade secretary Liam Fox as part of a new trade strategy.

In 2017, British companies exported £620bn worth of goods and services which accounted for 30 per cent of GDP, a record high for UK exports.

However, the Department for International Trade believes that there is still huge potential to grow exports further as it estimates that 400,000 businesses do not export although they believe they could as demand for British expertise and goods globally continues to increase.

A number of new measures are being developed to support businesses planning to invest overseas such as an online tool allowing businesses to submit non-tariff barriers they face, plus an awareness campaign aimed at UK exporters which are most likely to benefit from as much as £50bn worth of export finance and insurance assistance from UK Export Finance. The department will also help UK companies and consortia to win contracts by promoting UK Export Finance support in overseas markets.

Fox said: "The United Kingdom is a great exporting nation and our exporters lead the way, in creating jobs, raising wages and growing our economy.

"UK businesses are superbly placed to capitalise on the rapid changes in the global economic environment and I believe the UK has the potential to be a 21st century exporting superpower.

"As an international economic department, we are determined to support, connect and grow UK companies on the world stage through our international network.

"As we leave the EU, we must set our sights high and that is just what this Export Strategy will help us achieve."

Baroness Fairhead, minister of state for trade and export promotion at the Department of International Trade, added: "Since its creation two years ago, DIT has already helped thousands of UK companies to export – with exports now at a record high.

"As the world’s sixth largest exporter, we do punch above our weight, however, we also punch below our potential. This Export Strategy sets out to change that and to increase exports as a proportion of GDP from 30 per cent to 35 per cent, taking us from the middle of the G7 to near the top. This is ambitious, but achievable.

"This strategy builds on the UK Industrial Strategy and our existing export support services – our network of trade advisers and promoters across the UK and in 108 countries worldwide, UKEF’s £50bn capacity to support exports in 60 currencies, and our great.gov.uk service. To achieve our aim, Government must join up across departments to enable UK companies to succeed overseas.

"This strategy is a first step – a foundation – for a new national drive to export."