Regne Unit: Visió econòmica i política
The United Kingdom is one of the main players in international commerce, with foreign trade representing 57% of its GDP in 2021 (World Bank). The country is the 8th largest importer and 14th exporter of goods in the world, and the 2nd largest exporter and 6th largest importer of commercial services in the world (WTO). In 2021, the country mainly imported gold, cars, petroleum products, telephones, data processing machines and medicaments; and exported the same products as well as platinum and parts of aircraft (Comtrade). In 2022, the volume of exports of goods and services increased by 4.8% compared to 2021, after two years of decline in the context of the COVID-19 pandemic and Brexit. The volume of imports of goods and services increased by 8.4% (FMI). The IMF expects exports and imports to grow respectively by 3.8% and 3.4% in 2023. On 1 May 2021, the UK-EU trade deal came into force, granting the UK “zero tariff, zero quota” for its exports towards the EU. Nevertheless, a whole series of new customs and regulatory checks have been introduced, including rules of origin and stringent local content requirements, which could make the procedures more burdensome and thus hinder mutual trade.
In fact, the EU as a whole is the main trading partner of the United Kingdom. At a country level, the UK mainly exports towards the United States (12.7%), Germany (8.7%), Switzerland (8.4%), the Netherlands (7.9%), Ireland (6.2%) and France (5.6%); whereas its main suppliers are China (13.2%), Germany (11%), the United States (8.7%), the Netherlands (6%) and Norway (5.2%) (Comtrade). In order to diversify its business partners, the UK signed trade deals and agreements in principle with 71 countries and one with the EU.
The country has a structural trade deficit, even though it has a large surplus in the services sector. According to WTO data, in 2021 the United Kingdom imported USD 693.8 billion worth of goods (+9.3% y-o-y) and exported USD 468.2 billion (+15.7% y-o-y); in the same year, exports of services stood at USD 417.5 billion (+23.2% y-o-y), against USD 242.9 billion in imports (+20.8% y-o-y). The trade in goods and services deficit, excluding precious metals, narrowed by GBP 6.5 billion to GBP 20.2 billion in the three months to November 2022, driven by a decrease in goods imports from non-EU countries linked to falling fuel prices (ONS).
Foreign Trade Values | 2018 | 2019 | 2020 | 2021 | 2022 |
Imports of Goods (million USD) | 672,450 | 696,208 | 638,251 | 694,635 | 823,936 |
Exports of Goods (million USD) | 486,439 | 460,026 | 399,529 | 470,508 | 530,222 |
Imports of Services (million USD) | 284,356 | 286,080 | 216,049 | 260,711 | 317,066 |
Exports of Services (million USD) | 431,551 | 429,069 | 396,930 | 454,882 | 494,440 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 64.0 | 64.1 | 58.1 | 58.9 | 68.9 |
Trade Balance (million USD) | -191,203 | -189,482 | -172,739 | -232,548 | -288,479 |
Trade Balance (Including Service) (million USD) | -43,883 | -46,207 | 8,295 | -38,564 | -111,286 |
Imports of Goods and Services (Annual % Change) | 3.3 | 2.6 | -16.0 | 6.2 | 13.3 |
Exports of Goods and Services (Annual % Change) | 3.1 | 1.7 | -12.1 | 2.2 | 9.9 |
Imports of Goods and Services (in % of GDP) | 32.8 | 32.9 | 28.9 | 30.1 | 36.2 |
Exports of Goods and Services (in % of GDP) | 31.2 | 31.3 | 29.2 | 28.8 | 32.7 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -2.8 | 1.8 | 2.4 | 1.8 | 1.6 |
Volume of imports of goods and services (Annual % change) | -1.6 | 1.2 | 1.2 | 1.5 | 1.5 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2022 |
United States | 12.1% |
Netherlands | 8.3% |
Germany | 7.8% |
China | 6.7% |
Switzerland | 6.6% |
Ireland | 6.0% |
France | 5.8% |
Hong Kong SAR, China | 4.4% |
Belgium | 4.1% |
United Arab Emirates | 2.3% |
Spain | 2.3% |
Italy | 2.1% |
India | 1.9% |
Türkiye | 1.5% |
Singapore | 1.5% |
Canada | 1.4% |
Poland | 1.4% |
Japan | 1.4% |
Sweden | 1.3% |
South Korea | 1.1% |
See More Countries | 58.5% |
Main Suppliers (% of Imports) |
2022 |
China | 13.4% |
United States | 11.9% |
Germany | 8.6% |
Norway | 6.5% |
France | 4.2% |
Italy | 3.7% |
Netherlands | 3.5% |
Spain | 2.9% |
Belgium | 2.5% |
Ireland | 2.3% |
Poland | 2.1% |
Canada | 2.1% |
Türkiye | 1.9% |
India | 1.8% |
Switzerland | 1.7% |
Japan | 1.6% |
Sweden | 1.2% |
United Kingdom ![]() |
1.2% |
Vietnam | 1.1% |
Czech Republic | 1.1% |
See More Countries | 55.3% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: November 2023
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