Regne Unit: Visió econòmica i política
The United Kingdom is one of the main players in international commerce, with foreign trade representing 69% of its GDP in 2022 (World Bank). The country is the 6th largest importer and 15th exporter of goods in the world, and the second-largest exporter and the largest importer of commercial services (WTO). In 2022, the country mainly exported crude oil, mechanical power generators, medicinal and pharmaceutical products, and cars; whereas imports were led by gas, crude oil, medicinal & pharmaceutical products, refined oil, and mechanical power generators (data ONS).
The EU as a whole is the main trading partner of the United Kingdom: in 2022, it accounted for 41% of UK exports of goods and services and 47% of imports (data House of Commons). At a country level, the UK mainly exports towards the United States (12.1%), the Netherlands (8.3%), Germany (7.8%), China (6.7%), and Switzerland (6.6%); whereas its main suppliers are China (13.4%), the United States (11.9%), Germany (8.6%), Norway (6.5%), and France (4.2% - data Comtrade). In order to diversify its business partners, the UK has 38 active free trade agreements with nations and trade blocs, covering 99 countries and territories. In July 2023, the UK signed an agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – an Asia-Pacific trade bloc of 11 countries.
The country has a structural trade deficit, even though it has a large surplus in the services sector. According to WTO data, in 2022 the United Kingdom imported USD 823.9 billion worth of goods (+18.6% y-o-y) and exported USD 530.2 billion (+12.7% y-o-y); in the same year, exports of services stood at USD 494.4 billion (+8.7% y-o-y), against USD 317 billion in imports (+21.6% y-o-y). The overall trade balance was estimated to be negative by 2.7% of GDP by the World Bank (compared to -0.2% one year earlier). According to preliminary estimates, in the third quarter of 2023, the value of exports from the United Kingdom amounted to over GBP 213.5 billion, while imports to the country reached GBP 218 billion, resulting in a trade deficit of GBP 4.5 billion.
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 | 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 This flow is explained by the way local Customs Authorities report trade with overseas or special territories (e.g. Hong Kong or Taiwan in the case of China, French West Indies in the case of France, etc) as well as the treatment of re-imported (or re-exported) products, which get out (or enter) of the country for a limited time, with the intention of being re-imported (or re-exported) without significant transformation overseas. | 1.2% |
Czech Republic | 1.1% |
Vietnam | 1.1% |
See More Countries | 55.2% |
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: April 2024
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