The United Kingdom is the 10th largest export economy in the world and the 11th most complex economy. the United Kingdom exported $395B, making it the 10th largest exporter in the world. The United Kingdom imported $617B, making it the 5th largest importer in the world. Brexit-related uncertainty is predicted to weigh heavy on the UK economy over the next few years. However, unemployment rates and GDP growth are expected to remain at current levels throughout the transition period.
UK’s trade is measured through both imports and exports of goods and services, exports of goods accounted for 55 percent of total exports, mainly: mechanical machinery (14 percent of total exports); cars (10 percent); electrical machinery (8 percent); medicinal and pharmaceutical products (8 percent); crude oil (6 percent); aircraft (5 percent); other miscellaneous manufactures (5 percent); scientific and photographic (4 percent); and refined oil (3 percent). Main goods export partners were: the United States (14 percent of total exports); Germany (11 percent); France (8 percent); the Netherlands and Ireland (6 percent each); China (5 percent); Belgium & Luxembourg (4 percent); and Italy and Spain (3 percent each). Services accounted for 45 percent of total exports, mainly professional, scientific and technical activities; followed by the information and communication services.
Imports to the UK dipped 2.6 percent from a month earlier to GBP 53.63 billion in June 2019, the third consecutive month of decline. Purchases of goods went down 3.6 percent, mainly pushed down by machinery & transport equipment (-2.5%); miscellaneous manufactures (-2.9%); fuels (-13.2%); food & live animals (-6.8%); crude materials (-4.8%) and beverages & tobacco (-3.4%). In contrast, services imports went up 0.3 percent. Among major trading partners, imports of goods from the EU dropped 1.3 percent, primarily from Germany (-11.9%), France (-0.6%), Italy (-0.9%), Spain (-0.9%) and Ireland (-4.9%). By contrast, purchases went up mostly from the Netherlands (10%), Belgium (1.8%), Denmark (8.5%) and Sweden (19.5%). Meantime, imports from non-EU countries slipped 6.2 percent, due to lower purchases from China (-3.4%), the US (-8.5%), Japan (-8.4%), Turkey (-19.5%),
India (-27.4%), Russia (-9.3%) and Hong Kong (-20.1%). Imports in the United Kingdom averaged 25958.73 GBP Million from 1955 until 2019, reaching an all time high of 62200 GBP Million in March of 2019 and a record low of 1031 GBP Million in June of 1955.
Imports in the United Kingdom is expected to be 58500.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in the United Kingdom to stand at 59400.00 in 12 months time. In the long-term, the United Kingdom Imports is projected to trend around 60500.00 GBP Million in 2020.
Exports of goods and services from the UK grew 4.5 percent from a month earlier to GBP 55.41 billion in June 2019, the most since October 2016. Shipments of goods surged 7.6%, driven by machinery & transport equipment (0.2 percent); chemicals (16.2%); material manufactures (0.3%); food & live animals (1.5%); animals & vegetable oils and fats (19.4%) and beverages & tobacco (3.9%). In contrast, those of fuels declined (-21.4%). Meanwhile, exports of services increased 0.6%. Among major trading partners, goods exports to non-EU countries jumped 17.8 percent, mostly to China (110.2%), Hong Kong (47.9%), the UAE (83.4%), India (21.3%), Japan (1.3%) and South Korea (22.2%). Conversely, declines were registered in shipments to the US (-1.5%), Switzerland (-1.6%), Singapore (-11.1%) and Turkey (-16.7%). Exports to the EU fell 3.3 percent, in particular to the Netherlands (-17.8%) and Belgium (-2.8%), but rose to Germany (0.7%), France (0.5%), Ireland (5.4%), Italy (2.2%) and Spain (6.7%). Exports in the United Kingdom averaged 24588.90 GBP Million from 1955 until 2019, reaching an all time high of 55669 GBP Million in March of 2019 and a record low of 962 GBP Million in June of 1955.
Exports in the United Kingdom is expected to be 55200.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Exports in the United Kingdom to stand at 56200.00 in 12 months time. In the long-term, the United Kingdom Exports is projected to trend around 57700.00 GBP Million in 2020.
