Largest Trading Partners of the UK

Largest Trading Partners of the UK

Largest Trading Partners of the UK

 

Comprised of England, Northern Ireland, Wales, and Scotland, the UK is the number 6 economy in the world according to International Monetary Fund. The UK sent $401.9 billion worth of goods around the globe in 2020. If we look at the European continent, the UK delivered 54.1% of its exports to fellow countries, compared to 46.1% for European Union members. Furthermore, 21.2% of goods are sold to Asian importers. The United Kingdom shipped 16.5% of its goods to North America, and smaller percentages of goods went to Africa (2,1%), Oceania (1,5%), and Latin America excluding Mexico but including the Caribbean (1,3%).

The main exports in the United Kingdom are cars ($ 39.4B), gas turbine (25.6b), gold ($24B), petroleum ($ 24B), oil ($ 22.6B), and packaged medications ($ 19B), and the UK mainly exports to the United States ($ 64.7b), Germany ($ 44.3b), China ($ 29.8b), Netherlands (29.4b), and France (29.1b $ 29.1b).

The main imports of the United Kingdom are gold ($ 65B), cars ($ 47.3B), crude petroleum (23.3B), refined petroleum (20.9B), and broadcasting equipment ($ 16.7B). The UK mainly imports from Germany ($86B), China ($ 63.6B), United States ($ 51B), Netherlands ($ 48.5B), France ($ 38.2B).

In this article, we will explain the trade between the UK and the largest trading partners of the UK.

United States

The trade between the USA and the UK in goods and services totaled approximately 273.0 billion in 2019. United Kingdom is currently the USA's 7th largest goods trading partner, and also the UK is the 5th largest goods export market of the USA. The USA's goods exports to the UK in 2019 were 69.1 billion. In 2019, US exports to the UK accounted for 4% of US exports. The top exports in that year were gold ($ 14B), aircraft ($ 10B), and mineral fuels ($7.4B).

Germany

Germany, as Europe's largest economy, provides the UK with numerous economic opportunities. Being the second-largest export market of the UK, Germany accounts for more than %10,2 of all UK trade in 2019. Total trade worth between Germany and the UK was £136 billion during that time. In 2020, the UK's main export commodity to Germany was aircraft with 2.44 GBP.

Ireland

In 2019, the UK exported £40.0 billion worth of goods and services to Ireland. UK's imports of goods and services were worth £30.0 billion at that period. In both goods and services, the United Kingdom had a trade surplus with Ireland in 2019. The UK's trade surplus with Ireland was £10.0 billion.

Netherlands

The trade between Netherland and the UK fluctuates a lot each year. The UK's goods and exports to the Netherlands totaled approximately $39.4 billion in 2019, a significant decrease from 2018's value of $34.5 billion. The UK mostly imports electrical, electronic equipment, machinery, nuclear reactors, and boilers from the Netherlands.

France

France exported $38.2 billion to the United Kingdom in 2019. The main products that France exported to the United Kingdom are Jewellery ($2,62B), Planes, Helicopters, and Spacecraft ($2.37B), and Cars ($1.77B). The trading between these two countries has been increasing year by year. 

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