Overview In January 2024 United Kingdom exported £35B and imported £50.3B, resulting in a negative trade balance of £15.3B. Between January 2023 and January 2024 the exports of United Kingdom have increased by £4.58B (15.1%) from £30.4B to £35B, while imports decreased by £-4.49B (-8.19%) from £54.8B to £50.3B.
Trade In January 2024, the top exports of United Kingdom were Gold (£7.28B), Gas Turbines (£2.47B), Cars (£2.25B), Commodities not elsewhere specified (£1.57B), and Packaged Medicaments (£1.36B). In January 2024 the top imports of United Kingdom were Cars (£3.42B), Gold (£3.42B), Commodities not elsewhere specified (£2.25B), Crude Petroleum (£2.11B), and Petroleum Gas (£1.86B).
Origins In January 2024 the exports of United Kingdom were mainly from London Heathrow Airport (£11.8B), Dover Eurotunnel (£4.55B), Southampton (£2.23B), Inland Clearance (£1.51B), and Undefined (£1.14B), while imports destinations were mainly London Heathrow Airport (£7.06B), Dover (£4.49B), Undefined (£3.35B), Felixstowe (£3.34B), and Immingham (£3.07B).
Destinations In January 2024, United Kingdom exported mostly to Switzerland (£5.1B), United States (£4.06B), Germany (£2.55B), China (£2.36B), and Netherlands (£2.17B), and imported mostly from Germany (£6.25B), United States (£5.79B), China (£4.7B), Netherlands (£3.87B), and France (£2.85B).
Growth In January 2024, the increase in United Kingdom's year-by-year exports was explained primarily by an increase in exports to Switzerland (£4.05B or 388%), China (£1.02B or 76.7%), and United Arab Emirates (£756M or 179%), and product exports increase in Gold (£5.4B or 288%), Gas Turbines (£376M or 18%), and Packaged Medicaments (£210M or 18.3%). In January 2024, the decrease in United Kingdom's year-by-year imports was explained primarily by an decrease in imports from United States (£-2.36B or -29%), Norway (£-1.59B or -43.6%), and China (£-941M or -16.7%), and product imports decrease in Petroleum Gas (£-2.63B or -58.6%), Crude Petroleum (£-908M or -30.1%), and Nitrogen Heterocyclic Compounds (£-604M or -60.1%).
FAQs
2.1 Top 10 UK export markets for goods and services in 2022 1
| Rank | Export market | £ billion |
|---|
| 1 | United States | 175.2 |
| 2 | Germany | 57.3 |
| 3 | Netherlands | 56.8 |
| 4 | Ireland | 54.8 |
9 more rowsApr 19, 2024
Bilateral Trade by Products
In 2022, United States exported $75.4B to United Kingdom. The main products exported from United States to United Kingdom were Crude Petroleum ($11.4B), Petroleum Gas ($9.51B), and Gold ($7.07B).
What are the main exports of the United Kingdom? ›
Exports The top exports of United Kingdom are Gold ($32.1B), Cars ($29.4B), Gas Turbines ($29.2B), Crude Petroleum ($26.3B), and Packaged Medicaments ($20.3B), exporting mostly to United States ($61.8B), Netherlands ($41.9B), Germany ($40.6B), China ($35.4B), and Ireland ($32.6B).
Who does the UK import the most from? ›
Table 4 shows the top 5 import partner countries by value:
- USA.
- China.
- Germany.
- Netherlands.
- Norway.
| United States Imports from United Kingdom | Value | Year |
|---|
| Machinery, nuclear reactors, boilers | $12.87B | 2023 |
| Vehicles other than railway, tramway | $8.70B | 2023 |
| Pharmaceutical products | $6.84B | 2023 |
| Commodities not specified according to kind | $5.79B | 2023 |
93 more rows| United Kingdom Imports By Country | Value | Year |
|---|
| China | $99.21B | 2023 |
| United States | $94.93B | 2023 |
| Germany | $74.91B | 2023 |
| France | $40.63B | 2023 |
159 more rowsThe US is the UK's largest export market for goods and services and the world's largest economy. With low regulatory barriers, minimal language barriers and access to the global supply chain, it offers huge potential for UK exporters.
What food does the UK import? ›
The UK's biggest food imports are fruit and vegetables. The UK's climate is characterised by mild summers and cool winters, often with high rainfall. This climate is suitable for growing certain fruits and vegetables such as apples, brassicas, potatoes and other root crops.
What is the UK's biggest export industry? ›
Biggest Exporting Industries in the UK in 2024
- Basic Steel Processing in the UK. ...
- Precious Metals Production in the UK. ...
- Motor Vehicle Manufacturing in the UK. ...
- Aircraft, Engine & Parts Manufacturing in the UK. ...
- Petroleum Refining in the UK. ...
- Pharmaceutical Preparations Manufacturing in the UK.
The government system is constitutional monarchy and a Commonwealth realm; the chief of state is the queen, and the head of government is the prime minister. The United Kingdom has an advanced open market economy in which the prices of goods and services are determined in a free price system.
Fruit remains the UK's largest import commodity, with Spain, South Africa and Peru making up over 35% of all imports.
Who imports the most food to the UK? ›
In 2021, the top partner countries from which United Kingdom Imports Food Products include France, Netherlands, Italy, Germany and Belgium.
Which country does the UK import the most food from? ›
EU countries continue to be the main source for FFD imports and are therefore essential to the UK's food security. 39% of FFD imports by value were despatched from 4 EU countries (the Netherlands, Republic of Ireland, Germany, and France) in 2020.
What are the top 5 exports for the UK? ›
3.3 Top 10 UK goods exports 12 months to the end of February 2024
| Top 10 UK goods exports | Value (£ billion) |
|---|
| Cars | 36.9 |
| Mechanical power generators (intermediate) | 35.4 |
| Medicinal and pharmaceutical products | 25.9 |
| Crude oil | 19.0 |
6 more rowsThe EU is the UK's biggest trading partner, accounting for 40% of UK foreign trade in goods in 2022. The UK is the EU's third biggest trading partner (9.8%), after the United States and China.
Who does the UK have trade agreements with? ›
- Australia. The UK and Australia signed a free trade agreement in December 2021. ...
- European Union. The UK and European Union (EU) signed the trade and co-operation agreement in December 2020. ...
- CPTPP. The UK signed the Protocol of Accession to the CPTPP in July 2023. ...
- India. ...
- United States. ...
- Canada. ...
- Japan. ...
- New Zealand.
Value of trade in services exports in the United Kingdom in 2022, by country (in million GBP)
| Characteristic | Value of trade in services in million GBP |
|---|
| United States | 111,590 |
| Ireland | 24,351 |
| Germany | 22,545 |
| Netherlands | 18,263 |
6 more rowsMay 12, 2023
