The UK has a total foreign trade volume of USD 1.15 trillion with an export capacity of 487 billion USD and an import capacity of 669.6 billion. UK issues USD 182.6 billion foreign trade deficit in 2018
United Kingdom
The UK has a total foreign trade volume of USD 1.15 trillion with an export capacity of 487 billion USD and an import capacity of 669.6 billion.Which Countries are in UK - Countries of the United Kingdom
United Kingdom; It is a union of countries consisting of England, Northern Ireland, Scotland and Wales. The United Kingdom is an island country located in the Atlantic Ocean, north-west of Europe.
UK Basic Economic Datas
- GDP: 2,950 trillion USD
- GDP Growth Rate: %1,8
- Population: 66.2 million people
- Population growth rate: %0,6
- Per capita GDP: 44,800 USD
- Inflation Rate: %2.6
- Unemployment Rate: %4.4
- Currency: Pound (GBP)
Export figures for the UK and Foreign Trade Deficit
UK issues USD 182.6 billion foreign trade deficit in 2018
Imports, which reached the highest level with 717.6 billion USD in 2011, decreased by 3% to 669 billion USD annually until 2019. But the United Kingdom cannot increase its exports. When the data of the last 10 years are analyzed, we see that the export figures are drawing a bumpy graph.
The UK, which is a huge market with a population of 65 million people, does not follow restrictive policies for imports. In 2018, the UK's largest exporter was the United States with $ 65.3 billion. Imports from the United States are 63.2 billion USD. We can say that the trade between the two countries is balanced.
For the United Kingdom, the countries where bilateral trade has gone uneven, are mainly China and Germany. The United Kingdom has a foreign trade deficit of 35.6 from the bilateral trade with China and 26.2 billion USD from the trade with Germany.
The UK realizes half of its total trade volume with European countries
United Kingdom Economics
The growth rate of UK 2018 was 1.4%, the lowest growth rate since 2012. Considering the Brexit uncertainty and global market problems, the expected growth rate in 2019 is 1.2%.3% inflation in January 2019 was the highest figure of the year.
Unemployment is around 4.1%
United Kingdom - Employment Rates by Sector
- Service Sector: 79,7%
- Industry Sector:% 19,2
- Agricultural Sector: 1.1%
Biggest UK Companies
- Royal Dutch Shell
- BP
- Legal and General Group
- Prudential Public Limited Company
- HSBC Holdings
- Tesco
- Legal and General Assurance (Pensions Management)
- Aviva
- Aviva International Insurance Limited
- Lloyds Banking Group
Brexit
On June 23, 2016, Brexit called for the exit from the European Union, 51.9% of the people of the United Kingdom voted to leave the EU. As far as voting is concerned, the people of England and Wales vote on the way to leave the EU. Scotland and Northern Ireland supported the stay in the EU.The United Kingdom has a serious economic integration with the Union as an EU member state. Currently, there is no agreement on bilateral trade with the EU and bilateral trade to be carried out after the brexit.
Brexit's decision will have a great impact on the UK economy. The United Kingdom's decision to leave the EU will have many negative consequences: low growth rate, increase in foreign trade deficit, costs and inflation increase the negative consequences.
Top Export Products from United Kingdom
- Machinery and its parts: 72,2 billion USD
- Vehicles and its parts: 54,5billion USD
- Natural or cultural pearls, gems: 47,4 billion USD
- Mineral fuels including oil: 43,7 billion USD
- Pharmaceuticals: 30 billion USD
- Electrical machinery, equipment: 28,8 billion USD
- Aircraft, spacecraft: 21,3 billion USD
- Optical, technical, medical devices: 19 billion USD
- Plastics, plastic articles: 19 billion USD
- Organic chemicals: 12,3 billion USD
United Kingdom Most Exporting Countries
- USA: 65,3 billion USD
- Germany: 46,7 billion USD
- Netherland: 33,1 billion USD
- France: 31,8 billion USD
- Ireland: 28,1 billion USD
- China: 27,7 billion USD
- Switzerland: 25,5 billion USD
- Belgium: 18,9 billion USD
- Italy: 13,9 billion USD
- Spain: 13,9 billion USD
Top Import Products in United Kingdom
- Machinery and its parts: 85,9 billion USD
- Vehicles and its parts: 74,7 billion USD
- Mineral fuels including oil: 66,8 billion USD
- Electrical machinery and equipments: 63,5 billion USD
- Natural or cultural pearls, gems: 40 billion USD
- Pharmaceuticals: 30,2 billion USD
- Plastics, plastic articles: 19,3 billion USD
- Optical, technical, medical devices: 18,6 billion USD
- Commodities not elsewhere specified: 13,9 billion USD
- Articles of apparel and clothing: 13 billion USD
- Article of iron and steel: 12 billion USD
Most Import Countries to United Kingdom
- Germany: 91,5 billion USD
- China: 63,3 billion USD
- USA: 63,2 billion USD
- Netherland: 55,1 billion USD
- France: 37,6 billion USD
- Belgium: 34,6 billion USD
- Italy: 26,5 billion USD
- Spain: 21 billion USD
- Ireland: 18,7 billion USD
- Poland: 14,3
billion USD
Public Holidays and Working Hours in United Kingdom
- January 1th: New Year's Day.
- April 19th : Good Friday.
- April 22th: Easter Monday.
- M1stMonday in May: May Day Bank Holiday
- last Monday in May: Spring Bank Holiday
- December 25th: Christmas Day.
- December 26th: Boxing Day.
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