Which countries does the UK have a trade surplus with?
Which countries does the UK have a trade surplus with?
List of the largest trading partners of United Kingdom
| Rank | Country | Total trade |
|---|---|---|
| – | European Union (Total) | 614,980 |
| 1 | United States | 182,583 |
| 2 | Germany | 134,927 |
| 3 | Netherlands | 85,977 |
What is a service trade surplus?
A country that imports more goods and services than it exports in terms of value has a trade deficit or a negative trade balance. Conversely, a country that exports more goods and services than it imports has a trade surplus or a positive trade balance.
Does the United Kingdom have a trade deficit or surplus?
The UK generally imports more than it exports meaning that it runs a trade deficit. A deficit of £156 billion on trade in goods was offset by a surplus of £127 billion on trade in services in 2021.
What is the UK’s biggest service export?
Financial services continued to be the single largest service product exported from the UK. UK exports of financial services have been increasing annually since 2014; this trend continued in 2018 with exports increasing by 8.6% from £20.0 billion in 2017 to £21.7 billion.
What percentage of UK exports are services?
The EU accounted for 47% of UK goods exports and 36% of services exports. 53% of the UK’s imported goods and 43% of imported services were imported from the EU. In cash terms, the value of UK exports to the EU fell by 14% between 2019 and 2020, while the value of imports from the EU fell by 19%.
What is the UK’s biggest import?
Britain’s Top 10 Imports
- Gems, precious metals: US$108.4 billion (17.1% of total imports)
- Machinery including computers: $70.9 billion (11.2%)
- Vehicles: $58.1 billion (9.2%)
- Electrical machinery, equipment: $56.2 billion (8.9%)
- Mineral fuels including oil: $33.7 billion (5.3%)
- Pharmaceuticals: $26.1 billion (4.1%)
What is an example of a trade surplus?
Trade Surplus: Trade surpluses occur when a country exports more products than it imports. For example, if China were to export $1 trillion worth of goods and import only $200 billion worth of goods, it would have an $800 billion trade surplus.
What is the difference between BoP and BoT?
Balance of trade (BoT) is the difference that is obtained from the export and import of goods. Balance of payments (BoP) is the difference between the inflow and outflow of foreign exchange. Transactions related to goods are included in BoT. Transactions related to transfers, goods, and services are included in BoP.
What proportion of UK exports are services?
£62.9 billion of service exports, 19.8% of total UK service exports, a lower proportion than in 2018 (21.0%).
What is the balance of trade in the United Kingdom?
Balance of Trade in the United Kingdom averaged -1306.50 GBP Million from 1955 until 2022, reaching an all time high of 8131 GBP Million in December of 2019 and a record low of -11781 GBP Million in January of 2022.
How much of UK trade is services?
In 2018, service industries accounted for 80% of UK economic output, 47% of exports and 29% of imports. Services earned a trade surplus of £117 billion in 2018, including £23 billion with the EU. By 2021, the surplus had grown to £119 billion as imports fell further than exports.
What are services exports?
A service export is, very simply, any service provided by a resident in one country to people or companies from another.
