Trade In UK

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UK trade consists of the movement of goods and services within the European Union (EU), of which it is a member, and to non-EU countries. International trade in the UK is assisted by UK Trade & Investment (UKTI). This government organization focuses on enhancing the competitiveness of UK companies through overseas trade and investments. It also aims at continuing to attract high-quality foreign direct investment (FDI).

 


UK trade consists of the movement of goods and services within the European Union (EU), of which it is a member, and to non-EU countries. International trade in the UK is assisted by UK Trade & Investment (UKTI). This government organization focuses on enhancing the competitiveness of UK companies through overseas trade and investments. It also aims at continuing to attract high-quality foreign direct investment (FDI).

 

UK Trade: Market Share

Some of the key commodities in which the UK trades are manufactured goods, beverages, fuels and chemicals. According to a World Trade Organization (WTO) report published in 2008, the UK has retained its position as the world’s largest commercial services exporter. Moreover, with the UK recording a profit of $263 billion in the commercial services sector, the country continues to be the world’s second largest provider of these services.

Recorded exports from the UK fell by 3% in 2008 due to which the country slipped from the seventh to the eighth slot. In addition, the country suffered a trade deficit of £3.9 billion in the goods and services sector.

 

UK Trade: Export

According to a report by HM Revenue and Customs of the UK, the top three items exported by the country in the second quarter of 2008 were:

  • Petroleum and petroleum products (£8,254 million)
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  • Road vehicles (£6,170 million)
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  • Pharmaceutical products (£4,215 million)
Goods moving from the UK to other EU nations are specified as ‘dispatches’ rather than “exports.” The EU has common trade regulations for all member states. Most of the goods dispatched to the EU countries do not need licenses. However, an export license is required for goods such as weapons, radioactive products and military and paramilitary goods.
Apart from licenses, the UK necessitates the application of certain regulations and tariffs for export of fisheries, agriculture and horticulture products to a “third country” or outside the EU.
 
UK Trade: Import
Surprisingly, the top two items that are exported and imported by the UK are the same. The top three commodities imported by the UK in the second quarter of 2008 were:
  • Petroleum and petroleum products (£9,690 million)
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  • Road vehicles (£9,499 million)
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  • Manufactured articles (£4,579 million)
Some important import related facts about UK trade are as follows:
  • An import license is required to dispatch rough diamonds imported from a non-EU country to another member nation.
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  • Unless a person carries a European Firearm Pass, s/he cannot dispatch his arms from an EU nation to the UK or vice versa.
UK Trade: Important Ports
Some ports critical for trade in the UK are:
  • Southampton
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  • Dover
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  • Port of London
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  • Liverpool
 
 
 
 

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