Exporting to United Kingdom

United Kingdom Export Guide | Trade Finance Global

Exporting to the UK

The United Kingdom is a sovereign country in Europe that comprises England, Wales, Scotland and Northern Ireland. 

The capital and financial centre of the UK is London, with a metropolitan area population of over 14 million.

The UK’s 2016 decision to leave the European Union (EU) gave it the freedom to pursue its own trade deals with countries around the globe. 

At the time the UK left, the EU had about 40 trade deals covering more than 70 countries. Since leaving, the UK has signed trade agreements and agreements in principle with 69 countries, including one with the EU. 

Its 2019 import flows were nearly $692 billion, with imports primarily coming from Germany, the USA, China, the Netherlands, and France.

uk imports by country

In general, individuals in the UK seem open to digitalisation, even for financial products. 

Online banking penetration in the UK has grown steadily over the past decade, reaching 76% in 2020.

United Kingdom Country Profile

Official Name (Local Language) United Kingdom of Great Britain and Northern Ireland
Capital London
Population 64,430,428
Currency British Pound
GDP $2,650 billion
Languages English
Telephone Dial In 44

United Kingdom Imports Profile

Imports ($m USD)

641,332

Number of Import Products

4,512

Number of Import Partners

227

Top 5 import partners

Country

Trade

% Partner Share

Germany

89,695

13.99

China

59,863

9.33

United States

58,829

9.17

Netherlands

51,411

8.02

France

36,502

5.69

Top 5 Export Products at HS 6 digit level

Export Product

Number

Motor cars and other motor vehicles principally...

6.9%

Gold, incl. gold plated with platinum, unwrought

5.4%

Petroleum oils and oils obtained from bituminous

3.2%

Turbo-jets, turbo-propellers and other gas...

3.2%

Transmission apparatus for radio-telephony,...

2.9%

Chart Showing GDP Growth Compared to rest of world

Export Chart

GDP Composition for United Kingdom

Agriculture

%

Products List

0.6%

Cereals, oilseed, potatoes, vegetables; cattle, sheep, poultry; fish

Industry

%

Industry List

19.2%

Machine tools, electric power equipment, automation equipment, railroad equipment, shipbuilding, aircraft, motor vehicles and parts, electronics and communications equipment, metals, chemicals, coal, petroleum, paper and paper products, food processing, t

Services

%

Services List

80.2%

Other business services Financial services Travel Transportation Computer and information services Insurance services Royalties and license fees Cultural and recreational services Government services Construction services

Exporting to the UK: what is trade finance?

In order for a company to export goods to another market, it may need export finance, which is a commercial agreement between the exporter and the foreign importer.

A non-bank lender will advance the cost of producing the goods before they are manufactured, or after they have been shipped. 

Once the foreign importer has received the stock supplies and pays for the import, the company will repay the advance loan from the lender over an agreed period of time.

Information

United Kingdom_Map

Exporting from United Kingdom? Contact our local experts

United Kingdom_Flag

United Kingdom Economic Statistics

Government Website

https://www.gov.uk/

Sovereign Ratings

https://countryeconomy.com/ratings/uk

Central Bank

Bank of England

Currency USD Exchange Rate

0.7391

Unemployment Rate

4.8%

Population below poverty line

15%

Inflation Rate

0.25%

Prime Lending Rate

4.6%

GDP

$2,650 billion

GDP Pro Capita (PPP)

$42,500

Currency Name

British Pound

Currency Code

GBP

World Bank Classification

High Income

Competitive Industrial Performance

7/138

Corruption Perceptions Index

8/180

Ease of Doing Business

9/190

Enabling Trade Index

8/136

Currency in United Kingdom

none selected

About the Author

Brian Canup is the Editorial & Research Assistant at Trade Finance Global (TFG).

Brian holds a BA in Political Science from the University of Wisconsin-Madison and an MA in International Political Economy from King’s College London.

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