Exporting to United Kingdom

United Kingdom Export Guide | Trade Finance Global

Exporting to United Kingdom

The United Kingdom is generally acknowledged as the eleventh largest economy worldwide and the fifth largest trading nation. It is highly dependent on foreign trade, so it must import almost all of its raw materials and about a third of its food, leading to a trade imbalance which has grown from about $30 billion in the mid 1990s to around $174 billion today.

The annual total of imports to the UK has increased by about 9% since 2010 to about $682.5 billion, with the top imports machinery (13.2%), oil (11.3%) and vehicles (11%). The main import partners are Germany ($85 billion), China ($55 billion), the Netherlands ($50 billion), France ($38 billion) and the United States ($36 billion).

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

08.02

France

36,502

5.69

Top 5 Export Products at HS 6 digit level

Export Product

Number

Gold in oth semi-manufactured forms,non-monetar

Petroleum oils and oils obtained from bituminou

Transmission apparatus, for radioteleph incorpo

Automobiles with diesel engine displacing more

Petroleum oils, etc, (excl. crude); preparation

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

Importing from United Kingdom: What is trade finance?

Trade finance is a revolving facility which alternative lenders offer – it enables businesses to buy stock supplies and can help reduce the pressure from working capital issues.

Generally, a trade financier will fund most of the cost of the product, including charges (e.g. bank charges).

Trade finance offers added advantages over more traditional bank funding like invoice finance or business loans. Trade finance provides up front funding without affecting existing bank relationships.

How does it work?
If you’re a firm importing or exporting stock around the world, then a trade finance facility would help you to fund this through offering a letter of credit or some form of cash advance.

I’m looking to import from the United Kingdom, how can Trade Finance Global help, and how does it work?
If you are looking to import stock supplies from other countries, you may require import finance, which is an agreement between yourself (the importer) and the foreign exporter. An alternative finance bank will act as the intermediary, paying the foreign exporter on your behalf until you receive the inventory and have then sold them to your buyer. Repaying the financier then happens over an agreed period.

Information

Exporting from United Kingdom? Contact our local experts

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

7391

Unemployment Rate

4.8%

Population below poverty line

0,15

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

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