Finland Economic Statistics

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.

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.

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.

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