Importing from United Kingdom

United Kingdom Import Guide | Trade Finance Global

Importing from United Kingdom

With exports averaging about $450 billion per year the UK is one of Europe’s leading exporters of cars ($40 billion), refined petroleum ($28 billion) and crude petroleum ($22 billion). Top destinations for exports are the United States ($50 billion), Germany ($45 billion) and the Netherlands ($35 billion).

The greatest growth in British exports in recent years has been to China and Switzerland while Europe remains an important growing market. The UK Government has set forth an ambitious target to double exports by 2020 when they hope to reach a trillion pounds sterling.

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 Exports Profile

Exports ($m USD)

442,066

Number of Export Products

4,479

Number of Export Partners

233

Top 5 export partners

Country

Trade

% Partner Share

United States

59,189

13.39 %

Germany

46,698

10.56 %

France

30,406

6.88 %

Netherlands

27,575

6.24 %

Ireland

25,108

5.68 %

Top 5 Export Products at HS 6 digit level

Export Product

Number

Petroleum oils and oils obtained from bituminou

Gold in oth semi-manufactured forms,non-monetar

Other medicaments of mixed or unmixed products,

Automobiles with reciprocating piston engine di

Aircraft parts nes

Chart Showing GDP Growth Compared to rest of world

GDP Composition for UK

Agriculture

%

Product 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

Importing 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 UK

none selected

Back to Top