Importing from United Kingdom

United Kingdom Import Guide | Trade Finance Global

Importing from the UK

The United Kingdom of Great Britain and Northern Ireland is a sovereign country off the North Western coast of continental Europe. 

The UK is a major international trading power, with international trade accounting for 28% of the country’s GDP.

In 2019, over $468 billion was exported by the UK, primarily to the USA, Germany, France, Netherlands, and China.

The majority of British exports are from a few key categories, namely mechanical machinery (14%); cars (10%); electrical machinery (8%); medicinal and pharmaceutical products (8%); crude oil (6%); and aircraft (5%).

UK exports by country

 

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 the UK: what is trade finance?

In the UK, exporters typically make payments on open accounts, payments in advance, letters of credit, documentary drafts, or consignments. 

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. 

uk exports by hs code

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

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 UK

none selected

About the Author

Brian Canup is the Business Development Executive 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 at King’s College London.

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