Attaining a Gross Domestic Product (GDP) valued at US$2.674 trillion, the United Kingdom finished in 6th place when compared to the world’s richest countries in 2008.
Home to an estimated 61.1 million citizens who enjoyed an average GDP of $36,600 per person last year, United Kingdom was also the 31st wealthiest nation in terms of GDP per capita.
As the world’s 9th biggest exporter, United Kingdom shipped $464.9 billion worth of exports last year according to CIA World Factbook estimates. Principal UK exports include beverages, chemicals, food, fuels and tobacco. Based on 2008 statistics, United Kingdom’s largest export clients were the United States (13.9%), Germany (11.5%), Netherlands (7.8%), France (7.5%), Ireland (7.5%), Belgium (5.2%) and Spain (4.1%).
United Kingdom imported $636 billion worth of foreign goods last year led by foodstuffs, fuels, machinery and manufactured goods. Leading suppliers to the UK market were Germany (13.1%), US (8.7%), China (7.5%), Netherlands (7.4%), France (6.8%), Norway (6%), Belgium (4.7%) and Italy (4.1%). The world’s 6th largest importing nation posted a $171.1 billion trade deficit for 2008.
In total, United Kingdom’s international trade amounted to $1.1 trillion or 41.2% of its overall GDP. This compares with 25% for the U.S. and 59.5% for Canada.
UK Trade with the US
Last year, United Kingdom exports to America rose 3% to $58.6 billion. Over that same period, UK businesses imported $53.6 billion worth of US imports – an increase of 7.2%.
Therefore, United Kingdom had a trade surplus with the US amounting to $5 billion in 2008.
The lists below present the top 10 exports and imports that American and UK enterprises exchanged in 2008. The fastest-growing trade product categories are also shown.
United Kingdom’s Top Imports from America
Below are the top ten goods imported from the U.S. into United Kingdom during 2008.
- Civilian aircraft … US$6 billion, up 2.6% from 2007 (11.2% of UK imports from US)
- Gold … $5.3 billion, up 23.3% (9.9%)
- Pharmaceutical preparations … $4 billion, up 5.5% (7.5%)
- Collectibles (antiques, artwork, stamps) … $2.6 billion, up 19.5% (4.8%)
- Precious metals other than gold … $1.9 billion, up 32.5% (3.5%)
- Telecommunications equipment … $1.4 billion, down 2.9% (2.7%)
- Medicinal equipment … $1.3 billion, up 10.7% (2.4%)
- Passenger cars … $1.13 billion, down 18.5% (2.1%)
- Computer accessories … $1.12 billion, down 11.8% (2.1%)
- Electric apparatus … $1.05 billion, up 1.7% (2%).
Fastest-Growing UK Imports from the US
Last year, the following American exports to the United Kingdom had the highest percentage sales increases from 2007.
- Non-scrap vessels … US$17.7 million, up 1,904% from 2007
- Non-farm tractors and parts … $327.2 million, up 833.3%
- Other petroleum products … $443.6 million, up 230.1%
- Complete military aircraft … $484.3 million, up 218.4%
- Non-military spacecraft … $1.1 million, up 213.7%
- Coal … $243.3 million, up 205.3%
- Meat and poultry … $41.4 million, up 147.5%
- Animal feeds … $83.1 million, up 131.1%
- Numisatic collectible coins … $22.8 million, up 113%
- Aircraft launching gear including parachutes … $71.1 million, up 104.6%.
United Kingdom’s Top Exports to America
The UK ships a wide range of products to the US. The following top 10 exports represent about 56% of all America-bound shipments from the UK during 2008.
- Pharmaceutical preparations … US$11 billion, up 16.3% from 2007 (18.8% of UK exports to US)
- Other petroleum products … $4.7 billion, down 0.1% (8%)
- Passenger cars … $3.9 billion, down 3.1% (6.7%)
- Crude oil … $2.6 billion, up 0.4% (4.4%)
- Civilian aircraft engines … $2.1 billion, down 2.3% (3.6%)
- Collectibles (antiques, artwork, stamps) … $1.8 billion, down 13.1% (3%)
- Industrial engines … $1.5 billion, up 11.3% (2.51%)
- Civilian aircraft parts … $1.45 billion, up 8.9% (2.48%)
- Precious metals other than gold … $1.43 billion, down 7.6% (2.45%)
- Nuclear fuel … $1.37 billion, up 15.9% (2.3%).
Fastest-Growing UK Exports to America
Gold and diamonds were among the United Kingdom’s top 10 fastest-growing export categories in 2008.
- Liquified petroleum gases … US$80.2 million, up 247.8% from 2007
- Fuel oil … $1.2 billion, up 143.1%
- Unmanufactured steelmaking materials … $167.3 million, up 102%
- Gold … $111.7 million, up 98.9%
- Computers … $272.6 million, up 59%
- Nickel … $139.2 million, up 52.3%
- Specialized mining and oil equipment … $106.3 million, up 47.7%
- Diamonds … $72.2 million, up 40%
- Photographic and optical equipment … $25.3 million, up 39%
- Plywood and veneers … $2.6 million, up 38.5%.
Big ticket items like military aircraft, as well as fuels including petroleum and coal, were among the US exports showing the highest percentage gains in sales to the UK in 2008.
In general, the fastest-growing UK exports to America were for smaller dollar amounts and lesser percentage increases.
Should this trend of spending more than it receives continue, the United Kingdom may have to add a trade deficit with the U.S. to its list of economic woes during the global recession.
Sources
This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
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