Key Takeaways
| Insight | Details |
|---|---|
| Total Trade Value | $1.7 trillion in 2024, ranking the UK 11th globally. |
| Top Export Destinations | US (20.8%), Germany (8.9%), and Netherlands (7.4%) lead, with China showing a 1.4% growth in share. |
| Top Import Origins | Germany (13.9%), China (12.4%), and US (8.3%) are key, with China’s share growing by 1.5%. |
| Leading Export Product | Industrial machinery (15.4% share), valued at $84 billion, with a 1.0% growth. |
| Leading Import Product | Precious metals and stones (11.0% share), valued at $71 billion, with a 1.0% growth. |
| Forecasted Growth | Total trade expected to grow by 1.7% annually through 2029, with exports at 1.5% and imports at 1.9%. |
The United Kingdom (UK) remains a significant player in global trade, with a diverse range of exports and imports shaping its economic landscape. This report analyzes the UK’s trade performance, focusing on key data, export destinations, import origins, and product categories for the period 2018–2023, with forecasts extending to 2029. Using data from a comprehensive infographic, we explore trade value changes, growth rates, and the top products driving the UK’s international trade. For businesses looking to navigate this landscape, partnering with a reliable logistics provider like SLG Logistics can streamline your shipping and supply chain needs. This report is designed to provide valuable insights for businesses, policymakers, and researchers interested in UK trade trends.
Key Trade Data and Rankings (2019–2024)
The UK’s trade landscape has experienced notable shifts between 2019 and 2024. Here’s a breakdown of the key figures:
| Metric | Value | Global Rank |
|---|---|---|
| Total Trade Value | $1.7 trillion | 11th |
| Exports | $478.8 billion | 14th |
| Imports | $748.9 billion | 7th |
Trade Value Changes (2019–2024)
| Metric | Change | 2019 Value | 2024 Value |
|---|---|---|---|
| Total Trade Volume | -5.7% | $1.8 trillion | $1.7 trillion |
| Export Volume | -9.1% | $526.8 billion | $478.8 billion |
| Import Volume | -3.2% | $774.8 billion | $748.9 billion |
Forecasted Trade Growth (2024–2029)
| Metric | Annual Growth Rate |
|---|---|
| Total Trade Growth | 1.7% |
| Export Growth | 1.5% |
| Import Growth | 1.9% |
The trade value growth chart (2000–2029) indicates a steady recovery post-2020, with exports and imports showing a gradual upward trend through 2029. However, the annualized growth rate map highlights regional disparities, with some areas experiencing growth rates as high as 12.0%, while others face declines of up to 20%.
Top Export Destinations (2018–2023)
The UK’s export markets are diverse, with Europe and North America playing significant roles. However, Asian markets are increasingly important. Here are the top five destinations for UK goods between 2018 and 2023:
| Destination | Share | Change in Share | Shipping Support |
|---|---|---|---|
| United States | 20.8% | -2.9% | N/A |
| Germany | 8.9% | +1.2% | N/A |
| Netherlands | 7.4% | +0.6% | N/A |
| China | 5.4% | +1.4% | Shipping from the UK to China |
| Switzerland | 5.2% | -1.9% | N/A |
Other notable destinations include France (5.1%), Belgium (4.8%), Italy (3.9%), Spain (3.2%), and Ireland (2.4%). The map of export destinations highlights the concentration of trade within Europe, with emerging markets like China showing potential for future growth. For those targeting Southeast Asian markets, SLG Logistics provides tailored shipping solutions, such as UK to Brunei, UK to Cambodia, UK to Indonesia, UK to Malaysia, UK to Myanmar, UK to Philippines, UK to Singapore, UK to Thailand, and UK to Vietnam.
Top Import Origins (2018–2023)
The UK’s imports are sourced from a mix of European, North American, and Asian countries. The top five origins for UK imports are:
| Origin | Share | Change in Share |
|---|---|---|
| Germany | 13.9% | +0.5% |
| China | 12.4% | +1.5% |
| United States | 8.3% | -1.0% |
| Netherlands | 6.2% | +0.2% |
| Norway | 5.2% | +2.2% |
Other key origins include France (5.7%), Belgium (4.5%), Italy (3.9%), Spain (3.4%), and Ireland (3.4%). The import origins map underscores the UK’s dependence on European neighbors, with China’s growing influence in the import market. For businesses importing goods, SLG Logistics offers sea freight services to ensure efficient and cost-effective delivery.
Top Export Products (2017–2022)
The UK’s export portfolio is led by high-value goods, particularly in machinery, vehicles, and precious metals. Here are the top five export products by share:
| Product | Share | Value | Change in Share |
|---|---|---|---|
| Industrial Machinery | 15.4% | $84 billion | +1.0% |
| Precious Metals and Stones | 10.0% | $71 billion | -1.0% |
| Petroleum Oils and Waxes | 9.5% | $30 billion | +0.5% |
| Pharmaceutical Products | 8.2% | $27 billion | +0.5% |
| Vehicles | 7.0% | $87 billion | -0.5% |
Other significant exports include gas turbines ($84 billion), electrical machinery ($65 billion), and aircraft ($88 billion). The treemap of export products highlights the dominance of industrial machinery (HS 84) and vehicles (HS 87), which together account for a substantial portion of the UK’s export revenue. For businesses exporting vehicles or machinery, SLG Logistics provides land trucking services to facilitate seamless transportation across borders.
Top Import Products (2017–2022)
The UK’s imports are heavily weighted toward machinery, vehicles, and energy products. The top five import products by share are:
| Product | Share | Value | Change in Share |
|---|---|---|---|
| Precious Metals and Stones | 11.0% | $71 billion | +1.0% |
| Industrial Machinery | 9.1% | $84 billion | +0.5% |
| Petroleum Oils and Waxes | 9.0% | $271 billion | -1.0% |
| Electrical Machinery | 8.9% | $85 billion | +0.5% |
| Vehicles | 7.0% | $87 billion | -0.5% |
Other notable imports include pharmaceutical products ($84 billion), plastics ($39 billion), and furniture ($84 billion). The import treemap emphasizes the UK’s reliance on petroleum oils (HS 2710) and industrial machinery (HS 84), reflecting its energy and manufacturing needs. For high-value imports like precious metals, SLG Logistics offers air freight services to ensure fast and secure delivery.
Trade Growth Forecast and Opportunities
The forecasted trade growth rate of 1.7% annually through 2029 suggests a stable but modest recovery for the UK. Exports are expected to grow at 1.5% per year, while imports are projected to rise by 1.9%. This growth presents opportunities for businesses to expand into emerging markets like China, which has shown consistent growth as both an export destination and import origin. Additionally, the UK can explore opportunities in South Asia, such as shipping from the UK to India, to tap into growing markets.
Opportunities for Growth
| Opportunity | Description |
|---|---|
| Diversifying Export Markets | The UK can capitalize on growing markets in Asia, particularly China, to offset declines in traditional markets like the US and Switzerland. |
| Strengthening European Ties | Despite Brexit, European countries like Germany and the Netherlands remain key trade partners, offering opportunities for deeper collaboration. |
| Focusing on High-Value Exports | Industrial machinery, precious metals, and pharmaceuticals are strong export categories that can drive future growth. |
Conclusion
The United Kingdom’s trade landscape in 2024 reflects a mix of challenges and opportunities. While total trade volume has declined since 2019, the forecasted growth through 2029 indicates a positive trajectory. The US, Germany, and China are pivotal trade partners, with industrial machinery, precious metals, and petroleum products dominating the UK’s trade portfolio. By diversifying export markets and leveraging high-value sectors, the UK can strengthen its position in global trade.
For businesses and policymakers, understanding these trends is crucial for strategic planning. Whether you’re looking to export industrial machinery to the US or import electrical equipment from China, the UK’s trade data offers valuable insights for decision-making. Partnering with SLG Logistics can help you navigate these opportunities with expert shipping and logistics solutions tailored to your needs.