Categories
Trade

UK Overseas Trade in Goods, November 2020

HM Revenue & Customs (HMRC) collects the UK’s international trade in goods data for Non-EU and EU trade with the UK. These are published on a monthly basis and figures for November 2020 have recently been released. (15 January 2021).

UK overseas trade in goods statistics: November 2020

A summary document is available at:

UK Overseas Trade in Goods Statistics Commentary: November 2020

Summary

Total exports of goods for November 2020 were £29.2 billion.

Total imports of goods for November 2020 were £48.7 billion.

The UK was a net importer this month, with imports exceeding exports by £19.4 billion.

For EU trade the UK was a net importer this month, with imports exceeding exports by £8.5 billion.

For Non-EU trade the UK was a net importer this month, with imports exceeding exports by £10.9 billion.


Imports to the UK

EU Imports for November 2020 were £23.4 billion.

Non-EU Imports for November 2020 were £25.2 billion.

China accounted for 12.8% (£6.2bn) of the total value of imports to the UK. Germany had the second largest proportion of the total value of trade, accounting for 11.9% (£5.8bn) followed by the USA 8.4% (£4.1bn) then the Netherlands 7.4% (£3.6bn) and Belgium 4.8% (£2.3bn). The top five partner countries accounted for 45.3% of total UK import value this month.


Exports from the UK

EU Exports for November 2020 were £14.9 billion

Non-EU Exports for November 2020 were £14.3 billion.

The USA accounted for 14.3% (£4.2bn) per cent of the total value of goods exports from the UK. Germany had the second largest proportion accounting for 11.2% (£3.3bn) followed by the Irish Republic with 9.0% (£2.6bn), the Netherlands with 7.5% (£2.2bn) and France with 5.4% (£1.6bn). The top five export partners accounted for 47.4% of total exports in goods this month.


Data

Spreadsheets are available which show the figures in more detail.

UK overseas trade in goods statistics November 2020: import and export data

The following tables contain EU and Non-EU import and export data for November 2020.

UK overseas trade in goods statistics November 2020: imports

UK overseas trade in goods statistics November 2020: exports


Categories
Brexit Future Relationship

and finally ?

The United Kingdom finally left the 27-member European Union at 23:00 (GMT) on 31 January, just over four and half years after the UK public voted to leave the organisation in the 2016 Brexit referendum.

Officially, the UK left the EU on January 31 2020 but then entered a transition period during which the sides argued over a future relationship between the UK and the EU.

The UK-EU Trade and Cooperation Agreement treaty was agreed on Christmas Eve (24 Dec) and was accepted by MPs in the UK Parliament on Wednesday (30 Dec).

Under the new treaty, the UK will have tariff and quota free access to the EU’s single market, which means there will be no import taxes on goods crossing between the UK and EU member states.

Is this the end of it all or just the start of a new (long) chapter of further drawn out negotiations ??

Categories
UK-EU Trade Agreement

UK-Gibraltar-Spain agreement: December 2020

The recently agreed UK-EU Trade Agreement between the UK and the EU does not include Gibraltar.

The Chief Minister of Gibraltar, Hon Fabian R Picardo QC MP, made a statement regarding the future relationship with the EU “The New Year’s Eve ‘In-Principle’ Agreement: A Post Brexit Deal for Gibraltar 31 December, 2020

My dear fellow Gibraltarians,

This New Year’s Eve, we can look forward with expectation and hope. We believe we may now be able to re-set our relationship with Spain and cast it in a more positive light going forward. After many months of hard work, we have reached an in principle agreement with the United Kingdom and Spain.

The agreement is for a proposed framework for a UK/European Union Agreement or Treaty on Gibraltar’s future relationship with the EU. That agreement will govern the relationship between Gibraltar and the European Union in areas of EU competence. The British Ambassador in the UK Mission to the European Union has written to the President of the European Commission confirming the UK’s desire that such an agreement be negotiated and that the EU should seek a mandate for that purpose. Spain has confirmed that it has also now contacted the European Commission for that purpose.

Categories
UK-EU Trade Agreement

PM signs UK-EU Trade Agreement

Boris Johnson, Prime Minister of the UK, signs the recently agreed Trade Agreement between the UK and the EU.

In a statement (on twitter) he said:

By signing this deal, we fulfill the sovereign wish of the British people to live under their own laws, made by their own elected Parliament.

Categories
UK-EU Trade Agreement

PM’s statement to the House of Commons on the UK-EU deal

Prime Minister Boris Johnson spoke in the House of Commons on the deal agreed with the European Union, on 30 December 2020.

Transcript (from https://www.gov.uk/government/speeches/prime-ministers-opening-statement-to-the-house-of-commons-on-the-uk-eu-deal-30-december-2020 )

Thank you Mr Speaker, can I begin by thanking you and the House authorities and all your staff and their hard work in allowing us to meet today, and can I also welcome the outstanding news that AstraZeneca is now rolling out a new UK made vaccine approved by the MHRA that offers the hope to millions in this country and around the world, Mr Speaker I beg to move that the Bill be now read a second time,

and having taken back control of our money, our borders, our laws and our waters by leaving the European Union on Jan 31st, we now seize the moment to forge a fantastic new relationship with our European neighbours, based on free trade and friendly co-operation.

And at the heart of this Bill is one of the biggest free trade agreements in the world, a comprehensive Canada-style deal, worth over £660 billion, which, if anything, should allow our companies to do even more business with our European friends, safeguarding millions of jobs and livelihoods in our UK and across the continent.

In less than 48 hours, we will leave the EU single market and the customs union, as we promised and yet British exporters will not face a sudden thicket of trade barriers, but rather, for the first time in the history of EU agreements, zero tariffs and zero quotas.

And just as we have avoided trade barriers, so we have also ensured the UK’s full control of our laws and our regulations and there is a vital symmetry between those two achievements, because the central purpose of this Bill is to accomplish something that the British people always knew in their hearts could be done, but which we were continually told was impossible, we were told we could not have our cake and eat it, do you remember how often we were told that Mr Speaker, namely that we could trade and cooperate with our European neighbours on the closest terms of friendship and goodwill, whilst retaining sovereign control of our laws and our national destiny.

And that unifying thread runs through every clause of this Bill, it embodies our vision – shared with our European neighbours – of a new relationship between Britain and the EU as sovereign equals, joined by friendship, commerce, history, interests and values, while respecting one another’s freedom of action and recognising that we have nothing to fear if we sometimes choose to do things differently and we have much to gain from the healthy stimulus of competition. And this Bill demonstrates therefore how Britain can be at once European and sovereign.

And I think you’ll agree Mr Speaker our negotiators accomplished their feat with astonishing speed. It took nearly 8 years for the Uruguay Round of world trade talks to produce a deal, and five years for the EU to reach a trade agreement with Canada, six for Japan.

We have done this in less than a year, in the teeth of a pandemic, and we have pressed ahead with this task, resisting all the calls for delay, Mr Speaker precisely because creating certainty about our future provides the best chance of beating Covid and bouncing back even more strongly next year. And that was our objective.