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UK overseas trade in goods, November 2019

by Politicker 0 Comments

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 2019 have recently been released. (13 January 2020).

UK overseas trade in goods statistics: November 2019

A summary is provided in a document available at

UK Overseas Trade in Goods Statistics Commentary: November 2019

Summary

Total exports of goods for November 2019 were £30.0 billion.

Total imports of goods for November 2019 were £43.9 billion.

The UK was a net importer this month, with imports exceeding exports by £13.9 billion.

For EU trade the UK was a net importer this month, with imports exceeding exports by £7.8 billion.

For Non-EU trade the UK was a net importer this month, with imports exceeding exports by £6.1 billion.


Imports to the UK

EU Imports for November 2019 were £21.1 billion.

Non-EU Imports for November 2019 were £22.8 billion.

Germany accounted for 11.8% (£5.2bn) of the total value of imports to the UK. The USA had the second largest proportion of the total value of trade, accounting for 9.8% (£4.3bn) followed by China 9.1% (£4.0bn), the Netherlands 7.7% (£3.4bn) and France 5.3% (2.3bn). The top five partner countries accounted for 43.7% of total UK import value this month.


Exports from the UK

EU Exports for November 2019 were £13.3 billion

Non-EU Exports for November 2019 were £16.7 billion.

The USA accounted for 15.6% (£4.7bn) per cent of the total value of goods exports from the UK. Germany had the second largest proportion, accounting for 10.0% (£3.0bn), followed by China with 8.0% (£2.4bn), France with 6.3% (£1.9bn), and the Netherlands at 6.3% (£1.9bn). The top five export partners accounted for 46.2% of total exports in goods this month.


Spreadsheets are available which show the figures in more detail.

UK overseas trade in goods statistics November 2019: import and export data

The following tables contain EU and Non-EU import and export data for November 2019.

UK overseas trade in goods statistics November 2019: imports

UK overseas trade in goods statistics November 2019: exports

UK overseas trade in goods, October 2019

by Politicker 0 Comments

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 October 2019 have recently been released. (10 December 2019).

UK overseas trade in goods statistics: October 2019

A summary is provided in a document available at

UK Overseas Trade in Goods Statistics Commentary: October 2019

Summary

Total exports of goods for October 2019 were £34.3 billion.

Total imports of goods for October 2019 were £53.4 billion.

The UK was a net importer this month, with imports exceeding exports by £19.1 billion.

For EU trade the UK was a net importer this month, with imports exceeding exports by £10.0 billion.

For Non-EU trade the UK was a net importer this month, with imports exceeding exports by £9.1 billion.


Imports to the UK

EU Imports for October 2019 were £25.6 billion.

Non-EU Imports for October 2019 were £27.8 billion.

Germany accounted for 11.4% (£6.1bn) of the total value of imports to the UK. China had the second largest proportion of the total value of trade, accounting for 9.9% (£5.3bn) followed by the USA 9.0% (£4.8bn), the Netherlands 8.2% (£4.4bn) and France 5.3% (2.8bn). The top five partner countries accounted for 43.8% of total UK import value this month.


Exports from the UK

EU Exports for October 2019 were £15.6 billion

Non-EU Exports for October 2019 were £18.7 billion.

The USA accounted for 17.8% (£6.1bn) per cent of the total value of goods exports from the UK. Germany had the second largest proportion, accounting for 9.6% (£3.3bn), followed by China with 6.6% (£2.3bn), France with 6.5% (£2.2bn), and the Irish Republic at 6.3% (£2.1bn). The top five export partners accounted for 46.8% of total exports in goods this month.


Spreadsheets are available which show the figures in more detail.

UK overseas trade in goods statistics October 2019: import and export data

The following tables contain EU and Non-EU import and export data for October 2019.

UK overseas trade in goods statistics October 2019: imports

UK overseas trade in goods statistics October 2019: exports

UK-US Trade and Investment Working Group

by Politicker 0 Comments

Jeremy Corbyn (Leader of the Labour Party) recently presented a number of documents which cover six rounds of talks between U.S. Trade Representative (USTR) officials and UK officials from the Department of International Trade. These documents detail meetings which were held between July 2017 and July 2019. With all the rhetoric flying around, it’s useful to explore what’s actually been happening with regards to discussions about a future trading relationship with the USA.

The meetings were preparatory meetings ahead of formal trade talks.

The UK-US Trade and Investment Working Group was established in July 2017 by UK Secretary of State for International Trade Dr Liam Fox MP and United States Trade Representative (USTR) Robert Lighthizer.

Since its inception, the Working Group has been laying the groundwork for an ambitious and wide-ranging potential future free trade agreement once the UK has left the EU, as well as ensuring commercial continuity for UK and US businesses, workers, and consumers.

The Working Group delegations were led by officials from the UK Department for International Trade (DIT) and USTR. It also included representatives from a wide range of UK and U.S. Government departments and agencies.

Total trade between the two countries is already worth about £190 billion a year. We are each other’s largest source of foreign direct investment and, according to U.S. statistics, the UK and U.S. have around $1 trillion invested in each other’s economies. Every day around one million Americans go to work for UK firms, while around one million Britons go to work for American firms.

The documents presented by Jeremy Corbyn were posted on reddit around mid-october – it is unclear where the poster obtained them.

These meetings were held during Prime Minister Theresa May’s tenure and while Dr Liam Fox (MP) was Secretary of State for International Trade, running the Department for International Trade (DiT).

The meetings were mentioned in statements released by DiT, but other details do not appear to have been released to the public. The documents made available by Jeremy Corbyn, contain reports on the discussion and outcome of the meetings.

USTR Signs Mutual Recognition Agreements with the United Kingdom

https://ustr.gov/about-us/policy-offices/press-office/press-releases/2019/february/ustr-signs-mutual-recognition

On February 14, 2019, Deputy U.S. Trade Representative C.J. Mahoney and Ambassador Kim Darroch, United Kingdom (UK) Ambassador to the United States, signed two mutual recognition agreements (MRAs) covering telecom equipment, electro-magnetic compatibility (EMC) for information and communications technology products, pharmaceutical good manufacturing practice (GMP) inspections, and marine equipment.

These MRAs with the UK replicate substantive provisions of existing MRAs between the United States and the European Union for these sectors and will ensure that U.S.-UK trade in these product sectors is not disrupted when the UK leaves the European Union. U.S. exports to the UK of products covered by these agreements exceeded $5 billion in 2018.

Agreement on Mutual Recognition Between the U.S.-UK

Agreement Between the U.S.-UK on the Mutual Recognition of Certificates of Conformity for Marine Equipment

U.S.-UK Agreement on Trade in Wine

USTR Signs Wine and Distilled Spirits Continuity Agreements with the UK

On January 31, 2019, Ambassador Gregg Doud, USTR Chief Agricultural Negotiator, and Ambassador Kim Darroch, United Kingdom (UK) Ambassador to the United States, signed two agreements covering wine and distilled spirits today to ensure there is no disruption in trade of these products between the United States and the UK when the UK leaves the European Union (EU). Currently the United States has agreements on wine and distilled spirits with the European Union which cover trade with the UK by virtue of its membership in the EU.

U.S.-UK Agreement on Trade in Wine

US-UK Agreement on Mutual Recognition of Certain Distilled Spirits/Spirits Drinks

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Other useful links

The UK is preparing for an independent trade policy to implement after EU Exit. This means the UK will have the opportunity to negotiate and enter into trade agreements with other countries.

https://www.gov.uk/government/consultations/trade-with-the-us

These agreements can:

  • enable increased trade and investment
  • secure access for UK exporters to the key markets of today and the future
  • give consumers access to a greater range of products at lower prices
  • make the UK more innovative, competitive and prosperous

The Department for International Trade is preparing for possible negotiations with the US after the UK leaves the EU on 29 March 2019. The UK government is consulting with members of the public, businesses, trade experts, and any other interested organisations to help inform this work.

This agreed consultation will help to inform our overall approach to our future trade relationship and trade negotiations with the US.

An information pack for the Consultation relating to a bilateral Free Trade Agreement between the United Kingdom and the United States

Information Pack UK-US FTA consultation( pdf)

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