web analytics

Category Archives

32 Articles

UK Trade Figures, 6-month summary: Sep 18 – Feb 19

by Politicker 0 Comments

Accumulated figures for the UK’s Trade in Goods covering the 6 month period from September 2018 through February 2019, obtained from HM Revenue & Customs Overseas Trade in Goods Statistics.

Data shows that the strongest trading partners are Germany, China, USA, Netherlands and France (in that order) and this has remained consistent over the 6 month period.

The largest trade deficit is with Germany. The UK has imported goods from Germany worth a total of £34bn and exported goods (to Germany) worth £18.4bn. If there were trade tariffs of say an average of 10% applied to trade in goods on both exports and imports, this could cost German companies an extra £3.4bn and UK companies an extra £1.84bn in a 6 month period.

References:

UK overseas trade in goods February 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 February 2019 have recently been released. (10 April 2019)

UK overseas trade in goods statistics: February 2019

A summary is provided in a document available at

UK overseas trade in goods statistics February 2019: commentary (odt)

Note: This document is in an OpenDocument format if you have difficulty in reading this format I have included a copy in pdf here

UK overseas trade in goods statistics February 2019: commentary (pdf)

Summary

Total exports of goods for February 2019 were £29.1 billion.

Total imports of goods for February 2019 were £43.5 billion.

The UK was a net importer this month, with imports exceeding exports by £14.4 billion.

For EU trade the UK was a net importer this month, with imports exceeding exports by £8.6 billion.

For Non-EU trade the UK was a net importer this month, with imports exceeding exports by £5.8 billion.


Imports to the UK

EU Imports for February 2019 were £23.4 billion.

Non-EU Imports for February 2019 were £20.1 billion.

Germany accounted for 14% (£5.9bn) of the total value of imports to the UK. USA had the second largest proportion of the total value of trade, accounting for 9% (£4.1bn) followed by the Netherlands 9% (£3.7bn), China 8% (£3.4bn), and France 6% (£2.6bn). The top five partner countries accounted for 44% of total UK import value this month.


Exports from the UK

EU Exports for February 2019 were £14.8 billion

Non-EU Exports for February 2019 were £14.3 billion.

The USA accounted for 15% (£4.2bn) per cent of the total value of goods exports from the UK. Germany had the second largest proportion, accounting for 11% (£3.2bn), followed by France with 7% (£2.2bn), Netherlands with 7% (£2.0bn), and the Irish Republic at 6% (£1.7bn). The top five export partners accounted for 46% of total exports in goods this month.


Spreadsheets are available which show the figures in more detail.

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

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

UK overseas trade in goods statistics February 2019: imports (xls)

UK overseas trade in goods statistics February 2019: exports (xls)

Document Copies

Trade in Goods Feb 2019 (pdf)

OTS_IMP_1902 (xls)

OTS_EXP_1902 (xls)

UK overseas trade in goods January 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 January 2019 have recently been released. (12 March 2019)

UK overseas trade in goods statistics: January 2019

A summary is provided in a document available at

UK overseas trade in goods statistics January 2019: commentary (odt)

Note: This document is in an OpenDocument format if you have difficulty in reading this format I have included a copy in pdf here

UK overseas trade in goods statistics January 2019: commentary (pdf)

Total exports of goods for January 2019 were £28.7 billion.

Total imports of goods for January 2019 were £46.2 billion.

The UK was a net importer this month, with imports exceeding exports by £17.6 billion.

For EU trade the UK was a net importer this month, with imports exceeding exports by £7.7 billion.

For Non-EU trade the UK was a net importer this month, with imports exceeding exports by £9.8 billion.

Imports to the UK

EU Imports for January 2019 were £22.8 billion.

Non-EU Imports for January 2019 were £23.4 billion.

Germany accounted for 12% (£5.7bn) of the total value of imports to the UK. USA had the second largest proportion of the total value of trade, accounting for 10% (£4.6bn) followed by China 10% (£4.5bn), Netherlands 8% (£3.7bn) and France 5% (£2.5bn). The top five partner countries accounted for 45% of total UK import value this month.

Exports from the UK

EU Exports for January 2019 were £15.1 billion

Non-EU Exports for January 2019 were £13.6 billion.

The USA accounted for 14% (£4.2bn) per cent of the total value of goods exports from the UK. Germany had the second largest proportion, accounting for 12% (£3.4bn), followed by France with 8% (£2.3bn), Netherlands with 7% (£2.1bn), and the Irish Republic at 6% (£1.8bn). The top five export partners accounted for 47% of total exports in goods this month.

Spreadsheets are available which show the figures in more detail.

The following tables contain EU and Non-EU import and export data for January 2019 at chapter level.

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

UK overseas trade in goods statistics January 2019: imports (xls)

UK overseas trade in goods statistics January 2019: exports (xls)

Document Copies

Trade in Goods Jan 2019 (pdf)

OTS_IMP_1901 (xls)

OTS_EXP_1901 (xls)

Tariffs on imports after EU Exit

The Government is publishing information on essential policies which would need to be in place if the UK were to leave without a deal.

This approach was outlined by the Prime Minister in the House of Commons on 12 March 2019 to ensure MPs are fully informed before the vote on No Deal on 13 March 2019.

https://www.gov.uk/guidance/check-temporary-rates-of-customs-duty-on-imports-after-eu-exit

The information, aimed towards business, includes the government’s approach to customs duty, which is a tax you pay when importing goods.

The rate of customs duty you pay is known as the ‘tariff’.

If the UK leaves the EU with no deal, you may need to pay different rates of customs duty (tariffs) on imports. These rates would only be applied if the UK were to leave the EU with no deal.

The UK government would set temporary rates which would:

  • apply from 11pm on 29 March 2019
  • be in place for up to 12 months from 29 March 2019

Here is a list of the temporary rates of customs duty (tariffs) on imports after EU Exit.

MFN and tariff quota rates of customs duty on imports if the UK leaves the EU with no deal

Preferential tariff rates
A preferential tariff rate would apply if the country:

  • has a free trade agreement with the UK
  • is part of the Generalised Scheme of Preferences
  • If a preferential tariff rate applies, this is the rate of customs duty (tariff) you would pay.

    Most-favoured-nation (MFN) tariff rates

    If a preferential tariff rate does not apply, this is the rate of customs duty (tariff) you would pay.

    Tariff quota rates (TRQ)

    If a tariff quota rate applies, you could apply to import a limited amount at a reduced rate of customs duty (tariff). You would need to claim for the tariff rate quota using the TRQ order number.

    UK overseas trade in goods December 2018

    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 December 2018 have recently been released. (12 February 2019)

    UK overseas trade in goods statistics: December 2018

    A summary is provided in a document available at

    UK overseas trade in goods statistics December 2018

    Total trade in goods exports for December 2018 were £26.2 billion.

    Total trade in goods imports for December 2018 were £39.9 billion.

    The UK was a net importer this month, with imports exceeding exports by £13.7 billion.

    For EU trade the UK was a net importer this month, with imports exceeding exports by £8.0 billion.

    For Non-EU trade the UK was a net importer this month, with imports exceeding exports by £5.7 billion.

    Imports to the UK

    EU: £20.7 billion

    Non-EU: £19.2 billion

    Germany accounted for 12% of the total value of imports to the UK. USA had the second largest proportion of the total value of trade, accounting for 10% followed by China 9%, Netherlands 8% and France 6%. The top five partner countries accounted for 45% of total UK import value this month.

    Exports from the UK

    EU £12.8 billion

    Non-EU £13.5 billion

    The USA accounted for 14% per cent of the total value of goods exports from the UK. Germany had the second largest proportion, accounting for 10%, followed by the Netherlands with 7%, France with 7%, and the Irish Republic at 7%. The top five export partners accounted for 45% of total exports in goods this month.

    Spreadsheets are available which show the figures in more detail.

    The following tables contain EU and Non-EU import and export data for December 2018 at chapter level.

    UK overseas trade in goods statistics December 2018: import and export data

    UK overseas trade in goods statistics December 2018: imports (xls)

    UK overseas trade in goods statistics December 2018: exports (xls)

    Document Copies

    Trade in Goods Dec 2018

    OTS_IMP_1812

    OTS_EXP_1812

    css.php