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UK overseas trade in goods, June 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 June 2019 have recently been released. (9 August 2019)

UK Overseas Trade in Goods Statistics June 2019

A summary is provided in a document available at

UK Overseas Trade in Goods Statistics Commentary: June 2019

Summary

Total exports of goods for June 2019 were £29.8 billion.

Total imports of goods for June 2019 were £40.0 billion.

The UK was a net importer this month, with imports exceeding exports by £10.2 billion.

For EU trade the UK was a net importer this month, with imports exceeding exports by £6.9 billion.

For Non-EU trade the UK was a net importer this month, with imports exceeding exports by £3.2 billion.


Imports to the UK

EU Imports for June 2019 were £20.3 billion.

Non-EU Imports for June 2019 were £19.7 billion.

Germany accounted for 11.6% (£4.6bn) 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% (£3.9bn) followed by China 8.8% (£3.5bn), the Netherlands 7.9% (£3.1bn), and France 5.5% (£2.2bn). The top five partner countries accounted for 43.6% of total UK import value this month.


Exports from the UK

EU Exports for June 2019 were £13.4 billion

Non-EU Exports for June 2019 were £16.4 billion.

The USA accounted for 14.2% (£4.2bn) per cent of the total value of goods exports from the UK. Germany had the second largest proportion, accounting for 9.6% (£2.9bn), followed by China with 6.9% (£2.1bn), France with 6.6% (£2.0bn), and the Netherlands at 6.0% (£1.8bn). The top five export partners accounted for 43.3% of total exports in goods this month.


Spreadsheets are available which show the figures in more detail.

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

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

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

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

UK overseas trade in goods May 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 May 2019 have recently been released. (10 July 2019)

UK Overseas Trade in Goods Statistics May 2019

A summary is provided in a document available at

UK Overseas Trade in Goods Statistics Commentary: May 2019

Summary

Total exports of goods for May 2019 were £31.1 billion.

Total imports of goods for May 2019 were £40.5 billion.

The UK was a net importer this month, with imports exceeding exports by £9.4 billion.

For EU trade the UK was a net importer this month, with imports exceeding exports by £6.4 billion.

For Non-EU trade the UK was a net importer this month, with imports exceeding exports by £3.0 billion.


Imports to the UK

EU Imports for May 2019 were £20.5 billion.

Non-EU Imports for May 2019 were £20.0 billion.

Germany accounted for 12.8% (£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 9.7% (£3.9bn) followed by China 9.1% (£3.7bn), the Netherlands 7.0% (£2.9bn), and France 5.2% (£2.1bn). The top five partner countries accounted for 43.8% of total UK import value this month.


Exports from the UK

EU Exports for May 2019 were £14.1 billion

Non-EU Exports for May 2019 were £17.0 billion.

The USA accounted for 14.5% (£4.5bn) per cent of the total value of goods exports from the UK. Germany had the second largest proportion, accounting for 9.5% (£3.0bn), followed by the Netherlands with 6.3% (£2.0bn), France with 6.1% (£1.9bn), and China at 5.7% (£1.8bn). The top five export partners accounted for 42.1% of total exports in goods this month.


Spreadsheets are available which show the figures in more detail.

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

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

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

UK overseas trade in goods statistics May 2019: exports (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.

    Implications for business and trade of a no deal exit on 29 March 2019

    by Politicker 0 Comments

    A document was published today that explains the Government’s latest assessment of the implications for business and international trade in the UK, if it leaves the EU without a deal on 29 March.

    The Government’s primary aim is to ensure that the UK leaves the EU on 29 March with a negotiated deal which will honour the result of the referendum. However, as a responsible government, it continues to plan for all eventualities, including one in which the UK leaves the EU without a deal.

    This paper summarises Government activity to prepare for no deal as a contingency plan, and provides an assessment of the implications of a no deal exit for trade and for businesses, given the preparations that have been made.

    https://www.gov.uk/government/publications/implications-for-business-and-trade-of-a-no-deal-exit-on-29-march-2019

    Document at

    Implications for Business and Trade of a No Deal Exit on 29 March 2019 (pdf)

    Some interesting excerpts:

    17.Evidence suggests that individual citizens are also not preparing for the effects that they would feel in a no deal scenario. UK citizens travelling to or living in the EU would need to complete a number of administrative tasks to ensure that their interactions with the EU are as unaffected as possible. These range from renewing passports, to applying for a car insurance green card and International Driving Permit to drive in the EU. As of February 2019, despite a public information campaign encouraging the public to seek out the Government’s advice on preparing for a “no deal”, noticeable behaviour change has not been witnessed at any significant scale. Based on DExEU survey data from January 2019, 55% of UK adults did not expect to be affected by a no deal exit.

    despite a public information campaign Has anybody actually seen this ?

    24.When the UK leaves the EU, it will leave the Single Market and the Customs Union, and, in the absence of a trade agreement, the EU will treat the UK as a third country for trade in goods. On exit, this could affect the availability of goods in a number of ways, including customs administration and delays at the border. In the absence of an alternative agreement, UK citizens would be treated as third country nationals by Member States, and potentially be subject to full Schengen checks. This would mean they would no longer be able to use e-gates, and checks to enter EU Member States could take longer than they currently do

    Longer queues at immigration/passport control – although there were always long queues before Brexit.

    29. One of the most visible ways in which the UK would be affected by delays in goods crossing the Channel is our food supply, 30% of which comes from the EU. Although our food supply is diverse, resilient, and sourced from a wide variety of countries, the potential disruption to trade across the Short Channel Crossings would lead to reduced availability and choice of products. This would not lead to an overall shortage of food in the UK, and less than 1 in 10 food items would be directly affected by any delays across the Short Channel Crossings. However, at the time of year we will be leaving the EU, the UK is particularly reliant on the Short Channel Crossings for fresh fruit and vegetables. In the absence of other action from Government, some food prices are likely to increase, and there is a risk that consumer behaviour could exacerbate, or create, shortages in this scenario. As of February 2019, many businesses in the food supply industry are unprepared for a no deal scenario.

    This would not lead to an overall shortage of food in the UK unless the public panic buy …

    48. …UK nationals would still be able to travel to the Schengen Area visa-free, for 90 days in every 180, but would not be able to undertake paid activity during this time…

    Framework for the UK-EU economic partnership

    The Government published a document that explains the UK Government’s vision for the future UK-EU Economic Partnership.

    https://www.gov.uk/government/publications/framework-for-the-uk-eu-economic-partnership

    This presentation sets out the UK’s objectives for the economic partnership, and the principles that should guide our approach to securing an enduring solution in the interests of the UK and EU.

    We have set out a proposal for delivering our ambition for the future economic partnership, through the institutional structure, the governance arrangements and provisions to ensure fair and open competition.

    Taken together, our proposed approach would make the most of our unprecedented situation, and this unique opportunity to lead global thinking on free trade.

    We only have a short amount of time to negotiate a partnership that benefits both the UK and the EU. Building on the agreed topics published jointly on 4 May, we should agree next steps on the process, taking into account the time available.

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