Changes in the UK’s Pattern of Trade Since 2000

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    Changes in the UK’s Pattern of Trade Since 2000

    • UK firms are internationally competitive in telecommunications, aerospace engines and computer software
    • They are also strong in services, especially financial services
      • This includes banking, forex trading, share dealing, and acquisitions and mergers
    • The UK is least competitive in industries that are dependent on heavy capital equipment or cheap labour

     

    • The EU is a huge destination for exports in the UK, with over 62% of all UK goods exported being exported to EU economies
    • This is the same for imports, with the UK receiving over 58% of all imports from economies within the EU.
    • China is becoming an increasing importer of UK goods

     

    • The 3 main categories of goods that the UK has been trading in are: machinery and transport; equipment; and manufactures and chemicals.
    • In most categories, the UK has a trade deficit, except for chemicals, which includes pharmaceuticals
    • Before 2005, the UK was a net exporter of fuels. However, after this, and for the continuing future, the UK is experiencing a deficit, due to declining stocks.
    • In services categories such as legal services, insurance, computer services, engineering consultancy and education, the UK has a continued surplus.

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