trade and investment core statistics book - gov.uk · 2021. 2. 18. · statistics. it provides the...

Trade and Investment Core Statistics Book

Latest statistics on trade, investment and the economy Last updated: 21 July 2021 Next major update: 19 August 2021

Contact: [email protected]

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50T62T62TCONTENTS

Things you need to know about this publication ............................................... 3

Statistics summary sheet ................................................................................. 6

Top and emerging partner countries, 2020 ................................................... 10

Top and fastest-growing goods and services, 2020 ....................................... 14

Trade statistics ............................................................................................... 17

Exports ................................................................................................................ 17

Total (goods and services) exports .................................................................. 17

Goods exports ................................................................................................. 27

Services exports .............................................................................................. 32

Imports ................................................................................................................ 38

Total (goods and services) imports .................................................................. 38

Goods imports ................................................................................................. 44

Services imports .............................................................................................. 49

Trade balance ..................................................................................................... 54

Total trade ........................................................................................................... 56

World trade forecasts .......................................................................................... 57

Current account balance ..................................................................................... 59

Trade in value added ........................................................................................... 61

FDI (Foreign Direct Investment) statistics ............................................................ 67

Inward FDI ....................................................................................................... 67

Outward FDI .................................................................................................... 69

Inward investment projects statistics ................................................................... 71

DIT statistics .................................................................................................... 71

Statistics summary sheet – Table of sources ................................................. 73

Update schedule ............................................................................................ 75

Glossary ........................................................................................................ 78

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Things you need to know about this publication

1. The latest ONS release UK Trade: May 2021 covering UK trade data up to May 2021 includes trade after the EU exit transition period ended on 31 December 2020. Evidence suggests some trade in goods could have been affected by disruption caused by the end of the transition period. The last few months of 2020 saw increasing imports and exports of goods consistent with stockpiling in preparation for the end of the EU exit transition period, which was followed by likely unwinding of stocks in January and February 2021.

2. There has been a change in the data collection methods for GB goods exports to the EU. Data are now captured by customs declarations (consistent with data collection for UK goods trade with the Non-EU). There have been no changes to data collection methods for goods imports.

3. HMRC have discovered errors in their Overseas Trade in Goods Statistics (OTS) that are used to compile the ONS UK Trade statistics. This affects data back to January 2019 and mainly impacts data for goods exports to Non-EU countries. These errors have been corrected back to January 2020 in the most recent ONS UK Trade: May 2021 release, and corrections will be made to the 2019 data later this year. Please treat UK trade in goods data for 2019 in this publication as provisional until the corrections have been made. These errors also affect the HMRC Regional Trade Statistics (RTS) which will be corrected in the next HMRC RTS release due to be published in September 2021. Until then please treat RTS statistics in this publication as provisional. More information is available from the HMRC.

4. In addition to the changes facing the UK after the EU transition period ended, the UK and many of its trading partners continue to be impacted by the Coronavirus (COVID-19) pandemic, with the UK going into another national lockdown at the beginning of January 2021. Some of the figures within this publication suggest evidence of COVID-19-related impacts on UK trade. However, the full effects cannot be quantified as impacts are generally embedded in source data and cannot be separately identified.

5. All figures in this document are reported on a calendar year or 12 month rolling basis, meaning that it will take longer for the full effects of COVID-19 to be seen. Data over a shorter time period can be found in the data sources listed alongside our figures (but be aware that any data covering a shorter time period will be more volatile).

6. For the latest statistics on trade and investment between the UK and all individual trading and investment partners please see the trade and investment factsheets.

https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/uktrade/previousReleases



https://www.uktradeinfo.com/news/corrections-to-the-overseas-trade-in-goods-statistics/

https://www.gov.uk/government/collections/trade-and-investment-factsheets

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7. These statistics are designated as Official Statistics under the Statistics and Registration Service Act 2007. From August 2018 these statistics have been produced to fully comply with the Code of Practice for Official Statistics. The United Kingdom Statistics Authority has not assessed these statistics for compliance against the code and as such these statistics are not National Statistics.

8. This publication covers and summarises the wide range of statistics produced by the Office for National Statistics (ONS), HM Revenue and Customs (HMRC), Department for International Trade (DIT), the Organisation for Economic Co-operation and Development (OECD) and others into a single product.

9. The compendium brings together these statistics in a user-friendly publication with the aim of helping users to quickly find the most relevant and up to date trade and investment statistics. It provides the latest available statistics from a number of UK and international sources on a consistent basis and where inconsistencies exist explains the differences between the sources. The publication of the Trade and Investment Core Statistics Book will help to improve the accessibility of trade and investment statistics by helping both the professional and newcomers to trade and investment statistics navigate the various sources to identify the most relevant statistics and to present them in a consistent manner.

10. Due to the large number of data sources available it can be difficult to determine which is the best source of information for a particular statistic. Therefore DIT have produced this Technical Annex to provide more information about the different sources, including some information on the strengths and weaknesses of the statistics.

11. Additionally more information is available from the relevant data supplier which can be found by following the source link below the statistic of interest.

12. All figures are correct as of the date of release (on front page of this publication), and as reported by their data producer. The publication will be updated in line with the update schedule.

13. New or revised figures since the last publication will be highlighted in the statistics summary sheet in dark blue and with a red star () in the main text.

14. In some instances figures in the main commentary may differ to those in the Trade and investment statistics summary sheet. This is because more up-to-date figures on goods and services by partner country, consistent with the aggregate figures in the statistics summary sheet, are not available. This means that some tables and charts within the commentary, such as country ranking tables, use older data to provide these breakdowns.

15. For terms and definitions please see the glossary at the end of the publication.

16. Unless otherwise stated, all data are nominal (current prices), not adjusted for inflation. Real estimates (constant prices) take account of inflation.

https://www.gov.uk/government/statistics/trade-and-investment-core-statistics-book

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17. All data are in the public domain, unless otherwise stated.

18. Totals may not exactly match the sum of their parts due to rounding.

19. All data are seasonally adjusted unless otherwise specified. The exception to this is data sources that only provide annual data, such as the ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2018 or Department for International Trade inward investment results 2020 to 2021, where seasonal adjustment is not needed. Seasonally adjusted data available on a more frequent basis (e.g., quarterly) is often constrained so that when it is summed to get data for a calendar year it will match non-seasonally adjusted data for the same calendar year.

Trade and Investment Statistics Summary Sheet

All statistics presented are based on published figures and the sources can be found on page 73 and 74.

Rows where estimates changed since last iteration of the Statistics Summary Sheet are in dark blueLatest statistics Calendar year statistics Update schedule†

# StatisticYear ending: Measure

Change on previous 12 months Year Measure

Change on previous year

Latest release

Next release

Gross Domestic Product (GDP)1 Annual real GDP growth Q1 2021 -10.9% Down 11.3 ppts 2020 -9.8% Down 11.3 ppts 30-Jun-21 12-Aug-21

Trade in goods and services

2 Exports[% of total trade] May-21 £567.0bn

[49.1%]Down 14.1%[Down 1.4 ppts] 2020 £573.5bn

[49.5%]Down 16.8%[Up 0.5 ppts] 09-Jul-21 12-Aug-21

3 Imports[% of total trade] May-21 £588.0bn

[50.9%]Down 9.2%[Up 1.4 ppts] 2020 £585.5bn

[50.5%]Down 18.3%[Down 0.5 ppts] 09-Jul-21 12-Aug-21

4 Total trade May-21 £1,155.0bn Down 11.7% 2020 £1,159.0bn Down 17.6% 09-Jul-21 12-Aug-215 Trade balance May-21 -£21.0bn Down £33.4bn 2020 -£12.0bn Up £15.4bn 09-Jul-21 12-Aug-216 Exports as % of GDP Q1 2021 26.4% Down 4.2 ppts 2020 27.2% Down 3.9 ppts 09-Jul-21 12-Aug-217 Imports as % of GDP Q1 2021 26.9% Down 4.0 ppts 2020 27.7% Down 4.6 ppts 09-Jul-21 12-Aug-218 Total trade as % of GDP Q1 2021 53.3% Down 8.3 ppts 2020 54.9% Down 8.5 ppts 09-Jul-21 12-Aug-219 Trade balance as % of GDP Q1 2021 0.5% Up 0.2 ppts 2020 -0.6% Down 0.7 ppts 09-Jul-21 12-Aug-21

10Exports to the EU[% of all exports]‡

Q1 2021 £234.1bn [41.8%]

Down 17.5%[Up 0.2 ppts] 2020 £243.2bn

[42.1%]Down 16.5% [Down 0.2 ppts] 30-Jun-21 30-Sep-21

11Exports to the Non-EU[% of all exports]‡

Q1 2021 £325.9bn [58.2%]

Down 18.1%[Down 0.2 ppts] 2020 £334.8bn

[57.9%]Down 15.9%[Up 0.2 ppts] 30-Jun-21 30-Sep-21

12Imports from the EU[% of all imports]‡

Q1 2021 £278.3bn [49.2%]

Down 21.6%[Down 2.5 ppts] 2020 £293.9bn

[50.2%]Down 20.8%[Down 1.6 ppts] 30-Jun-21 30-Sep-21

13Imports from the Non-EU[% of all imports]‡

Q1 2021 £287.5bn [50.8%]

Down 13.3%[Up 2.5 ppts] 2020 £291.7bn


Some of the statistics in these tables include data from January 2021; the first data to include trade after the EU transition period. Data from January 2021 has seen changes to data collectionmethods for exports of goods from GB to the EU, therefore caution is advised when interpreting the data.† The update schedule indicates when data is due for publication which could result in data in the row being updated or revised, not necessarily when data for the next calendar year will become available. The first release of 2020 (calendar year) data for rows #1-9, 20-31, 33-36, became available on 12 February 2021 and rows #10-17, 37-44, 46-47 became available on 31 March 2021.‡ To calculate % of all exports/imports/total trade, the figure from the same source as the numerator is used. 6




Latest release

Next release

14Total trade with the EU[% of total trade]‡

Q1 2021 £512.4bn [45.5%]

Down 19.8%[Down 1.2 ppts] 2020 £537.1bn


15Total trade with the Non-EU[% of total trade]‡

Q1 2021 £613.4bn [54.5%]

Down 15.9%[Up 1.2 ppts] 2020 £626.4bn


16 Trade deficit with the EU Q1 2021 £44.2bn Down £27.1bn 2020 £50.7bn Down £29.0bn 30-Jun-21 30-Sep-2117 Trade surplus with Non-EU Q1 2021 £38.4bn Down £27.7bn 2020 £43.1bn Down £9.1bn 30-Jun-21 30-Sep-2118 Global Ranking: Total exports N/A N/A N/A 2019 5th Up 1 place 01-Dec-20 TBC19 European Ranking: Total exports N/A N/A N/A 2019 2nd Up 1 place 01-Dec-20 TBC

Trade in goods

20 Goods Exports[% of all exports] May-21 £307.5bn

[54.2%]Down 13.2%[Up 0.6 ppts] 2020 £306.4bn


21 Goods Imports[% of all imports] May-21 £439.4bn

[74.7%]Down 1.5%[Up 5.8 ppts] 2020 £425.8bn


22 Goods Total trade[% of total trade] May-21 £746.9bn

[64.7%]Down 6.7%[Up 3.5 ppts] 2020 £732.2bn


23 Trade in goods deficit May-21 £131.9bn Up £39.9bn 2020 £119.4bn Down £11.4bn 09-Jul-21 12-Aug-21

24 Goods Exports to EU[% of all goods exports] May-21 £146.9bn

[47.8%]Down 5.4%[Up 3.9 ppts] 2020 £144.7bn


25 Goods Exports to Non-EU[% of all goods exports] May-21 £160.6bn

[52.2%]Down 19.3%[Down 3.9 ppts] 2020 £161.7bn


26 Goods Imports from EU[% of all goods imports] May-21 £226.2bn

[51.5%]Down 5.2%[Down 2.0 ppts] 2020 £225.8bn


27 Goods Imports from Non-EU[% of all goods imports] May-21 £213.2bn

[48.5%]Up 2.6%[Up 2.0 ppts] 2020 £200.1bn


28 Goods Total trade with EU[% of goods total trade] May-21 £373.1bn

[49.9%]Down 5.3%[Up 0.8 ppts] 2020 £370.5bn


29 Goods Total trade with Non-EU[% of goods total trade] May-21 £373.8bn

[50.1%]Down 8.1%[Down 0.8 ppts] 2020 £361.8bn


30 Goods trade deficit with the EU May-21 £79.3bn Down £4.0bn 2020 £81.1bn Down £16.5bn 09-Jul-21 12-Aug-2131 Goods trade deficit with Non-EU May-21 £52.6bn Up £43.9bn 2020 £38.4bn Up £5.1bn 09-Jul-21 12-Aug-2132 Global Ranking: Goods exports N/A N/A N/A 2019 10th No change 01-Dec-20 TBC

Some of the statistics in these tables include data from January 2021; the first data to include trade after the EU transition period. Data from January 2021 has seen changes to data collectionmethods for exports of goods from GB to the EU, therefore caution is advised when interpreting the data. 7




Latest release

Next release

Trade in services

33 Services Exports[% of all exports] May-21 £259.5bn

[45.8%]Down 15.2%[Down 0.6 ppts] 2020 £267.1bn


34 Services Imports[% of all imports] May-21 £148.6bn

[25.3%]Down 26.3%[Down 5.8 ppts] 2020 £159.7bn


35 Services Total trade[% of total trade] May-21 £408.1bn

[35.3%]Down 19.6%[Down 3.5 ppts] 2020 £426.8bn


36 Trade in services surplus May-21 £110.9bn Up £6.5bn 2020 £107.4bn Up £4.1bn 09-Jul-21 12-Aug-21

37Services Exports to EU[% of all services exports]§ Q1 2021 £94.6bn

[36.8%]Down 21.3%[Down 1.3 ppts] 2020 £98.5bn


38Services Exports to Non-EU[% of all services exports]§

Q1 2021 £162.7bn [63.2%]

Down 16.9%[Up 1.3 ppts] 2020 £168.6bn


39Services Imports from EU[% of all services imports]§

Q1 2021 £60.2bn [40.7%]

Down 40.4%[Down 7.1 ppts] 2020 £68.1bn


40Services Imports from Non-EU[% of all services imports]§

Q1 2021 £87.8bn [59.3%]

Down 20.3%[Up 7.1 ppts] 2020 £91.6bn


41Services Total trade with EU[% of services total trade]§

Q1 2021 £154.8bn [38.2%]

Down 30.0%[Down 3.8 ppts] 2020 £166.6bn


42Services Total trade with Non-EU[% of services total trade]§

Q1 2021 £250.5bn [61.8%]

Down 18.1%[Up 3.8 ppts] 2020 £260.2bn


43 Services trade surplus with the EU Q1 2021 £34.4bn Up £15.1bn 2020 £30.4bn Up £12.5bn 30-Jun-21 30-Sep-2144 Services trade surplus with Non-EU Q1 2021 £75.0bn Down £10.8bn 2020 £77.0bn Down £8.5bn 30-Jun-21 30-Sep-2145 Global Ranking: Services Exports N/A N/A N/A 2019 2nd No change 01-Dec-20 TBC

Current Account46 Current Account deficit Q1 2021 £67.7bn Up £14.5bn 2020 £73.9bn Up £5.3bn 30-Jun-21 30-Sep-2147 Current Account deficit as % of GDP Q1 2021 3.2% Up 0.8 ppts 2020 3.5% Up 0.4 ppts 30-Jun-21 30-Sep-21

Some of the statistics in these tables include data from January 2021; the first data to include trade after the EU transition period. Data from January 2021 has seen changes to data collectionmethods for exports of goods from GB to the EU, therefore caution is advised when interpreting the data.§ To calculate % of services exports/imports/total trade, the figure from the same source as the numerator is used.

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Latest release

Next release

Foreign Direct Investment48 Outward FDI stock** N/A N/A N/A 2019 £1,498.2bn Up 3.1% 21-Dec-20 Dec-2149 Inward FDI stock** N/A N/A N/A 2019 £1,558.6bn Down 0.9% 21-Dec-20 Dec-2150 Global Ranking: Outward FDI stock N/A N/A N/A 2020 4th No change 21-Jun-21 TBC51 Global Ranking: Inward FDI stock N/A N/A N/A 2020 3rd Down from 2nd 21-Jun-21 TBC52 European Ranking: Outward FDI stock N/A N/A N/A 2020 2nd No change 21-Jun-21 TBC53 European Ranking: Inward FDI stock N/A N/A N/A 2020 2nd Down from 1st 21-Jun-21 TBC

Number and proportion of UK businesses exporting

54Proportion of VAT-registered Businesses in the GB Non-Financial Economy exporting goods and/or services

N/A N/A N/A 2018 9.6% Down 0.4 ppts[from 10.0%] 25-Nov-19 Aug-21

55Number of VAT-registered Businesses in the GB Non-Financial Economy exporting goods and/or services

N/A N/A N/A 2018 233,900 Down 4,300 25-Nov-19 Aug-21

Ease of doing business56 Ease of doing business ranking N/A N/A N/A 2019 8th Up 1 place 24-Oct-19 TBC

Responsible StatisticianFor further information or help with using these statistics please contact:James Liley (020 7215 6221)[email protected]

** Data on a 'directional' basis

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mailto:[email protected]

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Top and emerging partner countries, 2020 • Top 10 UK export and import markets for goods and services1 in 2020, not

seasonally adjusted

Rank Export market £ billion % of total Rank Import market £ billion % of total

1 United States2 120.0 20.8% 1 United States2 76.4 13.0% 2 Germany 48.9 8.5% 2 Germany 64.1 10.9% 3 Ireland 34.8 6.0% 3 China 56.0 9.6% 4 Netherlands 34.4 5.9% 4 Netherlands 41.6 7.1% 5 France 31.4 5.4% 5 France 34.4 5.9% 6 Switzerland 23.5 4.1% 6 Belgium 25.0 4.3% 7 China 22.9 4.0% 7 Spain 21.6 3.7% 8 Belgium 15.1 2.6% 8 Ireland 20.9 3.6% 9 Italy 14.5 2.5% 9 Italy 20.2 3.4%

10 Spain 14.0 2.4% 10 Poland 13.4 2.3%

EU1 243.2 42.1% EU1 293.9 50.2% Non-EU1 334.8 57.9% Non-EU1 291.7 49.8% World1 578.0 100.0% World1 585.5 100.0%

Source: ONS UK trade, experimental quarterly trade in goods and services tables: October to December 2020, next release: ONS UK trade, experimental quarterly trade in goods and services tables: January to March 2021.

Top 10 UK export and import markets for goods only in 2020, seasonally

adjusted3,4

Rank Export market £ billion % of total Rank Import market £ billion % of total

1 United States2 45.8 14.9% 1 Germany 54.9 12.9% 2 Germany 32.1 10.5% 2 China 54.0 12.7% 3 Ireland 21.5 7.0% 3 United States2 36.6 8.6% 4 Netherlands 20.0 6.5% 4 Netherlands 35.6 8.4% 5 France 18.4 6.0% 5 France 24.0 5.6% 6 China 17.7 5.8% 6 Belgium 22.9 5.4% 7 Switzerland 12.1 3.9% 7 Italy 17.0 4.0% 8 Belgium 10.6 3.5% 8 Spain 14.7 3.5% 9 Italy 8.6 2.8% 9 Ireland 13.1 3.1%

10 Spain 8.4 2.7% 10 Norway 11.2 2.6%

EU 144.7 47.2% EU 225.8 53.0% Non-EU 161.7 52.8% Non-EU 200.1 47.0% World 306.4 100.0% World 425.8 100.0%

Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021.

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• Top 10 UK export and import markets for services only in 20201, not seasonally adjusted Rank Export market £ billion % of total Rank Import market £ billion % of total

1 United States2 72.7 27.2% 1 United States2 39.8 24.9% 2 Germany 16.8 6.3% 2 France 10.5 6.6% 3 Netherlands 14.3 5.4% 3 Germany 9.2 5.7% 4 Ireland 13.4 5.0% 4 Ireland 7.7 4.8% 5 France 13.1 4.9% 5 Spain 6.9 4.3% 6 Switzerland 10.4 3.9% 6 Netherlands 6.0 3.8% 7 Japan 6.4 2.4% 7 India 5.7 3.5% 8 Italy 5.8 2.2% 8 Japan 5.3 3.3% 9 Spain 5.6 2.1% 9 Switzerland 5.1 3.2%

10 Australia 5.4 2.0% 10 Luxembourg 4.4 2.8%

EU1 98.5 36.9% EU1 68.1 42.6% Non-EU1 168.6 63.1% Non-EU1 91.6 57.4% World1 267.1 100.0% World1 159.7 100.0%


• Top 10 UK surpluses and deficits in goods and services1 in 2020, not

seasonally adjusted

Rank

Partner countries with largest surpluses

£ billion

Rank

Partner countries with largest deficits £ billion

1 United States2 43.6 1 China -33.1 2 Ireland 14.0 2 Germany -15.2 3 Switzerland 13.1 3 Belgium -10.0 4 Australia 5.6 4 Spain -7.6 5 Canada 5.1 5 Netherlands -7.2 6 Saudi Arabia 4.7 6 Poland -7.0 7 United Arab Emirates 4.3 7 Italy -5.7 8 Singapore 3.0 8 India -5.1 9 Gibraltar 2.7 9 Norway -4.2

10 Cayman Islands 2.5 10 Russia -3.5

Non-EU1 43.1 EU1 -50.7


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• Top 10 UK trading partners in 2020 (exports plus imports of goods and services1), not seasonally adjusted

Rank Partner country £ billion % of total trade

1 United States2 196.3 16.9% 2 Germany 112.9 9.7% 3 China 78.8 6.8% 4 Netherlands 76.0 6.5% 5 France 65.9 5.7% 6 Ireland 55.7 4.8% 7 Belgium 40.1 3.4% 8 Spain 35.7 3.1% 9 Italy 34.6 3.0%

10 Switzerland 34.0 2.9%

EU1 537.1 46.2% Non-EU1 626.4 53.8% World1 1,163.5 100.0%


• Fastest-growing5 markets for UK exports of goods and services4 between

2010 and 2020 Rank Export market Value in 20205

£ billion Growth 2010-205

(%)

1 North Macedonia 1.2 373.2% 2 Gibraltar 3.3 272.5% 3 Qatar 3.8 122.2% 4 South Korea 6.7 117.0% 5 China 22.9 116.1% 6 Hong Kong 12.0 87.0% 7 Slovakia 1.3 79.8% 8 Switzerland 23.5 78.8% 9 Bermuda 1.9 78.3%

10 Hungary 2.6 74.2%


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Table notes: 1. Totals in the tables above may not match the figures in the ‘Statistical summary sheet’ as

they may be based on older data. More up-to-date figures by partner country, consistent with the aggregate figures in the ‘Statistical summary sheet’, are not available.

2. United States includes Puerto Rico. 3. Trade in goods rankings are not comparable with trade in services (and goods) rankings.

For trade in goods data comparable with trade in services data see the ‘ONS UK trade, experimental quarterly trade in goods and services tables’ statistics release.

4. Data on trade in goods with Crown Dependencies (Jersey, Guernsey, Isle of Man) are not available. Trade in goods and services figures represent trade in services only except for fastest-growing markets data where these are excluded as their growth rates are not comparable with other markets.

5. Only including those with more than £1 billion in value in the latest calendar year for which data is available.

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Top and fastest-growing goods and services, 2020 The table reporting the top five fastest growing UK exports of services from 2019 to 2020 has been removed from this section, as only two service types have grown over this time period; insurance and pension services up 8.5% to £20.7 billion and financial services up 0.7% to £61.3 billion. This table will be reinstated once there is a top five to report. Top 10 UK goods exports in 2020, seasonally adjusted

Rank Commodity (SITC division) Division1 £ billion

% of total goods

exports

1 Cars 78M 21.5 7.1% 2 Medicinal and pharmaceutical products 54 20.9 6.9% 3 Mechanical power generators (intermediate) 71MI 20.2 6.7% 4 Crude oil 33O 16.9 5.6% 5 Non-ferrous metals 68 14.8 4.9% 6 Precious metals4 97 11.0 3.6% 7 Aircraft 792 10.2 3.4% 8 Organic chemicals 51 9.7 3.2% 9 Scientific instruments (capital) 87K 8.7 2.9%

10 Miscellaneous electrical goods (intermediate) 77I 8.1 2.7%

Total goods exports 306.4 100.0%


Top 10 UK goods imports in 2020, seasonally adjusted

Rank Commodity (SITC division) Division1

£ billion

% of total goods

imports

1 Cars 78M 26.5 6.3% 2 Medicinal and pharmaceutical products 54 22.1 5.2% 3 Clothing 84 20.5 4.9% 4 Telecoms and sound equipment (capital) 76K 18.4 4.4% 5 Office machinery (capital) 75K 14.2 3.4% 6 Mechanical power generators (intermediate) 71MI 13.9 3.3% 7 Non-ferrous metals 68 13.6 3.2% 8 Miscellaneous electrical goods (intermediate) 77I 13.1 3.1% 9 Other manufactures (consumer) 89OC 12.9 3.1%

10 Crude oil 33O 12.3 2.9%

Total goods imports 425.8 100.0%


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• Top 5 services exports in 2020, seasonally adjusted

Rank

Type of service

£ billion

% of total services exports

1 Other business services 100.2 37.5% 2 Financial services 61.3 22.9% 3 Telecommunication, computer and information services 21.8 8.1% 4 Insurance and pension services 20.7 7.8% 5 Intellectual property 17.5 6.5%

Total services exports 267.1 100.0%

Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021.

• Top 5 services imports in 2020, seasonally adjusted

Rank Type of service £ billion % of total

services imports

1 Other business services 70.5 44.2% 2 Travel services 16.9 10.6% 3 Transport services 16.8 10.5% 4 Financial services 16.7 10.4% 5 Intellectual property 13.1 8.2%

Total services imports 159.7 100.0%


Fastest-growing2 UK exports of goods between 2010 and 2020, not

seasonally adjusted

Rank Product

Division1 Value in 20202

£ billion Growth

2010-202 (%)

1 Unspecified goods3 9 12.4 622.0% 2 Non-ferrous metals 68 14.8 156.1% 3 Clothing 84 6.4 75.4% 4 General industrial machinery (capital) 74K 7.7 64.1% 5 Other chemicals 59 6.7 48.1%

Source: ONS UK Trade: May 2021, next release ONS UK Trade: June 2021.

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Table notes:

1. Divisions as reported by ONS, derived from Standard International Trade Classifications (SITC).

2. Only including those with more than £5 billion in value in the latest calendar year for which data is available.

3. Unspecified goods include precious metals, parcel post, low value trade, coins, and defence equipment.

4. Precious metals includes non-monetary gold, silver, platinum and palladium, and it forms part of the commodity group “unspecified goods”. Non-monetary gold comprises the majority of this group.

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Trade statistics Exports

Total (goods and services) exports

The value of UK exports was £573.5 billion in 2020, down 16.8% on 2019. This reflects decreases in goods and services exports of 17.8% and 15.6%, respectively. More timely data shows the value of UK exports was £567.0 billion in the 12 months ending May 2021, down 14.1% on the previous 12 months. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

The 16.8% decrease in exports in 2020 followed a 4.2% increase in 2019

and a 6.2% increase in 2018. The decrease of 14.1% in exports in the 12 months ending May 2021 followed a decrease of 1.1% in the 12 months ending May 2020 and a 5.1% increase in the 12 months ending May 2019 (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

Between 2010 and 2020, exports have increased by 26.4% (around 2.7% per year on average) driven by an increase in services exports of 42.5%. Over the same period, goods exports have increased by 15.1% (Source:

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ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

• The relative importance of the EU as an export market has declined over the last decade. In 2020, the share of UK exports going to the EU was 42.1% compared to 48.0% in 2010 (Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

Between 2019 and 2020, exports to the Non-EU decreased by 15.9% to £334.8 billion, while exports to the EU decreased by 16.5% to £243.2 billion. More timely data shows the value of exports to the Non-EU was £325.9 billion in the 12 months ending March 2021, down 18.1% on the previous 12 months while exports to the EU decreased by 17.5% to £234.1 billion. (Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

• The UK’s largest export market in 2020 was the United States (including

Puerto Rico), accounting for around a fifth, 20.8%, of total UK exports, followed by Germany (8.5%), Ireland (6.0%), and the Netherlands (5.9%). (Source: ONS UK trade, experimental quarterly trade in goods and services tables: October to December 2020, next release: ONS UK trade, experimental quarterly trade in goods and services tables: January to

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March 2021).

• Top 20 UK export markets for goods and services in 20201

Notes: 1. The world total above does not match the figure in the ‘Statistical summary sheet’

as it is not seasonally adjusted. Data in the ‘Statistical summary sheet’ are seasonally adjusted and should be preferred over non-seasonally adjusted totals. Seasonally adjusted data by partner country are not available.

• See ‘Top and emerging partner countries’ section for Top 10 UK export markets in 2020.

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Exports were equivalent to 27.2% of UK GDP in 2020, down from 31.1% in 2019. In the 12 months ending March 2021 exports were equivalent to 26.4% of UK GDP, down from 30.6% in the 12 months ending March 2020. (Sources: ONS UK Trade: May 2021 and GDP quarterly national accounts, UK: January to March 2021, next releases: ONS UK Trade: June 2021 and GDP first quarterly estimate, UK: April to June 2021).

• Global export rankings - In 2019* the UK ranked:

o 5th in the world for exports of goods and services (1 place up from 2018).

o 2nd in Europe for exports of goods and services, behind Germany (1 place up from 2018).

o 10th in the world for goods exports (unchanged from 2018). o 2nd in the world for services exports (unchanged from 2018).

Source: UNCTADT, next release: UNCTAD * Much of the 2019 data on which these rankings are based are modelled/estimated.

• Current estimates and forecasts of real export growth: In real terms, UK exports decreased by 16.4% in 2020, following growth

of 2.7% in 2019. The decreases in 2020 consisted of a decrease in services exports (down 18.2%) and in goods exports (down 14.9%). Comparing the 12 months ending May 2021 with the previous 12 months,

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UK exports decreased by 14.2%, following a decrease of 1.6% on the same basis in the 12 months ending May 2020. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

• The IMF forecasts the volume of UK exports of goods and services to

decline at -2.6% in 2021, and then grow at 8.3% in 2022. (Source: IMF World Economic Outlook - April 2021).

• The OECD predicts that the volume of UK exports of goods and

services are expected to grow by 1.2% in 2021, and by 4.7% in 2022. This is an increase from the forecast in December 2020 release, where the volume of UK exports was forecast to fall by -1.1% in 2021 and grow by 0.1% in 2022. (Source: OECD Economic Outlook - May 2021).

• UK export volume growth forecasts (%) 2021 2022 International Monetary Fund (goods and services) -2.6 8.3 OECD1 (goods and services) 1.2 4.7

Source: IMF World Economic Outlook - April 2021 and OECD Economic Outlook - May 2021

1. OECD forecast uses 2018 prices.

• For further forecasts on global trade, see the World trade forecast section.

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• Number and % of registered GB businesses exporting

(Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2018, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2019):

o In 2018, there were 233,900 registered businesses in Great Britain (9.6%) exporting either goods or services or both.

o Due to methodological improvements introduced by the ONS (including sample re-optimisation of the ABS survey and inclusion of an additional 92,000 Pay As You Earn (PAYE) businesses), the 2018 results covering all registered businesses (Small and Medium Enterprises (SMEs) and large combined) are only comparable with 2016 and 2017 results.

o The methodological improvements also introduce discontinuities between the 2015 data and previous years' data. The only comparable data are for 2011-14, and separately between 2016-18.

o The only comparisons that can be made between 2015 and 2016 relate to the larger businesses (more than or equal to 250 employees) as re-optimisation only affects the small and medium size businesses (fewer than 250 employees). The data show that 3,300 (or 40.5%) of all large registered GB businesses exported either goods or services or both in 2016, broadly unchanged from 2015 (3,300 or 40.4%).

o These estimates do not cover all businesses. They only cover registered businesses (for Value Added Tax (VAT) and/or PAYE) in the GB non-financial business economy which accounts for around two-thirds of the economy in terms of gross value added.

o Other sources also estimate the number or proportion of businesses which export (e.g. HMRC Regional Trade Statistics – see below) but they differ in their methodology and coverage so are not directly comparable with the Annual Business Survey (ABS).

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• Summary of Annual Business Survey (ABS) 2012-2018 results Number of registered enterprises Breaks in the time series

2012 2013 2014 2015 2016 2017 2018 Goods exporters 111,500 118,000 105,500 110,800 112,800 115,500 116,500 Services exporters 123,700 140,200 143,300 143,800 136,200 148,900 145,500 Total exporters 210,200 229,000 220,100 225,300 220,300 238,200 233,900 Goods importers 144,500 151,000 149,500 162,100 164,300 170,000 173,000 Services importers 83,300 95,000 98,800 101,800 97,500 118,100 111,900 Total importers 199,300 215,800 217,000 229,000 231,000 246,600 245,600 Total exporters and/or importers 287,500 315,200 308,700 322,400 323,500 341,800 340,500

% of registered enterprises Breaks in the time series

2012 2013 2014 2015 2016 2017 2018 Goods exporters 5.9% 6.0% 5.2% 5.1% 4.8% 4.8% 4.8% Services exporters 6.5% 7.1% 7.0% 6.7% 5.8% 6.3% 6.0% Total exporters 11.1% 11.6% 10.8% 10.5% 9.3% 10.0% 9.6% Goods importers 7.6% 7.6% 7.3% 7.5% 7.0% 7.1% 7.1% Services importers 4.4% 4.8% 4.8% 4.7% 4.1% 5.0% 4.6% Total importers 10.5% 10.9% 10.6% 10.6% 9.8% 10.3% 10.1% Total exporters and/or importers 15.2% 15.9% 15.1% 15.0% 13.7% 14.3% 14.0%

Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2018, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2019. Notes: 1. Due to methodological changes introduced by the ONS in 2016 (including sample

re-optimisation of the ABS survey and inclusion of an additional 92,000 PAYE businesses), the 2016 results are not comparable with previous years’ results. There are also discontinuities between the 2015 data and previous years'

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data. The only comparable data are between 2011-14, and separately between 2016-18.

2. Data are for VAT/PAYE registered enterprises in Great Britain only. The data exclude much of finance, agriculture and government.

3. Goods and services may not add up to the total for goods and services combined. This is because some businesses will trade in both goods and services. In the same way the number of exporters and importers may not add up to the total number involved in international trade because some businesses will both export and import.

4. These estimates cover the Great Britain business economy, excluding Insurance and Reinsurance industries, which accounts for just under two thirds of the economy in terms of Gross Value Added. The industries covered are:

o Agriculture (support activities SIC 01.6 and hunting and trapping SIC 01.7 only), forestry and fishing (Section A)

o Production industries (Sections B-E) o Construction industries (Section F) o Distribution industries (Section G) o Non-Financial Service industries (Sections H-J, L-N, P (private provision

only), Q (private provision only in SIC 86.1 and 86.9), R and S.

Attitudes of UK businesses to exporting in 2020 (Source: National Survey of Registered Businesses’ Exporting Behaviours, Attitudes and Needs 2020, next release: National Survey of Registered Businesses’ Exporting Behaviours, Attitudes and Needs 2021):

The primary focus of the NSRB is on businesses with an annual turnover of £500,000 or more on the premise that they can potentially generate high value exports. In 2020, a total of 3,000 responses were collected from businesses across three points in the year.

The NSRB results vary from those in ONS surveys such as the Annual Business Survey and the fortnightly Business insights and impact on the UK economy (BICS) due to a differing methodological approach and survey objectives. All differences are explained in the NSRB report.

The NSRB allocates businesses into four segments that reflect their exporting behaviour. In 2020, the proportions of businesses falling into each segment were similar to previous waves. In 2020: a third of businesses (34%) had exported either goods or services in the past

12 months,

https://www.ons.gov.uk/businessindustryandtrade/business/businessservices/articles/annualbusinesssurvey/previousReleases

https://www.ons.gov.uk/businessindustryandtrade/business/businessservices/articles/annualbusinesssurvey/previousReleases

https://www.ons.gov.uk/businessindustryandtrade/business/businessservices/bulletins/businessinsightsandimpactontheukeconomy/previousReleases

https://www.ons.gov.uk/businessindustryandtrade/business/businessservices/bulletins/businessinsightsandimpactontheukeconomy/previousReleases

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6% were either lapsed or intermittent exporters, who had not exported in the past 12 months but had done previously,

15% were in the Promote segment. They had never exported but had goods or services either suitable for export or could be developed for export,

44% were in the Challenge segment. They had never exported and do not see their goods or services as suitable for export.

Respondents were asked about the impact of the coronavirus pandemic on business. Two thirds reported a negative impact and around half expected an impact lasting at least 6 months. 4 in 10 exporters experienced supply chain issues in the wake of the pandemic, where small businesses with up to 19 employees were more likely to report problems.

Despite the coronavirus pandemic and uncertainty around EU exit, almost half of businesses reported their exports had remained the same over the last year (47% goods, 48% services). In total, 27% of businesses who had exported in the last 12 months reported a reduction in exports. The main reason given for this was reduced demand (42%) with 1 in 10 mentioning the EU Exit.

In 2020, 17% of businesses had exported only goods in the last 12 months, 10% had exported only services and 7% had exported both goods and services.

Businesses in Northern Ireland (51%) and London (45%) were most likely to be current exporters. Those in Scotland (23%) were more likely than average to fall into the promote segment, while those in Wales were more likely to be in the challenge segment (54%).

The proportion of businesses planning to grow their business has fallen from three quarters to two thirds since 2018. Additionally, there has been a decline in business innovation since 2018, with 46% introducing new or improved products in 2020 compared with 53% in 2018.

Among exporters and potential exporters, around a third cited cost and access to contacts, customers and networks as strong barriers to exporting (33% and 31% respectively).

Three quarters of businesses reported a high or moderate level of knowledge about how to export. This is consistent with 2018, although

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since 2015 the proportion rating their knowledge as high has decreased.

Agreement that there is a lot of demand for British products or services around the world declined in 2020, with almost 2 in 3 (63%) in agreement, down from 2018 (71%).

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Goods exports

Exports of goods were £306.4 billion in 2020, representing 53.4% of total UK exports. More timely data shows the value of UK goods exports was £307.5 billion in the 12 months ending May 2021, representing 54.2% of total UK exports (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

Goods exports decreased by 17.8% in 2020, compared to 2019. Since

2010, goods exports have increased by 15.1%. More recent data shows that goods exports decreased by 13.2% in the 12 months ending May 2021, following a decrease of 0.8% in the 12 months ending May 2020 and a 5.5% increase in the 12 months ending May 2019. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

Exports of goods to the EU decreased by 15.2% in 2020, and exports

of goods to the Non-EU decreased by 20.1%. This follows a decrease in 2019 of 1.4% to the EU and an increase of 13.6% to the Non-EU. More timely data shows that goods exports to the EU decreased by 5.4% in the 12 months ending May 2021, and to the Non-EU decreased by 19.3%. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

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In 2020 the UK’s largest export market for goods was the United States (including Puerto Rico), accounting for 14.9% of total UK goods exports, followed by Germany (10.5%) and Ireland (7.0%). (Seasonally adjusted, Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

• See ‘Top and emerging partner countries’ section for Top 10 UK export markets for goods in 2020.

Top 10 export markets1 for goods in the year ending May 20213, seasonally adjusted

Rank Export market £ billion % of total exports

1 United States2 45.9 14.9% 2 Germany 31.5 10.3% 3 Ireland 21.9 7.1% 4 Netherlands 21.4 7.0% 5 France 18.6 6.1% 6 China 17.4 5.6% 7 Belgium 12.4 4.0% 8 Italy 9.0 2.9% 9 Switzerland 8.7 2.8%

10 Spain 8.1 2.6%

EU 146.9 47.8% Non-EU 160.6 52.2% World 307.5 100.0%

Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021. Notes: 1. Data on trade in goods with Crown Dependencies (Jersey, Guernsey, Isle of Man)

are not available. 2. United States includes Puerto Rico. 3. This table includes data from January 2021; the first data to include trade in goods

after the EU transition period ended on 31 December 2021. Data may have been affected by disruption caused by the end of the transition period and has seen changes to data collection methods for exports of goods from GB to the EU. There have been no changes to data collection methods for goods imports.

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Fastest-growing markets1,2 for UK exports of goods between 2010 and 2020, seasonally adjusted

Rank Export market Value in 20201

(£ billion) Growth 2010-201

(%)

1 North Macedonia 1.1 385.2% 2 Switzerland 12.1 161.5% 3 Qatar 2.7 151.5% 4 China 17.7 118.1% 5 South Korea 4.7 112.0% 6 Hong Kong 8.0 77.6% 7 Norway 4.7 59.6% 8 Turkey 4.7 46.3% 9 Canada 6.1 42.5%

10 Romania 1.1 39.9%


Notes:

1. Only including those with more than £1 billion in value in 2020. 2. Data on trade in goods with Crown Dependencies (Jersey, Guernsey, Isle of Man)

are not available therefore they are excluded as their growth rates are not comparable with other markets.

The top three commodities exported by the UK in 2020 were cars, medicinal and pharmaceutical products, and mechanical power generators (intermediate). Combined, their value accounted for 20.4% of all UK goods exports in 2020. (seasonally adjusted, Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

• See ‘Top and fastest-growing goods and services’ section for Top 10 UK goods exports in 2020, seasonally adjusted.

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Top 10 UK goods exports in the year ending May 20214, not seasonally adjusted1

Rank Commodity (SITC division) Division2 Value

(£ billion) % of total

goods exports 1 Cars 78M 25.2 8.2% 2 Medicinal and pharmaceutical products 54 20.8 6.8% 3 Mechanical power generators (intermediate) 71MI 18.7 6.1% 4 Non-ferrous metals 68 17.1 5.6% 5 Crude oil 33O 15.1 4.9% 6 Aircraft 792 10.1 3.3% 7 Scientific instruments (capital) 87K 9.3 3.0% 8 Organic chemicals 51 8.3 2.7% 9 Miscellaneous electrical goods (intermediate) 771 8.3 2.7%

10 General industrial machinery (capital) 74K 8.0 2.6%

Total goods exports1 306.0 100.0%


Notes:

1. Totals in the table above do not match the figures in the ‘Statistical summary sheet’ as they are not seasonally adjusted. Data in the ‘Statistical summary sheet’ are seasonally adjusted and should be preferred over non-seasonally adjusted totals. Seasonally adjusted goods exports data by commodity are not available.


3. Unspecified goods include precious metals, parcel post, low value trade, coins, and defence equipment.

4. This table includes data from January 2021; the first data to include trade in goods after the EU transition period ended on 31 December 2021. Data may have been affected by disruption caused by the end of the transition period and has seen changes to data collection methods for exports of goods from GB to the EU. There have been no changes to data collection methods for goods imports.

Of all the English regions, London and the South East had the highest number of goods exporters and exported the highest values of goods in 2020. The North East was the English region with the lowest number of goods exporters and exported the lowest value of goods, however the average value of exports per exporter was higher than in any other region (Source: HMRC Regional Trade Statistics: Q1 (Jan - Mar) 2021, next release: HMRC Regional Trade Statistics: Q2 (Apr - Jun) 2021).

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Number of goods exporters and export value by region in 2020, not seasonally adjusted1

Country/region4 Goods exports

(£ billion)

Number of goods

exporters3 United Kingdom1 294.6 149,531 North East 11.7 2,661 North West 24.3 13,643 Yorkshire and The Humber 14.6 9,247 East Midlands 20.8 9,948 West Midlands 24.5 11,727 East of England 26.8 13,780 London 38.1 26,237 South East 37.3 25,467 South West 18.0 10,657

England 216.1 123,368 Wales 13.6 3,619 Scotland 26.7 6,499 Northern Ireland 7.9 7,540 Unallocated2 30.5 8,506

Source: HMRC Regional Trade Statistics: Q1 (Jan - Mar) 2021, next release: HMRC Regional Trade Statistics: Q2 (Apr - Jun) 2021).

Notes:

1. Values differ from those reported by the ONS due to differences in methodology. The totals reported for the United Kingdom in ONS releases are compiled on a change of economic ownership basis and should be preferred over the United Kingdom total above from HMRC, which is compiled on a physical movement basis.

2. 'Unallocated’ refers to trade that cannot be allocated to UK regions. 3. Data on number of exporters are compiled on a 'proportion' basis; i.e. the

business' trade is allocated to a region based on the proportion of its employees in that region rather than where the Head Office of the business is located.

4. Export values for each region may not sum to country totals due to rounding.

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Services exports

In 2020, UK exports of services were £267.1 billion, representing 46.6% of total UK exports. More timely data shows the value of UK services exports was £259.5 billion in the 12 months ending May 2021, representing 45.8% of total UK exports. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: Jun 2021).

Services exports in 2020 have increased by 42.5% since 2010 and

decreased by 15.6% since 2019. In the 12 months ending May 2021 services exports have decreased by 15.2%, following a decrease of 1.4% in the year to end May 2020 and a 4.8% increase in the 12 months ending May 2019. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

Exports of services to the Non-EU decreased by 13.9% to £168.6 billion

between 2019 and 2020, while exports of services to the EU decreased by 18.3% to £98.5 billion. This follows an increase in 2019 of 5.7% and a decrease of 3.7% respectively. Between the 12 months ending March 2021 and the same period 12 months prior, services exports to the Non-EU decreased by 16.9% to £162.7 billion, while services exports to the EU decreased by 21.3% to £94.6 billion. (Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

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• The top destination for UK exports of services in 2020 was the United States (including Puerto Rico), accounting for 27.2% of total UK services exports, followed by Germany (6.3%), Netherlands (5.4%), Ireland (5.0%), and France (4.9%). (Source: ONS UK trade in services by partner country experimental data: October to December 2020, next release: ONS UK trade in services by partner country experimental data: January to March 2021).

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• See ‘Top and emerging partner countries’ section for Top 10 UK export markets for services in 2020.

• Fastest-growing markets1 for UK exports of services between 2010

and 2020:

Rank Export market Value in 20201

(£ billion) Growth 2010-201 (%)

1 Gibraltar 2.5 550.5% 2 Hungary 1.4 231.7% 3 Kuwait 1.5 142.3% 4 Guernsey 1.9 114.8% 5 China 5.1 107.1% 6 South Korea 1.8 99.8% 7 United States2 72.7 98.6% 8 Hong Kong 3.6 85.3% 9 Poland 1.9 78.8%

10 Japan 6.4 75.9%

Source: ONS UK trade, experimental quarterly trade in goods and services tables: October to December 2020, next release: ONS UK trade, experimental quarterly trade in goods and services tables: January to March 2021. Notes: 1. Only including those with more than £1 billion in value in 2020. 2. United States includes Puerto Rico.

• Exports of financial and ‘other business’ (e.g. professional,

management consulting, technical and trade related) services accounted for more than half (60.5%) of all UK’s services exports in 2020 (Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

• See ‘Top and fastest-growing goods and services’ section for Top 5 UK

service exports in 2020.

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Top 5 services exports in the year to March 2021, seasonally adjusted Rank

Type of service

£ billion

% of total services exports

1 Other business services 99.8 38.8% 2 Financial services 59.8 23.2% 3 Telecommunication, computer and information 21.7 8.4% 4 Insurance and pension services 21.6 8.4% 5 Intellectual property services 16.2 6.3%

Total services exports 257.3 100.0%


• In 2018, London and the South East were responsible for around

58.2% of total UK services exports (Source: ONS International trade in services by subnational areas of the UK: 2018, experimental statistics, next release: ONS International trade in services by subnational areas of the UK: 2019, experimental statistics).

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• Value of services exports from the UK by country/region, 20181,2

Country/region4 Services exports

(£ billion) Share (%) United Kingdom 306.9 100.0% North East 6.9 2.2% North West 20.9 6.8% Yorkshire and The Humber 12.1 3.9% East Midlands 8.5 2.8% West Midlands 17.4 5.7% East of England 18.1 5.9% London 136.4 44.5% South East 42.1 13.7% South West 12.8 4.2%

England3 275.2 89.7% Wales 7.4 2.4% Scotland 21.7 7.1% Northern Ireland 2.5 0.8%

Source: ONS International trade in services by subnational areas of the UK: 2018, experimental statistics, next release: ONS International trade in services by subnational areas of the UK: 2019, experimental statistics. Notes: 1. These are experimental statistics. 2. Export figures for the United Kingdom may differ from other published figures due to

revisions. 3. England is the sum of all English regions as calculated by DIT. 4. Export values for each region may not sum to country totals due to rounding.

• In 2018, London and the South East had the highest number of services

exporters, over half of the total for England (58.5%). The North East had the fewest services exporters of all English regions and Wales had the fewest in Great Britain. (Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2018, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2019):

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• Number of services exporters1 in Great Britain 2018

Country/region2 Number of services

exporters Share (%) Great Britain 145,500 100.0%

North East 2,300 1.6% North West 9,400 6.5% Yorkshire and The Humber 6,600 4.5% East Midlands 8,800 6.0% West Midlands 6,500 4.5% East of England 14,300 9.8% London 47,300 32.5% South East 32,300 22.2% South West 8,500 5.8%

England 136,000 93.5% Wales 1,700 1.2% Scotland 7,900 5.4%

Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2018, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2019). Notes: 1. These are experimental statistics. Estimates do not cover all businesses. They only

cover registered businesses (for VAT/PAYE) in Great Britain non-financial economy (i.e. largely exclude financial, agriculture and government activities).

2. The number of services exporters may not sum to country totals due to rounding.

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Imports

Total (goods and services) imports

The value of total UK imports was £585.5 billion in 2020, up 20.8% on 2010 and down 18.3% on 2019. More timely data shows the value of UK imports was £588.0 billion in the 12 months ending May 2021, down 9.2% on the previous 12 months. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

• Import growth between 2010-2020 has been driven by a 23.3%

increase in imports from the Non-EU. Over the same period, imports from the EU increased by 18.4%. (Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

• Between 2019 and 2020, imports from the Non-EU decreased by 15.7% to £291.7 billion while imports from the EU decreased by 20.8% to £293.9 billion. (Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

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UK imports were equivalent to 27.7% of GDP in 2020, down from 32.3%

in 2019. In the 12 months ending March 2021 imports were equivalent to 26.9% of UK GDP, down from 30.9% on the same period 12 months prior. (Sources: ONS UK Trade: May 2021, and GDP first quarterly estimate, UK: January to March 2021, next release: ONS UK Trade: June 2021 and GDP quarterly national accounts, UK: January to March 2021).

In 2020, the share of UK imports coming from the EU was 50.2%, down from 58.4% peak in 2002. In the 12 months ending March 2021, the share of UK imports coming from the EU was 49.2%. (Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

• The UK’s largest import market in 2020 was the United States, accounting for 13.0% of total UK imports, followed by Germany (10.9%), China (9.6%) and Netherlands (7.1%). (Source: ONS UK trade, experimental quarterly trade in goods and services tables: October to December 2020, next release: ONS UK trade, experimental quarterly trade in goods and services tables: January to March 2021).

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• Top 20 UK import markets for goods and services in 20201

Notes: 1. The world total above does not match the figure in the ‘Statistical summary sheet’

as it is not seasonally adjusted. Data in the ‘Statistical summary sheet’ are seasonally adjusted and should be preferred over non-seasonally adjusted totals. Seasonally adjusted data by partner country are not available.

41

• See ‘Top and emerging partner countries’ section for Top 10 UK import markets in 2020.

• Fastest-growing markets1 for UK imports of goods and services2 between 2010 and 2020:

Rank Import market Value in 2020

(£ billion) Growth 2010-20 (%) 1 Vietnam 4.0 201.1% 2 Luxembourg 4.8 104.5% 3 Bangladesh 2.4 86.5% 4 China 56.0 76.7% 5 Bulgaria 1.1 76.5% 6 Lithuania 1.3 75.0% 7 Slovakia 3.0 73.2% 8 Poland 13.4 69.9% 9 Romania 2.7 65.4%

10 South Korea 4.5 61.3%

Source: ONS UK trade, experimental quarterly trade in goods and services tables: October and December 2020, next releases: ONS UK trade, experimental quarterly trade in goods and services tables: January to March 2021.

Notes: 1. Only including those with more than £1 billion in value in 2020. 2. Data on trade in goods with Crown Dependencies (Jersey, Guernsey, Isle of Man)

are not available therefore these markets are excluded as their growth rates are not comparable with other markets.

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• Global import rankings - In 2019* the UK ranked: o 4th in the world for imports of goods and services (2 places up from

2018). o 6th in the world for goods imports (unchanged from 2018). o 5th in the world for services imports (unchanged from 2018).

Source: UNCTADT, next release: UNCTAD.

* Much of the 2019 data on which these rankings are based are modelled/estimated. • Current estimates and forecasts of real import growth: In real terms, UK imports decreased by 17.8% in 2020, following

growth of 2.7% in 2019. Comparing the 12 months ending May 2021 with the previous 12 months, UK imports decreased by 9.5%. This followed a 10.1% decrease in UK imports in the 12 months ending May 2020. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

• The IMF forecasts the volume of UK imports of goods and services is expected to grow by 2.3% in 2021, and then grow at 8.7% in 2022. (Source: IMF World Economic Outlook - April 2021).

• The OECD predicts that the volume of UK imports of goods and services are estimated to grow by 2.0% in 2021, and by 5.0% in 2022. This is an increase from the forecast in December 2020 release, where

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the volume of UK imports was forecast to fall by -0.2% in 2021 and grow by 0.2% in 2022. (Source: OECD Economic Outlook - May 2021).

• UK import volume growth forecasts (%) 2021 2022 International Monetary Fund (goods and services) 2.3 8.7 OECD1 (goods and services) 2.0 5.0

Source: IMF World Economic Outlook - April 2021 and OECD Economic Outlook - May 2021

1. OECD forecast uses 2018 prices.

• For further forecasts on global trade, see the World trade forecast

section.

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Goods imports

In 2020, UK imports of goods were £425.8 billion (accounting for 72.7% of total UK imports), up 17.8% on 2010 and down 15.5% on 2019. More timely data shows the value of UK goods imports was £439.4 billion in the 12 months ending May 2021, down 1.5% on the previous 12 months. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

In 2020, Germany and China were the UK’s largest import markets for

goods, accounting for 12.9% and 12.7% of total UK goods imports respectively. (seasonally adjusted, Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

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• See ‘Top and emerging partner countries’ section for Top 10 UK import markets for goods in 2020.

Top 10 import markets1 for goods in the year ending May 20213, seasonally adjusted


Notes:

1. Data on trade in goods with Crown Dependencies (Jersey, Guernsey, Isle of Man) are not available.

2. United States includes Puerto Rico. 3. This table includes data from January 2021; the first data to include trade in goods

after the EU transition period ended on 31 December 2021. Data may have been affected by disruption caused by the end of the transition period and has seen changes to data collection methods for exports of goods from GB to the EU. There have been no changes to data collection methods for goods imports.

Rank

Import market

£ billion

% of total goods imports

1 China 63.6 14.5% 2 Germany 56.8 12.9% 3 United States2 34.1 7.7% 4 Netherlands 33.2 7.6% 5 France 23.9 5.4% 6 Belgium 22.8 5.2% 7 Italy 17.6 4.0% 8 Spain 14.9 3.4% 9 Norway 13.8 3.1%

10 Ireland 13.3 3.0%

EU 226.2 51.5% Non-EU 213.2 48.5% World 439.4 100.0%

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Fastest-growing markets1 for UK imports of goods2 between 2010 and 2020, seasonally adjusted

Rank Import market

Value in 2020 (£ billion)

Growth 2010-20 (%)

1 Vietnam 3.9 216.2% 2 Bangladesh 2.4 99.2% 3 China 54.0 78.1% 4 Poland 10.5 74.1% 5 Saudi Arabia 1.5 64.0% 6 Pakistan 1.3 56.1% 7 South Korea 3.9 54.7% 8 Turkey 8.2 53.2% 9 Slovakia 2.3 47.7%

10 Portugal 2.4 39.8%


Notes:

1. Only including those with more than £1 billion in value in 2020. 2. Data on trade in goods with Crown Dependencies (Jersey, Guernsey, Isle of Man)

are not available.

In 2020, the top three commodities imported by the UK were cars, medicinal and pharmaceutical products, and clothing. Combined, their values accounted for 16.4% of all UK goods imports in 2020 (seasonally adjusted, Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

• See ‘Top and fastest-growing goods and services’ section for Top 10 UK

goods imports in 2020, seasonally adjusted.

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Top 10 UK goods imports in the year to May 20213, not seasonally adjusted1

Rank Commodity Division2 £ billion

% of total goods

imports

1 Cars 78M 26.8 6.1% 2 Medicinal and pharmaceutical products 54 20.9 4.8% 3 Clothing 84 20.5 4.7% 4 Telecoms and sound equipment (capital) 76K 18.3 4.2% 5 Non-ferrous metals 68 16.7 3.8% 6 Office machinery (capital) 75K 14.6 3.3% 7 Miscellaneous electrical goods (intermediate) 77I 14.2 3.3% 8 Other manufactures (consumer) 89OC 13.6 3.1% 9 Mechanical power generators (intermediate) 71MI 12.7 2.9%

10 Crude oil 33O 11.2 2.6%

Total goods imports1 437.7 100.0%

Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021. Notes: 1. Totals in the tables above do not match the figures in the ‘Statistical summary

sheet’ as they are not seasonally adjusted. Data in the ‘Statistical summary sheet’ are seasonally adjusted and should be preferred over non-seasonally adjusted totals. Seasonally adjusted data by commodity are not available.


3. This table includes data from January 2021; the first data to include trade in goods after the EU transition period ended on 31 December 2021. Data may have been affected by disruption caused by the end of the transition period and has seen changes to data collection methods for exports of goods from GB to the EU. There have been no changes to data collection methods for goods imports.

Of all the English regions, London and the South East were the two regions with the highest number of goods importers and imported the highest value of goods in 2020. The North East was the English region with the lowest number of goods importers and imported the lowest value of goods, however the average value of imports per importer was higher than in any other region. (Source: HMRC Regional Trade Statistics: Q1 (Jan - Mar) 2021, next release: HMRC Regional Trade Statistics: Q2 (Apr - Jun) 2021).

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Number of goods importers and import value by region in 2020, not seasonally adjusted1

Country/region4 Goods imports

(£ billion) Number of goods

importers3

United Kingdom1 420.4 253,781 North East 12.4 4,376 North West 33.5 24,280 Yorkshire and The Humber 27.3 14,930 East Midlands 25.2 15,528 West Midlands 29.8 18,661 East of England 40.1 22,239 London 56.9 51,072 South East 81.5 39,353 South West 20.7 18,389

England 327.4 208,829 Wales 14.2 7,534 Scotland 19.9 11,930 Northern Ireland 6.8 13,969 Unallocated2 52.2 11,520

Source: HMRC Regional Trade Statistics: Q1 (Jan - Mar) 2021, next release: HMRC Regional Trade Statistics: Q2 (Apr - Jun) 2021.

Notes:

1. Values differ from those reported by the ONS due to differences in methodology. The totals reported for the United Kingdom in ONS releases are compiled on a change of economic ownership basis and should be preferred over the United Kingdom total above from HMRC, which is compiled on a physical movement basis.

2. 'Unallocated’ refers to trade that cannot be allocated to UK regions. 3. Data on number of importers are compiled on a 'proportion' basis; i.e. the business'

trade is allocated to a region based on the proportion of its employees in that region rather than where the Head Office of the business is located.

4. Values of imports for each region may not sum to country totals due to rounding.

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Services imports

UK imports of services were £159.7 billion in 2020 (accounting for 27.3% of total UK imports), up 29.7% on 2010 and down 25.0% on 2019. More timely data shows the value of UK services imports was £148.6 billion in the 12 months ending May 2021, down 26.3% on the previous 12 months. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

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• See ‘Top and emerging partner countries’ section for Top 10 UK import markets for services in 2020.

• Fastest-growing markets1 for UK imports of services between 2010 and 2020:

Rank Import market Value in 2020 Growth 2010-20 (%) 1 Romania 1.2 216.5% 2 Luxembourg 4.4 209.8% 3 Sweden 4.2 130.1% 4 Jersey 3.3 118.4% 5 Japan 5.3 92.6% 6 Singapore 3.3 91.1% 7 United States2 39.8 88.2% 8 Hong Kong 2.7 76.9% 9 India 5.7 61.8%

10 Poland 2.9 56.4%


Notes:

1. Only including those with more than £1 billion in value in 2020. 2. United States includes Puerto Rico.

• Imports of travel and ‘other business’ (professional, management

consulting, technical and trade-related) services accounted for more than half (54.7%) of all UK’s services imports in 2020. (Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

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• See ‘Top and fastest-growing goods and services’ section for Top 5 UK service imports in 2020.

Top 5 services imports in the year ending March 2021, seasonally adjusted

Rank Type of service £ billion % of total

services imports 1 Other business services 69.6 47.0% 2 Financial services 16.2 10.9% 3 Transport services 14.0 9.4% 4 Intellectual property 13.8 9.3% 5 Telecommunication, computer and information 9.9 6.7%

Total services imports 148.0 100.0%


• In 2018, London and the South East were responsible for around

48.3% of total UK services imports (Source: ONS International trade in services by subnational areas of the UK: 2018, experimental statistics, next release: ONS International trade in services by subnational areas of the UK: 2019, experimental statistics):

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• Value of services imports to the UK by country/region, 20181,2

Country/region4 Services imports

(£ billion) Share (%) United Kingdom 197.3 100.0% North East 5.7 2.9% North West 17.2 8.7% Yorkshire and The Humber 10.5 5.3% East Midlands 8.2 4.1% West Midlands 11.2 5.7% East of England 17.2 8.7% London 67.1 34.0% South East 28.3 14.3% South West 10.5 5.3%

England3 175.8 89.1% Wales 5.2 2.6% Scotland 14.6 7.4% Northern Ireland 1.7 0.9%

Source: ONS International trade in services by subnational areas of the UK: 2018, experimental statistics, next release: ONS International trade in services by subnational areas of the UK: 2019, experimental statistics. Notes: 1. These are experimental statistics. 2. Import figures for the United Kingdom may differ from other published figures due to

revisions. 3. England is the sum of all English regions as calculated by DIT. 4. Value of services imports for each region may not sum to country totals due to

rounding.

• In 2018, London and the South East had the highest number of services importers, over half of the total for England (53.3%). The North East had the fewest services importers of all English regions, the same as Wales, and the fewest in Great Britain (Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2018, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2019):

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• Number of services importers1 in Great Britain 2018

Country/region Number of services importers (to nearest hundred)

Share (%)

Great Britain 111,900 100.0%

North East 1,600 1.4% North West 10,000 8.9% Yorkshire and The Humber 3,900 3.5% East Midlands 6,800 6.1% West Midlands 4,900 4.4% East of England 13,100 11.7% London 33,200 29.7% South East 22,200 19.8% South West 8,300 7.4%

England 104,000 92.9% Wales 1,600 1.4% Scotland 6,300 5.6%

Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2018, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2019).

Notes:

1. These are experimental statistics. Estimates do not cover all businesses. They only cover registered businesses (for VAT/PAYE) in Great Britain non-financial economy (i.e. largely excludes financial, agriculture and government activities).

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Trade balance

• The UK has run a trade deficit each year since 1998 (Source: GDP quarterly national accounts, UK: January to March 2021, next release: GDP first quarterly estimate, UK: April to June 2021).

In 2020 the UK trade deficit was £12.0 billion, having narrowed by £15.4

billion since 2019. The UK trade deficit steadily widened between 2011 and 2016 from £15.8 billion to £36.1 billion, but narrowed in 2017 to £29.9 billion and in 2018 to £25.5 billion. More timely data shows that the balance has switched from a surplus of £12.4 billion in the 12 months to end of May 2020 to a deficit of £21.0 billion in the 12 months to end of May 2021. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

• The UK has run a trade in goods deficit each year since 1983 and a trade in services surplus since 1966 (Source: GDP quarterly national accounts, UK: January to March 2021, next release: GDP first quarterly estimate, UK: April to June 2021).

In 2020, the UK had a trade in goods deficit of £119.4 billion (down from £130.8 billion in 2019) and a trade in services surplus of £107.4 billion (up from £103.3 billion in 2019). In the 12 months ending May 2021, the UK had a trade in goods deficit of £131.9 billion (up from £92.0 billion in the previous 12 months) and a trade in services surplus of £110.9 billion (up from £104.4 billion in the previous 12 months). (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

In 2020, the UK had a trade deficit with the EU of £50.7 billion (a

narrowing from £79.7 billion in 2019) and a trade surplus of £43.1 billion with the Non-EU (a narrowing from £52.2 billion in 2019). In the 12 months ending March 2021, the UK had a trade deficit with the EU of £44.2 billion (down from £71.4 billion in the previous 12 months) and a trade surplus of £38.4 billion with the Non-EU (down from £66.2 billion in the previous 12 months). (Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

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• The UK’s largest trade surplus in 2020 was with the United States (including Puerto Rico), where we exported £43.6 billion more than we imported in goods and services. The UK’s largest trade deficit was with China, followed by Germany, with deficits of £33.1 billion and £15.2 billion respectively (Source: ONS UK trade, experimental quarterly trade in goods and services tables: October to December 2020, next release: ONS UK trade, experimental quarterly trade in goods and services tables: January to March 2021).

• See ‘Top and emerging partner countries’ section for Top 10 UK surpluses and deficits in goods and services in 2020, not seasonally adjusted.

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Total trade

• Total trade is the sum of exports and imports of goods and services. UK total trade in 2020 amounted to £1.16 trillion, a 17.6% decrease from

2019. In the 12 months ending May 2021, UK total trade amounted to £1.16 trillion, an 11.7% decrease on the previous 12 months. (Source: ONS UK Trade: May 2021, next release: ONS UK Trade: June 2021).

• In 2020 the United States (including Puerto Rico) was the UK’s largest trading partner, accounting for 16.9% (or £196.3 billion) of total UK trade (not seasonally adjusted). (Source: ONS UK trade, experimental quarterly trade in goods and services tables: October to December 2020, next release: ONS UK trade, experimental quarterly trade in goods and services tables: January to March 2021).

• Taken as a whole, the EU accounted for 46.2% of total UK trade in 2020

(seasonally adjusted), with the largest trading partners being Germany (9.7%), the Netherlands (6.5%) and France (5.7%) (not seasonally adjusted) (Sources: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, ONS UK trade, experimental quarterly trade in goods and services tables: October to December 2020, next releases: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021, ONS UK trade, experimental quarterly trade in goods and services tables: January to March 2021).

• See ‘Top and emerging partner countries’ section for Top 10 trading partners in 2020.

57

World trade forecasts

World trade: • The IMF forecasts the volume of world trade in goods and services to grow

by 8.4% in 2021, and grow further by 6.5% in 2022. (Source: IMF World Economic Outlook, April 2021 ) IMF Assumptions: The baseline forecast assumes staggered and uneven distribution of vaccines across regions. Vaccines and various therapies are accessible at affordable prices for all countries. Most countries will have broad vaccine availability by the second half of 2022. Effective protection, combined with improved testing and tracing, will lead to a reduction in local transmissions to low levels globally by the end of 2022. Vaccine deployment will be staggered across regions, with some countries exiting the crisis much sooner, and with new strains forcing occasional and localized lockdowns before vaccines become widely available. These restrictions should have less impact on activity than in the previous waves because of their more-targeted nature, adaptation to remote work, and a more subdued starting point for contact-intensive activity than was the case in the first half of 2020.

• The WTO has predicted that volume of world merchandise trade is expected to grow by 8.0% in 2021 and by 4.0% in 2022. (Source: WTO Trade Statistics and Outlook, March 2021).

• The OECD forecasts that world real trade will increase by 8.2% in 2021, and by 5.8% in 2022. This is an increase from the forecast in December 2020 release, where world real trade was forecast to grow by 3.9% in 2021 and grow by 4.4% in 2022. (Source: OECD Economic Outlook - May 2021) OECD Assumptions: In advanced economies, the roll-out of an effective vaccine is assumed to be completed by Autumn 2021, and earlier in some countries. New fiscal measures will support demand in the near term. Improvement in confidence and labour market conditions and the decline in household savings rate will help maintain spending growth in 2022, offsetting the reduction in fiscal support. In emerging market economies, prospects of early completion of vaccine programmes are limited (except for Chile) with current virus outbreaks assumed to lead to tighter public health measures in the near term.

58

Commodity exporters should benefit from higher prices and the rebound of world trade, but tourism-dependent economies face a slower recovery which will affect real incomes.

• World trade volume growth forecasts (%) 2021 2022 International Monetary Fund (goods and services) 8.4 6.5 World Trade Organisation (goods only) 8.0 4.0 OECD (goods and services) 8.2 5.8

Sources: IMF World Economic Outlook April 2021, WTO Trade Statistics and Outlook, March 2021, and OECD Economic Outlook - May 2021.

• For UK trade forecasts, see the UK export growth and UK import growth sections.

59

Current account balance

• The UK has run a current account deficit in every year since 1984(Source: ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, nextrelease: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

• The current account deficit widened by £5.3 billion between 2019 and2020, from £68.6 billion (equivalent to 3.1% of GDP) to £73.9 billion(equivalent to 3.5% of GDP). This followed a narrowing of £10.2 billionbetween 2018 and 2019. (Source: ONS Balance of Payments: Quarter 1(Jan to Mar) 2021, next release: ONS Balance of Payments: Quarter 2(Apr to Jun) 2021).

More timely data shows the current account deficit was £67.7 billion in the12 months ending March 2021 (equivalent to 3.2% of GDP), from £53.2billion (equivalent to 2.4% of GDP) in the previous 12 months. (Source:ONS Balance of Payments: Quarter 1 (Jan to Mar) 2021, next release:ONS Balance of Payments: Quarter 2 (Apr to Jun) 2021).

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In 2020, the UK had a current account deficit with the EU of £72.2billion (a narrowing from £113.1 billion in 2019) and a current accountdeficit of £1.7 billion with the Non-EU (a switch from a surplus of £44.5billion in 2019). More timely data shows the UK had a current accountdeficit with the EU of £61.5 billion in the year to March 2021 (anarrowing of £41.1 billion from the 12 months ending March 2020) and acurrent account deficit of £6.2 billion with the Non-EU (a decrease of£55.5 billion from the 12 months ending March 2020) (Source: ONSBalance of Payments: Quarter 1 (Jan to Mar) 2021, next release: ONSBalance of Payments: Quarter 2 (Apr to Jun) 2021).

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Trade in value added

(Source: OECD Trade in Value Added: 2005-2015, experimental statistics, next release: Unknown).

• Trade in Value Added (TiVA) is an experimental dataset, published by the OECD, that makes it possible to examine aspects of value chain trade that are not possible to examine with traditional measures of trade. The novelty of this dataset is that it regards international trade not as gross flows of final goods and services but as flows of value added and identifies in which countries and industries value is added along the value chain. In this way, it provides a more accurate picture of international trade relationships and countries' participation in Global Value Chains (GVCs).

• TiVA can inform trade policy in a number of areas: o By highlighting the importance of intermediate imports for export

competitiveness, TiVA highlights the self-defeating nature of protectionism and reinforces the case for open markets.

o TiVA helps us understand how well integrated our industries are in GVCs.

o It provides a more accurate picture of a country’s bilateral trade balances and comparative advantage sectors.

o TiVA also reveals that services are integral to the success of manufacturing exports and far more important to trade than they appear in traditional trade statistics.

• Revised TiVA data were published by the OECD in December 2018. These data cover the years 2005-2015 (with preliminary estimates for 2016 for some indicators), 64 countries and 36 industries.

• These latest statistics incorporate important methodological improvements since the last publication in 2016 resulting in large downward revisions for some indicators. For example, there are large downward revisions to headline measures, such as the ‘foreign value added content of exports’ (‘backward linkages’) and the ‘domestic value added content of partner’s exports’ (‘forward linkages’), implying a lower degree of integration of the UK in GVCs. It should be noted that these downward revisions apply

http://www.oecd.org/industry/ind/tiva-2018-flyer.pdf

http://www.oecd.org/tad/trade-policy-implications-global-value-chains.pdf

http://www.oecd.org/industry/ind/tiva-2018-countries-regions.pdf

http://www.oecd.org/industry/ind/tiva-2018-industries.pdf

http://www.oecd.org/industry/ind/tiva-2018-differences-tiva-2016.pdf

62

to most countries in the dataset, not just the UK, and do not change the general trend over time.

• It is also important to note that, while TiVA offers many advantages overtraditional ways of measuring trade, it has significant limitations in itscurrent form. The statistics are based on a number of strong assumptions,imputations and modelling, and are classed as ‘experimental’. Datalimitations mean that TiVA should be considered as complementaryto analysing trade patterns rather than a replacement of traditionaltrade statistics.

Key findings: Backward (or ‘upstream’) participation in GVCs

• Backward linkages measure the extent to which exporters in one countrydepend on foreign inputs (imports) for the production of their exports.

• At the global level, the TiVA data reveal a general gradual decline inGVC integration in recent years. The import content of exports has fallenin many developed economies, with the decline being most pronouncedin China, and to a lesser extent the USA. This trend may reflect anincreased tendency for countries to source intermediate inputs from thedomestic market rather than from abroad. Fluctuations in commodityprices (e.g. crude oil) may have also played a role in these trends.

• The import content of UK exports was 15.4% in 2016, significantly belowthe OECD average of around 26%, but up 1.1 percentage points from2005 – evidence that the UK has become slightly more integrated in GVCsover the last decade. That said, the import content of UK exports hasdeclined by 3.4 percentage points between 2011 and 2016, in line with theglobal downward trend.

http://www.oecd.org/sti/ind/tiva-2018-guide-to-country-notes.pdf

63

Source: OECD Trade in Value Added: 2005-2015, experimental statistics

• The UK is less well integrated into upstream supply chains than France(21.5% import content) and Germany (20.2%) but more integrated than theUSA (9.1%). The UK’s relatively low import content partly reflects itsspecialisation in services exports which tend to have low importcontent.

• The UK industries that are most reliant on foreign inputs (imports) fortheir exports are: Basic Metals (38.9% import content in 2016), OtherTransport Equipment (38.0%) and Coke and Refined Petroleum (37.5%).

• The UK is slightly more reliant on the Non-EU than the EU as asource of inputs for its exports. Dependence on Non-EU suppliers forthe production of UK exports has increased over time. The share of valueadded in UK gross exports coming from the Non-EU has increased from7.6% in 2005 to 8.5% in 2015. Over the same period, the share of valueadded coming from the EU has decreased marginally, from 6.7% in 2005to 6.6% in 2015. Looking at individual countries, the largest suppliers ofinputs for UK exporters are the USA (accounting for 2.1% of the valueadded in UK exports), Germany (1.8%), China (1.2%) and France (1.1%).

0

5

10

15

20

25

30

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Per c

ent

Foreign value added (import) content of gross exports, %, 2005-16

OECD average UK

64

Key findings: Forward (or ‘downstream’) participation in GVCs

• Forward linkages measure the contribution that a country makes as asupplier of inputs to other countries’ exports.

• UK’s participation in GVCs as a supplier of inputs has increased overthe last decade. In 2015, the UK value added embedded in world exportswas 23.7% of total UK exports, up from 22.0% in 2005.

• The UK has stronger forward linkages with EU countries, especiallyIreland, Luxembourg and Germany. In 2015, the UK value addedembedded in EU exports (as a % of UK exports) was 15.3%, compared toa share of 8.4% for the Non-EU.

• The UK (source) industries with the strongest forward linkages in 2015were ‘Financial and insurance services’, ‘Chemicals and pharmaceuticals’,‘Motor vehicles’, ‘Transportation and storage services’ and “Computer,electronic and Optical equipment’.

Key findings: Importance of services

• Unlike traditional trade statistics, TiVA allows us to estimate thecontribution made by the services sector in producing goods for export.Accounting for the value added of services in the production of goods, theTiVA data show that services are more important to UK exports thanthey appear in traditional trade statistics. According to ONS Pink Book2018 data, services represented around 46% of UK exports in 2016. But,according to TiVA, the share is significantly higher (around 71%). This isone of the highest among the countries in the OECD dataset, withsignificant services content embedded in manufacturing exports (32% in2016).

65

Key findings: Employment sustained by foreign final demand

• Integration in GVCs has implications for domestic employment.

• The TiVA data suggest that around a fifth of total UK employment in2015 was supported by foreign final demand (i.e. was dependent onoverseas markets).

Key findings: Exports, imports and bilateral trade balances

• The USA is the UK’s top export market in both gross and value addedterms. In gross terms, the USA accounted for 15.7% of UK exports in2015, followed by Germany (8.1%) and France (6.6%). In value addedterms, the importance of the USA as an export market is amplified, with ashare of 17.9%, while the EU27 becomes a less important export market(with a share of 37.0%, compared to 43.5% in gross terms).

• In gross terms, the UK’s top import markets in 2016 were Germany(11.9%), USA (11.8%) and China (9.0%). In value added terms, the topimport markets remain the same, but USA becomes the largestimport source (13.4%), ahead of Germany (11.4%) and China (9.5%).The EU becomes a less important import market in value added terms(accounting for 45.5% of total UK imports) compared to 51.0% in grossterms.

• Measuring trade in value added terms does not affect the overall tradebalance of a country. However, bilateral trade balances with individualtrade partners can look different when measured on a value addedbasis. For example, the TiVA data show that:

o The UK’s trade surplus with the USA and the Non-EU is smaller invalue added terms than in gross terms.

o The UK’s trade deficit with China, Germany, France, Italy, Spainand the whole of the EU is smaller in value added terms.

o The UK’s trade surplus with Ireland and Luxembourg turns into adeficit in value added terms.

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Source: OECD Trade in Value Added database, experimental statistics

-100

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$bn

UK trade balance in gross and value added terms, 2015

Gross (BALGR) Value Added (BALVAFD)

67

FDI (Foreign Direct Investment) statistics

Inward FDI

• The UK’s inward FDI stock was £1.6 trillion at the end of 2019, down0.9% on 2018 and up 128.4% on 2010 (Source: Foreign Direct Investment(FDI) totals for inwards and outwards flows, positions and earnings, 2018to 2019, directional method, next release: Foreign direct investmentinvolving UK companies: 2020).

• UK Inward FDI Stock, Flows and Earnings

Source: Foreign direct investment involving UK companies: 2019, directional method, next release: Foreign direct investment involving UK companies: 2020.

Notes:

1. Data compiled according to directional method.2. A negative sign before values indicates a net disinvestment.

• The United States was the largest investor in the UK with an inward FDIstock of £381.6 billion at the end of 2019. (Source: Foreign DirectInvestment (FDI) totals for inwards and outwards flows, positions andearnings, 2018 to 2019, directional method, next release: Foreign directinvestment involving UK companies: 2020).

£ billion 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

FDI stock in the UK (inward) 682 749 913 918 1,013 1,033 1,187 1,392 1,573 1,559

EU 347 366 452 462 490 441 552 591 617 681 Non-EU 335 382 461 456 523 592 636 801 956 878

FDI flows into the UK (inward) 38 26 35 33 15 25 192 75 66 36

EU -1 -24 15 0 3 -14 130 21 -13 28 Non-EU 39 50 20 34 12 39 62 54 78 7

Foreign earnings from FDI in the UK (inward) 40 45 46 51 48 48 50 58 75 44

EU 18 17 21 25 24 18 16 17 29 15 Non-EU 22 29 25 26 24 30 35 40 46 28

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• Top 10 investors in the UK, 2019 (Inward FDI stock1,2,3)

Rank FDI partner £ billion % of total inward FDI

stock 1 United States4 381.6 24.5% 2 Netherlands 167.2 10.7% 3 Luxembourg 134.3 8.6% 4 Belgium 116.4 7.5% 5 Jersey5 95.5 6.1% 6 Japan 90.5 5.8% 7 Germany 89.7 5.8% 8 France 71.3 4.6% 9 Switzerland 64.9 4.2%

10 Spain 50.0 3.2%

EU 681.0 43.7% Non-EU 877.6 56.3% World 1,558.6 100.0%

Source: Foreign direct investment (FDI) totals for inward and outward flows, positions and earnings: 2018 to 2019, directional method, next release: Foreign direct investment involving UK companies: 2020. Notes: 1. Data are on a directional basis.2. Data are on a net basis i.e. investments minus disinvestments.3. Rankings are affected by the fact that FDI statistics are currently compiled on the

basis of immediate, rather than ultimate, partner country. This often leads to anoverstatement of investments in or from big financial centres (such as Luxembourgand the Netherlands) or countries offering favourable tax terms to investors. Seepoint 10 of the Notes section for further detail.

4. United States includes Puerto Rico.5. The top 10 rankings for 2019 have been recalculated due to release of new data in

February 2021. The latest data includes all the Offshore Islands (Jersey, Guernsey,other Channel Islands and Isle of Man) where Jersey is the only one ranked in thetop 10. The previous top 10 rankings included the Offshore Islands.

Global rankings (inward FDI stock) (Source: UNCTAD World InvestmentReport 2021, next release: UNCTAD World Investment Report 2022)In 2020, the UK was:

o The third highest destination for investment in the world (downfrom second in 2019, having been overtaken by the Netherlands whowere sixth in 2019). The United States remained first, holding thehighest inward FDI stock in the world.

o The second highest destination for investment in Europe behindthe Netherlands.

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Outward FDI

• The UK’s outward FDI stock was £1.5 trillion at the end of 2019, up 3.1%on 2018 and up 39.1% on 2010 (Source: Foreign Direct Investment (FDI)totals for inwards and outwards flows, positions and earnings, 2018 to2019, directional method, next release: Foreign direct investment involvingUK companies: 2020).

• UK Outward FDI Stock, Flows and Earnings

£ billion 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

UK FDI stock abroad (outward) 1,077 1,118 1,073 1,091 1,079 1,084 1,275 1,369 1,453 1,498

EU 565 557 505 455 445 456 578 597 607 602 Non-EU 513 561 569 636 634 628 696 773 846 896

UK FDI flows abroad (outward) 31 60 13 26 -91 -43 -28 111 62 -5

EU 20 25 -5 -12 -83 -13 -26 18 6 -18Non-EU 11 34 19 38 -8 -30 -2 93 57 13

UK earnings from FDI abroad (outward) 88 99 81 79 68 57 51 88 94 92

EU 31 37 23 24 17 17 20 30 29 29 Non-EU 57 62 58 55 51 41 31 59 65 63

Source: Foreign direct investment involving UK companies: 2019, directional method, next release: Foreign direct investment involving UK companies: 2020.

Notes:

1. Data compiled according to directional method.2. A negative sign before values indicates a net disinvestment.

• The United States was the top destination for UK FDI at the end of 2019,with FDI investment stock at 379.7bn. (Source: Foreign Direct Investment(FDI) totals for inwards and outwards flows, positions and earnings, 2018to 2019, directional method, next release: Foreign direct investmentinvolving UK companies: 2020).

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• Top 10 destinations for UK FDI, 2019 (Outward FDI stock1,2,3)

Rank FDI partner £ billion % of total outward

FDI stock 1 United States4 379.7 25.3% 2 Netherlands 155.7 10.4% 3 Luxembourg 95.9 6.4% 4 Spain 75.2 5.0% 5 France 75.2 5.0% 6 Hong Kong 70.5 4.7% 7 Ireland 55.0 3.7% 8 Jersey5 43.8 2.9% 9 Switzerland 38.4 2.6%

10 Australia 37.3 2.5%

EU 602.4 40.2% Non-EU 895.8 59.8% World 1,498.2 100.0%

Source: Foreign Direct Investment (FDI) totals for inwards and outwards flows, positions and earnings, 2018 to 2019 directional method, next release: Foreign direct investment involving UK companies: 2020. Notes: 1. Data are on a directional basis.2. Data are on a net basis i.e. investments minus disinvestments.3. Rankings are affected by the fact that FDI statistics are currently compiled on the

basis of immediate, rather than ultimate, partner country. This often leads to anoverstatement of investments in or from big financial centres (such as Luxembourgand the Netherlands) or countries offering favourable tax terms to investors. Seepoint 10 of the Notes section for further detail.

4. United States includes Puerto Rico.5. The top 10 rankings for 2019 have been recalculated due to release of new data in

February 2021. The latest data includes all the Offshore Islands (Jersey, Guernsey,other Channel Islands and Isle of Man) where Jersey is the only one ranked in thetop 10. The previous top 10 rankings included the Offshore Islands.

Global rankings (outward FDI stock) (Source: UNCTAD WorldInvestment Report 2021, next release: UNCTAD World Investment Report2022) In 2020, the UK was:

o The fourth largest global investor (unchanged from 2019), behindthe United States, Netherlands, and China.

o The second largest European investor, behind the Netherlands(unchanged from 2019).

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Inward investment projects statistics

DIT statistics

(Source: DIT Inward investment results 2020/21, next release: DIT Inward investment results 2021/22).

DIT recorded 1,538 investment projects coming into the UK in 2020/21,down 17.0% from 1,852 in 2019/20.

Out of 1,538 investment projects coming into UK in 2020/21, 1,131 weresupported by DIT, a decrease of 21.9% from 1,449 in 2019/20.

Out of all investment projects in 2020/21, 596 (38.8%) were made by newinvestors to the UK, and 942 (61.2%) by existing investors in the UK.

Inward investments projects coming into the UK are estimated to havecreated 55,319 new jobs and safeguarded 18,187 jobs, a decrease of1.4% and an increase of 101.6% in 2020/21 respectively.

Total estimated jobs created/safeguarded by inward investment projectswas 73,506 in 2020/21, an increase of 12.8% from 65,138 in 2019/20.

London was the UK region with the highest number of new jobs created byinward investment, an increase of 6.5% (13,832) in 2020/21. The highestgrowth of new created jobs was in the South West, an increase of 52.3%in 2020/21.

The estimated economic impact of foreign direct investment projectsinvolving DIT rose 25% in the year 2020/21 to £3.9bn.

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Regional breakdown for all FDI projects1 and involved FDI projects2, 2020-21

Region FDI

projects

New jobs from all FDI

projects

Involved FDI

projects

New jobs from involved

FDI projects Multiple UK sites3 49 14,855 43 14,770 North East 51 1,373 36 1,013 North West 139 4,309 105 3,546 Yorkshire and The Humber 86 1,412 56 1,039 East Midlands 72 2,149 42 1,852 West Midlands 145 4,443 92 3,830 East of England 72 2,066 51 1,693 London 492 13,832 390 11,212 South East 163 2,538 98 1,798 South West 76 2,242 55 2,029 Scotland 92 3,245 72 2,786 Wales 72 1,529 66 1,243 Northern Ireland 29 1,326 25 973

Total 1,538 55,319 1,131 47,784

Source: DIT Inward investment results 2020/21, next release: DIT Inward investment results 2021/22. Notes: 1. FDI projects are investment projects where investment transactions take 3 main

forms: new investment projects, expansions on existing investment projects, and merger and acquisition (M&A) projects.

2. Involved FDI Projects are those assisted by the DIT network teams. 3. Multiple UK site projects represent those investments which span more than one

region.

73

Statistics summary sheet – Table of sources

# Statistic Source Update Frequency Comments

Gross Domestic Product (GDP) 1 Annual real GDP growth ONS quarterly

GDP releases Monthly This is the headline (real) GDP

growth rate. All other data below are in nominal terms (current prices)

Trade in Goods and Services 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Exports Imports Total trade Trade deficit Exports as % of GDP Imports as % of GDP Total trade as % of GDP Trade deficit as % of GDP Exports to the EU Exports to the Non-EU Imports from the EU Imports from the Non-EU Total trade with the EU Total trade with the Non-EU Trade deficit with the EU Trade surplus with Non-EU

ONS UK Trade, Balance of Payments and quarterly GDP releases (where GDP is the denominator)

Monthly Covers both goods and services – Trade and GDP in current prices

18 19

Global Ranking: Total exports European Ranking: Total exports

UNCTAD When data available from National Statistical Offices

2019 data have been used but data for many countries are estimated/modelled Current prices

Trade in Goods 20 21 22 23 24 25 26 27 28 29 30 31

Goods exports Goods imports Goods total trade Trade in goods deficit Goods exports to EU Goods exports to Non-EU Goods imports from EU Goods imports from Non-EU Goods total trade with EU Goods total trade with Non-EU Goods trade deficit with EU Good trade deficit with Non-EU

ONS UK Trade and Balance of Payments

Monthly Covers both goods and Services – Current prices

32 Global Ranking: Goods Exports UNCTAD When data available from National Statistical Offices


Trade in Services 33 34 35 36 37

Services exports Services imports Services total trade Trade in services surplus Services exports to EU

ONS UK Trade and Balance of Payments

Monthly Covers both goods and Services – Current prices

74

# Statistic Source Update Frequency Comments

38 39 40 41 42 43 44

Services exports to Non-EU Services imports from EU Services imports from Non-EU Services total trade with EU Services total trade with Non-EU Services trade surplus with EU Service trade surplus with Non-EU

45 Global Ranking: Services Exports UNCTAD When data available from National Statistical Offices


Current Account 46 47

Current Account deficit Current Account deficit as % of GDP

ONS Balance of Payments release

Quarterly Current Account data on an asset/liability basis – Current Account and GDP in current prices

Foreign Direct Investment 48 49

Outward FDI stock Inward FDI Stock

ONS FDI Involving UK Companies 2019

Annually FDI data on a ‘directional’ basis ( ≠ asset/liability basis) Current prices

50 51

52

53

Global Ranking: Outward FDI stock Global Ranking: Inward FDI stock European Ranking: Outward FDI stock European Ranking: Inward FDI stock

UNCTAD World Investment Report

When data available from National Statistical Offices

FDI data on a directional basis – Current prices

Number and proportion of UK businesses exporting 54

55

Proportion of VAT-registered Businesses in the GB Non-Financial Economy exporting goods and/or services Number of VAT-registered Businesses in the GB Non-Financial Economy exporting goods and/or services

ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey)

Annually Experimental statistics. Only covers registered businesses (for VAT and/or PAYE) in the Great Britain non-financial Business Economy (two thirds of the economy). Largely excludes financial, agricultural and government activities. 2010 data based on a methodology that extrapolates from the average growth in the proportion of exporters between 2011 and 2013 Current prices

Ease of doing business 56 Ease of doing business ranking World Bank

Ease of Doing Business 2020 report

Annually 2019 data. Looks at small and medium-size companies and measures the regulations applying to them through their life cycle. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The link below explains what the report covers in more detail: http://www.doingbusiness.org/about-us U

http://www.doingbusiness.org/about-us



75

Update schedule The Core Stats Book will be updated shortly after the publication of the following regular releases:

Direct link to latest version Next planned publication Source Date Status UK trade, experimental quarterly trade in goods and services tables: October to December 2020

UK trade, experimental quarterly trade in goods and services tables, January to March 2021

Office for National Statistics 27 July 2021 Confirmed

UK trade in services by partner country experimental data: October to December 2020

UK trade in services by partner county, experimental data: January to March 2021

Office for National Statistics 27 July 2021 Confirmed

UK Trade: May 2021 UK Trade: June 2021 Office for National Statistics 12 August 2021 Confirmed

GDP first quarterly estimate, UK: January to March 2021

GDP first quarterly estimate, UK: April to June 2021

Office for National Statistics 12 August 2021 Confirmed

UK Regional Trade in Goods Statistics: Quarter 1 (Jan - Mar) 2021

UK Regional Trade in Goods Statistics: Quarter 2 (Apr to Jun) 2021

HM Revenue and Customs 16 September 2021 Confirmed

Balance of Payments: Quarter 1 (Jan to Mar) 2021

Balance of Payments: Quarter 2 (Apr to Jun) 2021

Office for National Statistics 30 September 2021 Confirmed

UK Quarterly National Accounts: January to March 2021

UK Quarterly National Accounts: April to June 2021

Office for National Statistics 30 September 2021 Confirmed

ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2018

ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2019

Office for National Statistics 9 August 2021 Provisional

Foreign direct investment involving UK companies: 2019

Foreign direct investment involving UK companies: 2020

Office for National Statistics December 2021 Provisional

https://www.ons.gov.uk/releases/uktradequarterlytradeingoodsandservicestablesoctobertodecember2020




https://www.ons.gov.uk/businessindustryandtrade/internationaltrade/datasets/uktotaltradeallcountriesnonseasonallyadjusted



https://www.ons.gov.uk/releases/uktradeinservicesbypartnercountryoctobertodecember2020



https://www.ons.gov.uk/releases/uktradeinservicesbypartnercountryjulytoseptember2020



https://www.ons.gov.uk/redir/eyJhbGciOiJIUzI1NiJ9.eyJpbmRleCI6NCwicGFnZVNpemUiOjEwLCJ0ZXJtIjoidWsgdHJhZGUiLCJwYWdlIjoxLCJ1cmkiOiIvcmVsZWFzZXMvdWt0cmFkZW1heTIwMjEiLCJsaXN0VHlwZSI6InJlbGVhc2VjYWxlbmRhciJ9.DC6TgJ7V1iO20H0oNsJnxh70KOmVp1gWtFTYc8mth-8


https://www.ons.gov.uk/releases/gdpfirstquarterlyestimateukjanuarytomarch2021

https://www.ons.gov.uk/releases/gdpfirstquarterlyestimateukjanuarytomarch2021

https://www.ons.gov.uk/releases/gdpfirstquarterlyestimateukapriltojune2021

https://www.ons.gov.uk/releases/gdpfirstquarterlyestimateukapriltojune2021

https://www.uktradeinfo.com/trade-data/regional/2020/uk-regional-trade-in-goods-statistics-third-quarter-2020/



https://www.uktradeinfo.com/trade-data



https://www.ons.gov.uk/redir/eyJhbGciOiJIUzI1NiJ9.eyJpbmRleCI6MywicGFnZVNpemUiOjEwLCJ0ZXJtIjoiYmFsYW5jZSBvZiBwYXltZW50cyIsInBhZ2UiOjEsInVyaSI6Ii9yZWxlYXNlcy9iYWxhbmNlb2ZwYXltZW50c3VrYXByaWx0b2p1bmUyMDIxIiwibGlzdFR5cGUiOiJyZWxlYXNlY2FsZW5kYXIifQ.xwY9ltB-okVE4olA58JUvTE6UTRZlwFGYnwpIB0ONMo

https://www.ons.gov.uk/redir/eyJhbGciOiJIUzI1NiJ9.eyJpbmRleCI6MywicGFnZVNpemUiOjEwLCJ0ZXJtIjoiYmFsYW5jZSBvZiBwYXltZW50cyIsInBhZ2UiOjEsInVyaSI6Ii9yZWxlYXNlcy9iYWxhbmNlb2ZwYXltZW50c3VrYXByaWx0b2p1bmUyMDIxIiwibGlzdFR5cGUiOiJyZWxlYXNlY2FsZW5kYXIifQ.xwY9ltB-okVE4olA58JUvTE6UTRZlwFGYnwpIB0ONMo

https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/balanceofpayments/previousReleases

https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/balanceofpayments/previousReleases

https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/previousReleases




https://www.ons.gov.uk/releases/annualbusinesssurveygreatbritainnonfinancialbusinesseconomy2018exportersandimporters




https://www.ons.gov.uk/releases/nonfinancialbusinesseconomyexportersandimportersingreatbritainannualbusinesssurvey2019




https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/foreigndirectinvestmentinvolvingukcompanies/2019

https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/foreigndirectinvestmentinvolvingukcompanies/2019

https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/foreigndirectinvestmentinvolvingukcompanies/previousReleases

https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/foreigndirectinvestmentinvolvingukcompanies/previousReleases

76

Direct link to latest version Next planned publication Source Date Status OECD Economic Outlook – May 2021

OECD Economic Outlook Organisation for Economic Co-operation and Development

TBC 2021 Unknown

World Economic Outlook, April 2021

World Economic Outlook International Monetary Fund TBC 2021 Unknown

Ease of Doing Business Annual Report 2020

Ease of Doing Business Annual Report 2021

World Bank TBC 2021 Unknown

Foreign Direct Investment (FDI) totals for inwards and outwards flows, positions and earnings, 2018 to 2019

Foreign Direct Investment (FDI) totals for inwards and outwards flows, positions and earnings, 2019 to 2020

Office for National Statistics TBC Unknown

ONS International trade in services by subnational areas of the UK: 2018, experimental statistics

ONS International trade in services by subnational areas of the UK: 2019, experimental statistics

Office for National Statistics TBC Unknown

National Survey of Registered Businesses’ Exporting Behaviours, Attitudes and Needs 2020

National Survey of Registered Businesses’ Exporting Behaviours, Attitudes and Needs 2022

Department for International Trade

TBC Unknown

DIT Inward investment results 2020/21

DIT Inward investment results 2021/22

Department for International Trade

TBC Unknown

OECD Economic Survey of the United Kingdom - October 2020

OECD Economic Survey of the United Kingdom

Organisation for Economic Co-operation and Development

TBC Unknown

WTO Trade Statistics and Outlook, March 2021

WTO Trade Statistics and Outlook

World Trade Organisation TBC Unknown

https://www.oecd.org/economic-outlook/

https://www.oecd.org/economic-outlook/

https://www.imf.org/en/Publications/WEO/Issues/2021/03/23/world-economic-outlook-april-2021

https://www.imf.org/en/Publications/WEO/Issues/2021/03/23/world-economic-outlook-april-2021

https://www.doingbusiness.org/

https://www.doingbusiness.org/

https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/adhocs/12797foreigndirectinvestmentfditotalsforinwardandoutwardflowspositionsandearnings2018to2019




https://www.ons.gov.uk/businessindustryandtrade/internationaltrade/articles/internationaltradeinservicesbysubnationalareasoftheuk/2018




https://www.ons.gov.uk/businessindustryandtrade/internationaltrade/datasets/internationaltradeinservicesbysubnationalareasoftheuk/2018




https://www.gov.uk/government/collections/dit-national-survey-of-registered-businesses-exporting-behaviours-attitudes-and-needs




https://www.gov.uk/government/statistics/department-for-international-trade-inward-investment-results-2020-to-2021

https://www.gov.uk/government/statistics/department-for-international-trade-inward-investment-results-2020-to-2021

https://www.gov.uk/government/collections/dit-inward-investment-results

https://www.gov.uk/government/collections/dit-inward-investment-results

https://www.oecd-ilibrary.org/economics/oecd-economic-surveys-united-kingdom-2020_2f684241-en

https://www.oecd-ilibrary.org/economics/oecd-economic-surveys-united-kingdom-2020_2f684241-en

https://www.wto.org/english/news_e/pres21_e/pr876_e.htm

https://www.wto.org/english/news_e/pres21_e/pr876_e.htm

77

The Core Statistics Book will also be updated shortly after the publication of ad-hoc releases:

Direct link to latest version Next planned publication Source Date Status Goods and Services (BPM6): Exports and imports of goods and services, annual, 2005-2019

Goods and Services (BPM6): Exports and imports of goods and services, annual, 2005-2020

United Nations Conference on Trade and Development

TBC 2021 Unknown

Trade in Value Added: 2005-2015, experimental statistics

Unknown Organisation for Economic Co-operation and Development

TBC 2021 Unknown

World Investment Report 2021 World Investment Report 2022 United Nations Conference on Trade and Development

TBC 2022 Unknown

http://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx?sCS_ChosenLang=en







http://www.oecd.org/sti/ind/measuring-trade-in-value-added.htm

http://www.oecd.org/sti/ind/measuring-trade-in-value-added.htm

https://unctad.org/topic/investment/world-investment-report

https://unctad.org/topic/investment/world-investment-report

78

Glossary Exports – sales of goods and services by residents of the reporting country to non-residents. See also ‘Physical movement (or customs) basis and ‘Change of ownership (or Balance of Payments) basis’ below.

Imports – purchases of goods and services by residents of the reporting country from non-residents. See also ‘Physical movement (or customs) basis and ‘Change of ownership (or Balance of Payments) basis’ below.

Trade balance – the difference between exports and imports.

Trade surplus – occurs when the value of a country’s exports exceeds that of its imports.

Trade deficit – occurs when the value of a country’s imports exceeds that of its exports.

Bilateral or ‘total’ trade – the value of total trade between two countries (i.e. exports plus imports combined).

Physical movement (or customs) basis – a good is recorded as an export (import) if it physically leaves (enters) the economic territory of a country. The HMRC trade in goods data in this document are reported on this basis.

Change of ownership (or Balance of Payments) basis – a good leaving (entering) the economic territory of a country is recorded as an export (import) only if it has changed ownership between the resident of the reporting country and non-residents. The ONS goods data in this document are reported on this basis – hence they are not directly comparable with the HMRC data which are based on the ‘physical movement’ principle. Trade in services involves no physical movement (services are intangible) so services data are always reported on a ‘change of ownership’ (Balance of Payments) basis

Current prices – prices at which goods and services are currently being sold in the market i.e. as they were at the time of measurement and not adjusted for inflation

Constant prices – adjusted prices so that changes over time exclude the effect of price inflation.

Inflation – the rate at which prices for goods and services increase or decrease over a period of time.

Gross Domestic Product (GDP) – 41T51T51Tthe total value of all goods and services produced within a country.

Balance of Payments (BoP) – a set of accounts summarising all the transactions of an economy with the rest of the world.

Current account – part of the BoP. It measures the difference between what a country earns and spends with the rest of the world. It comprises: a) the trade account (e.g. UK

79

exports and imports of goods and services), b) the primary income account (e.g. income earned by UK residents as a result of their investment abroad net of income earned by foreign residents from their investments in the UK), and c) secondary income (e.g. net transfers of money between the UK and other countries (for example, foreign aid and official payments to and receipts from EU institutions and other international bodies).

Foreign Direct Investment (FDI) – investment made by an entity resident in one economy (‘direct investor’) to acquire a ‘lasting interest’ in an enterprise operating in another economy. The ‘lasting interest’ is deemed to exist if the direct investor acquires at least 10% of equity, or equivalently 10% of the voting rights, of the company.

FDI stock – the accumulated value of all previous investments at the end of a reference period. For example, UK outward FDI stock refers to the total value of UK residents’ FDI abroad and UK inward FDI stock refers to the total value of FDI by non-UK resident investors in the UK.

Special Purpose Entities – refers to entities such as financing subsidiaries, shell companies and conduits, which typically do not conduct any notable operations in the country in which they are resident other than to pass through investments from their parent company to an affiliate in another country.

Greenfield capital investment – the creation of a firm from scratch by one or more non-resident investors; an expansion of the capital stock, directly generating new economic activity and jobs.

Trade in Value Added (TiVA) – A new statistical approach for measuring trade. Unlike traditional (‘gross’) trade statistics, TiVA decomposes gross exports into domestic and foreign value added. Taking the UK as an example, the domestic value added in gross exports measures the value added that is generated domestically (i.e. in the UK) by the UK exporting industry, UK upstream suppliers and re-imports. The foreign value added measures the contribution that foreign suppliers make to the total value of UK exports. A high share of foreign (imported) value added suggests that a country is highly integrated into global supply chains i.e. it relies on imported inputs for the production of its exports.

Backward linkages in exports – measure how dependent domestic exporters are on foreign inputs (raw materials, machinery etc.) for the production of their exports.

Trade asymmetries – Discrepancies in bilateral trade statistics reported by countries. For example, the value of UK exports to the United States (reported by the UK) does not match the value of US imports from the UK (reported by the United States).

FDI asymmetries – Discrepancies in bilateral FDI statistics reported by countries. For example, the value of UK outward FDI stock in the United States (reported by the UK) does not match the value of inward FDI stock from the UK (reported by the United States).

80

Sampling error – sampling allows estimation for the whole population without having to survey the whole population. A sampling error is the difference between the sampled and whole population.

Non-sampling error – a catch-all term for the deviations from the true value that are not a function of the sample chosen, including coverage errors (error in accurately representing the whole population from the sample), response errors (inaccurate answers from respondents), recording errors (where data are coded incorrectly during collection).

CIF (Cost, Insurance and Freight) – Imports are typically valued by customs authorities on a CIF basis (i.e. include freight and insurance costs of transporting the goods to a country) while exports are valued on a FOB basis (exclude freight and insurance costs). This can cause an asymmetry in bilateral trade in goods statistics as the value of imports is higher than the value of mirror exports. The value required for Balance of Payments purposes is the value of goods at the point of export (that is, the customs border of the exporting country) rather than the value of goods as they arrive in the country. Therefore, the ONS makes adjustments (deducts freight and insurance costs from the values recorded by HMRC) to convert trade in goods statistics to the basis required for Balance of Payments.

FOB (Free On Board) – see CIF above.

EBOPS (Extended Balance of Payments Services classification) – the classification system for trade in services used in Balance of Payments statistics.

Seasonal adjustment The purpose of seasonal adjustment is to remove systematic calendar-related variation associated with the time of the year, that is, seasonal effects. This facilitates comparisons between consecutive time periods. Further detail can be found on the ONS website.

https://www.ons.gov.uk/methodology/methodologytopicsandstatisticalconcepts/seasonaladjustment

81

gov.uk/dit

DIT The UK’s Department for International Trade (DIT) has overall responsibility for promoting UK trade across the world and attracting foreign investment to our economy. We are a specialised government body with responsibility for negotiating international trade policy, supporting business, as well as delivering an outward-looking trade diplomacy strategy.

Disclaimer Whereas every effort has been made to ensure that the information in this document is accurate the Department for International Trade does not accept liability for any errors, omissions or misleading statements, and no warranty is given or responsibility accepted as to the standing of any individual, firm, company or other organisation mentioned.

Copyright © Crown Copyright 2020 This publication is licensed under the terms of Open Government. Licence v3.0 except where otherwise stated. To view this licence visit: nationalarchives.gov.uk/doc/open-government-licence/version/3 Where we have identified any third party copyright information you will need to obtain permission from the copyright holder(s) concerned. Any enquiries regarding this publication should be sent to us at [email protected]

Published July 2021 By Department for International Trade

http://nationalarchives.gov.uk/doc/open-government-licence/version/3/

http://nationalarchives.gov.uk/doc/open-government-licence/version/3/

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