18 Must-Have Negotiation Skills For Procurement Professionals

 United Kingdom Export Statistics 2023 — 18 Key Figures

The United Kingdom is the largest exporter of precious metals in the world. Thus, why many experts also study their export trade. However, what are the latest statistics for their export?

For this article, we will show you the latest statistical export figures of the United Kingdom in 2023. We will also discuss some factors that affect the trade of the United Kingdom. 

Once you are finished reading this article, you will know the latest reports about the export of the United Kingdom. Thus, allowing you to know its economic growth which may give you an opportunity in your business or profession.

A Greener FutureFor UK’s Export

 2021 was the year when the United Kingdom Export Finance (UKEF) led the world into a sustainable future. With the Climate Change Strategy of the United Kingdom, it is committed to reaching net zero carbon emissions by 2050. 

Also, the United Kingdom Export Finance became the first export credit agency (ECAs) to launch a net zero strategy. Thus, supporting the United Kingdom’s plan or interest in using net-zero technologies in the supply chain. 

Following the lead of UKEF, the private market has pledged $130 trillion of capital to shift the global economy to net zero by 2050. On the other hand, 39 other ECAs and multilateral development banks have joined forces pledging to end the support for fossil fuel projects from the end of 2022. 

Exports of Goods to RussiaAmidst The War

Exports of goods to Russia decreased severely since February 2022 and the value of exports of goods to Russia remains historically low. 

The exports of goods to Russia have decreased due to the Russian invasion of Ukraine and the introduction of export sanctions. Additionally, the decrease in the export of goods to Russia was driven primarily by decreases in exports of miscellaneous manufactures, machinery, and transport equipment. 

The continuous assault of Russia on Ukraine has made the UK, EU, US, and other allies respond with significant sanctions that targeted Russia’s financial sector, shipping, aviation, defense, energy, and aerospace, and individuals close to the President of Russia, Vladimir Putin. 

The UK government has applied a series of sanctions on exports of goods to Russia. In March 2022, the UK banned all exports of dual-use goods. Additionally, it bans the export of aviation and space-related goods and technology. 

On April 14, 2022, the UK banned the export of luxury goods. Also, In May 2022, the UK announced the export ban on chemicals, rubbers, plastics, and machinery.

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Bringing Businessto The UK

The UKEF continued to put their export finance managers at the center of the “Exporter’s Edge” campaign from 2021 to 2022. The campaign has seen UKEF’s customer relationship database grow from around 30,000 to 100,000 contracts.

The growing overseas network and support teams in the UK engage with overseas multilateral agencies, finance ministries, and developers to know projects of mutual interest that can benefit the UKEF and the UK supply chain. 

The activities held by UKEF seek opportunities around the world and insert themselves into procurement conversations so that financing can facilitate the UK supply chain’s entry into export opportunities. 

Now that you have known some of the factors that affect the export of the UK, it is time now to delve into its export statistical figures to know its export growth. 

United Kingdom Export statisticalThat You Should Know

1. The value of goods exports increased slightly by 0.7% in November 2022, rising by a small amount when compared to imports. 

2. The trade in goods and services deficit, excluding precious metals, narrowed by £6.5 billion to £20.2 billion in the three months to November 2022, driven by a decrease in goods imports from non-EU countries which are linked to falling fuel prices.

3. According to new data from the Office for National Statistics, U.K GDP grew 0.1% in November.

4. The top trade partner of the UK last year was the United States.

5. According to a new report, 42% of firms in the UK are expecting their exports to grow this 2023. 

6. The top biggest exporting industry in the UK in 2023 is precious metals production. 

7. Exports of wine fell in value in markets including the US, the UK, Denmark, Germany, the Netherlands, and New Zealand.

8. After Brexit, the UK is now the second most important market outside the EU, up 26.8% in value and 7.6% in pairs of footwear.

9. Britain’s exit has cut the potential value of goods exports to Europe by 16 percent, while EU exports to the U.K. were even more sharply lower, representing a 20 percent loss in potential sales.

10. An internal forecast suggests that Britain will be 15 years late in achieving its £1tn annual export target after being hit by Brexit.

11. In the same forecast, estimates show exports falling from £739bn last year to £707bn next year, before rising again to £725bn by 2027.

12. Extrapolations of the Office for Budget Responsibility forecast suggest £1tn exports could be achieved by around 2035 without additional intervention.

13. The United Kingdom is one of the biggest exporters of crude oil with exports of 710,600 barrels per day as of 2017. 

14. UK traders exporting to the EU have faced major hurdles over the last two years due to Brexit-related changes and uncertainties.

15. Several sources report that a sizable fraction of UK exporters have reduced exports in some significant way or stopped exporting altogether in the past two years since the new EU-UK Trade and Cooperation Agreement (TCA) was implemented.

16. Drawing on the British Chambers of Commerce (BCC) Trade Survey conducted during July and August 2022, a sample of 395 UK exporters, primarily small and medium-sized, reveals that a firm’s business confidence really matters to exports.

17. A recent survey included 1,140 internationally active UK businesses and found that general uncertainty around Brexit was considered the top barrier to export, listed by almost half (47%) of businesses, followed by specific concerns around tariffs and exchange rate volatility, listed by 35% and 33% respectively.

18. Malaysia was the UK’s 43rd largest trading partner in the four quarters to the end of Q3 2022 accounting for 0.4% of total UK trade.

Frequentlyasked questions

+What are the UK export statistics?

The UK export statistics allow you to see the latest export data of the United Kingdom. 

+ What is the top product export of the UK?

The top product export of the UK was gold in August 2022. 

+ What country is the top trading partner of the UK?

The top trading partner of the United Kingdom is the United States of America. 

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