Building on our UK-Arctic Trade and Investment Observatory, we have collated a snapshot of the relevant information pertaining to UK-US trade relations, including ongoing trade negotiations between the nations.
Period: Four quarters to the end of Q2 2021 (unless specified otherwise)
Rank as trading partner (goods and services):
Largest trading partner (accounting for 16.7% of total UK trade)
2nd largest goods trading partner (accounting for 10.8% of UK goods trade)
Largest services trading partner (accounting for 27% of UK services trade)
Rank as export market:
Largest export market (accounting for 21.2% of total UK exports)
Largest goods export market (accounting for 15% of UK goods exports)
Largest services export market (accounting for 28% of UK services exports)
Rank of import market:
Largest import market (accounting for 12.2% of total UK imports)
4th largest goods import market (accounting for 8.1% of UK goods imports)
Largest services import market (accounting for 25.2% of UK services imports)
Total trade in goods and services: £201.6 billion (decrease of 9.3% or £20.6 billion from previous year)
Total UK exports to USA: £126.4 billion (decrease of 9.9% or £13.9 billion from previous year)
Total UK imports from USA: £75.2 billion (decrease of 8.1% or £6.6 billion from previous year)
Outward stock of FDI (2019): £379.7 billion (25.3% of the total UK outward FDI stock)
Inward stock of FDI (2019): £381.6 billion (24.5% of the total UK inward FDI stock)
A landmark Revitalization Plan for US Maritime Trade, Commerce and Strategic Competition to support and assist in resolving America’s supply chain crisis, ensure maritime sovereignty and security, and revitalise maritime commerce will be launched at the National Press Club in Washington, DC on February 1, 2022. (25/01/22):https://menafn.com/1103594561/First-United-States-Open-Registry-to-be-Launched-in-Washington-DC
Haroon Faqir is a Global Leadership Fellow at Polar Research and Policy Initiative. He is part of the PRPI team behind the UK-Arctic Trade and Investment Observatory, and serves as the lead for the US and Finland.