Flag United Kingdom

Econ Complexity (2018): 1.49, Rank 13 of 137

Product Exports (2018): $464B, Rank 9 of 222

Exports Per Capita (2018): $6.98k, Rank 150 of 219

Product Imports (2018): $651B, Rank 6 of 221

Imports Per Capita (2018): $9.8k, Rank 135 of 219

Service Exports (2017): $352B, Rank 2 of 139

Service Imports (2017): $211B, Rank 4 of 139

GDP (2018): $2.86T, CURRENT US$
Rank 5 of 196

GDP growth (2008 - 2018): -2.31%, CURRENT US$
Rank 171 of 196

GDP PC (2018): $42,944, CURRENT US$
Rank 22 of 196

GDP PC GROWTH (2008 - 2018): -9.18%, CURRENT US$
Rank 168 of 196

Overview: In 2018 United Kingdom was the number 5 economy in the world in terms of GDP (current US$), the number 9 in total exports, the number 6 in total imports, and the number 13 most complex economy according to the Economic Complexity Index (ECI). In 2018, United Kingdom exported $464B and imported $651B, resulting in a negative trade balance of -$187B. In 2018, United Kingdom's exports per capita were $6.98k and its imports per capita were $9.8k.

Trade: The top exports of United Kingdom are Cars ($43.4B), Crude Petroleum ($26.4B), Gold ($25.8B), Gas Turbines ($23.5B), and Packaged Medicaments ($19.3B). The top imports of United Kingdom are Cars ($48.5B), Gold ($25.4B), Crude Petroleum ($24.9B), Refined Petroleum ($24.2B), and Packaged Medicaments ($17B).

Destinations: United Kingdom exports mostly to United States ($61.9B), Germany ($45.5B), Netherlands ($33.3B), France ($29.7B), and Ireland ($27.4B), and imports mostly from Germany ($93.4B), China ($59.8B), Netherlands ($50.7B), United States ($48.8B), and France ($38.1B).

Location: United Kingdom borders Ireland by land and by sea.

Latest Trends (March, 2020)

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Overview: In March 2020 United Kingdom exported £27.6B and imported £40.3B, resulting in a negative trade balance of £12.7B. Between March 2019 and March 2020 the exports of United Kingdom have decreased by £-40.5B (-59.4%) from £68.1B to £27.6B, while imports decreased by £-57.4B (-58.8%) from £97.7B to £40.3B.

Trade: In March 2020 the top exports of United Kingdom were Cars (£2.32B), Gold (£2.3B), Gas Turbines (£1.49B), Packaged Medicaments (£1.32B), and Commodities not elsewhere specified (£1.06B). In March 2020 the top imports of United Kingdom were Gold (£3.94B), Cars (£3.18B), Gas Turbines (£1.48B), Crude Petroleum (£1.32B), and Telephones (£1.07B).

Origins: In March 2020 the exports of United Kingdom were mainly from London Heathrow Airport (£5.42B), Southampton (£1.95B), London Gateway (£1.01B), London Stansted Airport (£921M), and Liverpool (£605M), while imports destinations were mainly London Heathrow Airport (£7.3B), Felixstowe (£2.44B), Southampton (£1.74B), London Stansted Airport (£730M), and London Gateway (£581M).

Destinations: In March 2020 United Kingdom exported mostly to United States (£4.12B), Germany (£2.65B), Switzerland (£1.66B), Netherlands (£1.57B), and Ireland (£1.56B), and imported mostly from N/A.

Growth: In March 2020, the decrease in United Kingdom's year-by-year exports was explained primarily by a decrease in exports to United States (£-5.32B or -56.4%), Germany (£-4.18B or -61.2%), and France (£-4.05B or -73.1%), and product exports decrease in Cars (£-3.18B or -57.8%), Gas Turbines (£-2.31B or -60.9%), and Crude Petroleum (£-2.15B or -74.2%). In March 2020, the decrease in United Kingdom's year-by-year imports was explained primarily by a decrease in imports from Germany (£-8.53B or -62.8%), Netherlands (£-6.06B or -64.6%), and France (£-4.96B or -73%), and product imports decrease in Cars (£-4.46B or -58.3%), Telephones (£-2.15B or -66.7%), and Packaged Medicaments (£-1.92B or -70%).

Flow
Value
Depth

EXPORT GROWTH (March 2019 - March 2020): £-40.5B, (-59.4%)

IMPORT GROWTH (March 2019 - March 2020): £-57.4B, (-58.8%)

MAIN EXPORTER (March 2020): London Heathrow Airport, £5.42B

MAIN DESTINATION (March 2020): United States, £4.12B

This section shows exports and imports data at subnational level for United Kingdom. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of United Kingdom over time.

Comparison in Time

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This section shows the differences between United Kingdom's total subnational aggregate trade throughout time. To explore different subnational trade comparisons in time, visit United Kingdom's subnational profiles.

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Product Exports

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Depth
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Top Export (2018): Cars, $43.4B

Top Destination (2018): United States, $61.9B

In 2018 United Kingdom exported a total of $464B, making it the number 9 exporter in the world. During the last five reported years the exports of United Kingdom have changed by $10.7B from $453B in 2013 to $464B in 2018.

The most recent exports are led by Cars ($43.4B), Crude Petroleum ($26.4B), Gold ($25.8B), Gas Turbines ($23.5B), and Packaged Medicaments ($19.3B). The most common destination for the exports of United Kingdom are United States ($61.9B), Germany ($45.5B), Netherlands ($33.3B), France ($29.7B), and Ireland ($27.4B).

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Product Imports

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Top Import (2018): Cars, $48.5B

Top Origin (2018): Germany, $93.4B

In 2018 United Kingdom imported $651B, making it the number 6 trade destination in the world. During the last five reported years the imports of United Kingdom changed by $18.8B from $632B in 2013 to $651B in 2018.

The most recent imports of United Kingdom are led by Cars ($48.5B), Gold ($25.4B), Crude Petroleum ($24.9B), Refined Petroleum ($24.2B), and Packaged Medicaments ($17B). The most common import partners for United Kingdom are Germany ($93.4B), China ($59.8B), Netherlands ($50.7B), United States ($48.8B), and France ($38.1B).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

United Kingdom Exports Services (2017): $352B

United Kingdom Imports Services (2017): $211B

In 2017, United Kingdom exported $352B worth of services. The top services exported by United Kingdom in 2017 were Other business services ($104B), Financial services ($76.9B), Travel ($51.1B), Transportation ($38.7B), and Computer and information services ($26B).

The top services imported by United Kingdom in 2017 were Travel ($71.3B), Other business services ($49.9B), Transportation ($28.4B), Financial services ($19.7B), and Computer and information services ($14.9B).

Trade Forecasts

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This section shows forecasts for total product exports and imports for United Kingdom. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 20 years United Kingdom's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨5th to the 13th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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United Kingdom has a high level of specialization in Antiques (13.1), Paintings (10.1), Hard Liquor (9.88), Sculptures (9.84), and Prints (9.35). Specialization is measured using RCA, an index that takes the ratio between United Kingdom observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of United Kingdom according to the product complexity index (PCI) are Equipment for physical and chemical analysis (1.87), Gaskets and similar joints of metal sheet (1.86), Silicones in primary forms (1.84), Equipment using X-rays, alpha, beta, gamma rays (1.8), and Industrial, laboratory electric furnaces, ovens, etc (1.8). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for United Kingdom according to the relatedness index, are Tin Foil (0.36), Medical Instruments (0.35), Special Pharmaceuticals (0.35), Leather Used in Machinery (0.35), and Planes, Helicopters, and/or Spacecraft (0.35). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that United Kingdom is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.