In the fourth quarter of 2024, the value of exports from the United Kingdom amounted to approximately 206.3 billion British pounds, while imports to the country amounted to around 217.8 billion pounds, resulting in a trade deficit of around 11.5 billion pounds in this quarter. During this time period, the value of UK exports was highest in the fourth quarter of 2022, with the value of imports peaking in the third quarter of 2022. The UK's main trade partners Despite the UK leaving the EU in 2020 following the Brexit referendum of 2016, Europe remains the main destination for UK exports, with almost half of UK exports heading there in 2023. During the same year, just over 60 percent of imports came from European countries, compared with around 17.9 percent from countries in Asia, and 11.8 percent from the Americas. In terms of individual countries, the United States was the UK's leading export partner for both goods and services from the UK, while Germany was the main source of UK goods imports, and the U.S. for service imports. It is as yet unclear how the return of Donald Trump to the White House will impact UK/US trade relations, should the President follow through with threats made on the campaign trail to increase trade tariffs. Brexit rethink under Starmer? Although generally more pro-European than the previous government, the new Labour government, led by Keir Starmer, does not plan to rejoin the European Union, or the Single Market. Public opinion, while gradually turning against Brexit recently, has not coalesced around a particular trading relationship. In late 2023, a survey indicated that while 31 percent of British adults wanted to rejoin the EU, a further 30 percent wanted to simply improve relations with the EU, instead of rejoining. Just 11 percent of respondents wanted to join the single market but not the EU, while 10 percent were happy with the relationship as it was. At the start of 2025, after several months in office, the new government has not signalled any major change in direction regarding on this, but has broadly signalled it wants a better relationship with the EU.

Exports in the United Kingdom decreased to 69835 GBP Million in May from 70472 GBP Million in April of 2024. This dataset provides - United Kingdom Exports - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about European Union Total Exports

• European Union Total Exports expanded 2.8 % YoY in Dec 2024, compared with an increase of 2.4 % YoY in the previous month
• EU Total Exports Growth data is updated monthly, available from Jan 2003 to Dec 2024, with an averaged rate of 5.2 %
• The data reached an all-time high of 42.7 % in Apr 2021 and a record low of -28.7 % in Apr 2020

• In the latest reports, EU Total Exports recorded 228.1 USD bn in Dec 2024
• Total Imports recorded 214.6 USD bn in Dec 2024, which registered an increase of 1.8 % year on year
• EU Trade Balance recorded a surplus of 13.5 USD bn in Dec 2024

The export trade of the European Union experienced some notable shifts over the two decades since 2002, with China emerging as a significant export market and the United Kingdom losing its place as the EU's single largest export partner. The United Kingdom's declining share of EU exports The UK, which was a member of the European Union until 2020, declined in its importance as an export market for EU producers over this period. Representing over a fifth of the export trade in 2002, the UK now takes only 13 percent of EU exports, and looks likely to be eclipsed by China's growing share in the coming years. The complications to EU-UK trade caused by the UK's exit agreement with the EU is also likely to contribute to slowing trade flows between the two partners. China's emergence as a key export market As with most other areas of the global economy, the past two decades has largely been the story of China's emergence as a key trading partner. China's share of EU exports was comparable to Japan or Norway at the beginning of the period, while it now represents the EU's third largest export market. While this is a significant change, China takes up a much larger share of imports into the EU, where it is the largest single trading partner. As Chinese incomes rise in the coming decades, the significance of China as an export market for EU producers is likely to rise, geopolitical tension notwithstanding. The Euro and exports to the U.S. The EU's export trade with the United States over this period experienced a relative decline in the period running up to 2014, as the Euro appreciated in its value against the U.S. dollar, making European exports more expensive for Americans. This declining share of the EU's export trade taken by the U.S. was reversed in the latter half of the 2010s however, as the Euro depreciated and European exports to the U.S. increased. Issues with Russia Another notable trend over the period was Russia's emergence as a key export market in the mid-2000s, as the Russian economy grew quickly and Russian consumers began to demand EU made products. Russia declined as a market for EU exports after 2014, as trade was complicated by Russia's illegal annexation of Crimea from Ukraine, and the subsequent devaluation of the Ruble and collapse in the price of Ural crude oil.

Key information about European Union Total Exports

• European Union Total Exports recorded 228.1 USD bn in Dec 2024, compared with 231.0 USD bn in the previous month
• EU Total Exports data is updated monthly, available from Jan 2002 to Dec 2024, with an averaged value of 181.3 USD bn
• The data reached an all-time high of 237.3 USD bn in Aug 2024 and a record low of 71.9 USD bn in Feb 2002

• In the latest reports, EU Total Exports grew 2.8 % YoY in Dec 2024
• Total Imports recorded 214.6 USD bn in Dec 2024, which registered an increase of 1.8 % year on year
• EU Trade Balance recorded a surplus of 13.5 USD bn in Dec 2024

Experimental dataset providing a breakdown of UK trade in services by industry, country and service type on a balance of payments basis. Data are subject to disclosure control.

Bulgaria Exports: FOB: European Union excl UK (EU 27E) data was reported at 2,517.400 EUR mn in Oct 2024. This records an increase from the previous number of 2,224.600 EUR mn for Sep 2024. Bulgaria Exports: FOB: European Union excl UK (EU 27E) data is updated monthly, averaging 2,185.750 EUR mn from Jan 2020 (Median) to Oct 2024, with 58 observations. The data reached an all-time high of 2,855.100 EUR mn in May 2022 and a record low of 1,250.200 EUR mn in Apr 2020. Bulgaria Exports: FOB: European Union excl UK (EU 27E) data remains active status in CEIC and is reported by Bulgarian National Bank. The data is categorized under Global Database’s Bulgaria – Table BG.JA004: Exports: by Main Trade Partners.

EU UK: Exports: Consumption Goods (CG) data was reported at 6,730.700 EUR mn in May 2018. This records an increase from the previous number of 6,352.600 EUR mn for Apr 2018. EU UK: Exports: Consumption Goods (CG) data is updated monthly, averaging 5,279.800 EUR mn from Jan 1999 (Median) to May 2018, with 233 observations. The data reached an all-time high of 7,781.100 EUR mn in Mar 2015 and a record low of 3,144.600 EUR mn in Jan 1999. EU UK: Exports: Consumption Goods (CG) data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s UK – Table UK.Eurostat: Exports.

UK: Exports: CG, Motor Spirit & Passenger Cars data was reported at 10,160.700 EUR mn in May 2018. This records an increase from the previous number of 9,480.600 EUR mn for Apr 2018. UK: Exports: CG, Motor Spirit & Passenger Cars data is updated monthly, averaging 7,326.500 EUR mn from Jan 1999 (Median) to May 2018, with 233 observations. The data reached an all-time high of 11,410.100 EUR mn in Mar 2017 and a record low of 4,181.900 EUR mn in Jan 1999. UK: Exports: CG, Motor Spirit & Passenger Cars data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s UK – Table UK.Eurostat: Exports.

The highest value of works of art, collectors' pieces, and antiques exported from the United Kingdom (UK) mainly concern non-EU trade. As of March 2022, the value of artworks exported to non-EU countries amounted to roughly 290 million British pounds, while exports to the EU reached approximately 87 million. As of January 1, 2021, the United Kingdom officially left the European Union. The increase in the EU exports' value recorded during the first months of 2021 over the last months of 2020 might be explained because HMRC changed its way to measure exports to the EU after Brexit, specifying that it is not possible to directly compare figures for 2021 with data previously released. As the United Kingdom is no longer part of the EU single market, all UK exports to the EU must be strictly recorded.

United Kingdom Exports: sa: BoP: Goods: Non EU: excl Oil data was reported at 14,909.000 GBP mn in Sep 2018. This records an increase from the previous number of 13,942.000 GBP mn for Aug 2018. United Kingdom Exports: sa: BoP: Goods: Non EU: excl Oil data is updated monthly, averaging 7,673.000 GBP mn from Jan 1998 (Median) to Sep 2018, with 249 observations. The data reached an all-time high of 14,909.000 GBP mn in Sep 2018 and a record low of 4,694.000 GBP mn in Nov 2002. United Kingdom Exports: sa: BoP: Goods: Non EU: excl Oil data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.JA004: Trade Statistics: Current Prices: EU and Non EU Countries: Seasonally Adjusted.

This page displays a table with United Kingdom Exports By Country in U.S. dollars, according to the United Nations COMTRADE database on international trade.

This page displays a table with European Union Exports By Country in U.S. dollars, according to the United Nations COMTRADE database on international trade.

Among the ten leading European countries in term of food and drink exports from the United Kingdom, only the exports to Norway increased in value in the first half of 2020 compared to the same period of 2019 (+49.9 percent). On the other hand, the value of the exports from the United Kingdom to Spain decreased by 27.7 percent.

The value of works of art, collectors' pieces, and antiques exported from the United Kingdom decreased in 2023 over the previous year. In 2023, exports to non-EU countries amounted to roughly 2.8 billion British pounds, while they peaked at about 9.4 billion British pounds in 2019. Meanwhile, the value of exports to the European Union reached 1.1 billion British pounds in 2023. As of January 1, 2021, the United Kingdom officially left the European Union. The sharp increase in the EU exports' value recorded in 2021 might be because HMRC changed its way of measuring exports to the EU after Brexit, specifying that figures reported from 2021 onwards cannot be compared with data previously released. As the United Kingdom is no longer part of the EU single market, all UK exports to the EU must be strictly recorded.

EX: sa: BoP: Goods: EU: AF: Forestry: Wild Growing Non Wood data was reported at 0.000 GBP mn in Jun 2018. This records a decrease from the previous number of 2.000 GBP mn for Mar 2018. EX: sa: BoP: Goods: EU: AF: Forestry: Wild Growing Non Wood data is updated quarterly, averaging 1.000 GBP mn from Mar 1998 (Median) to Jun 2018, with 82 observations. The data reached an all-time high of 4.000 GBP mn in Jun 2017 and a record low of 0.000 GBP mn in Jun 2018. EX: sa: BoP: Goods: EU: AF: Forestry: Wild Growing Non Wood data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.JA021: Exports: By Industry: EU Countries: Seasonally Adjusted.

Snapshot img

Trade Finance Market Size 2024-2028

The trade finance market size is forecast to increase by USD 16.64 billion at a CAGR of 5.38% between 2023 and 2028. The market is experiencing significant evolution, driven by the global economy's ongoing expansion and the increasing demand for financial solutions that cater to the unique needs of businesses. One notable trend is the integration of Environmental, Social, and Governance (ESG) considerations into trade finance, with an increasing number of financial institutions and fintech firms offering ESG-linked loans. In the realm of business and finance, the Banking, Financial Services, and Insurance (BFSI) sector has experienced significant advancements in technology, particularly in trade financing. Advanced technology, including fintech solutions, is also transforming trade finance, providing more efficient funding options, hedging alternatives, and fraud prevention measures. However, the market faces challenges such as global regulations and protectionist policies, which can impact the availability and cost of financial resources for businesses engaged in export financing. Furthermore, hedging options are essential for mitigating currency and price risks, and financial infrastructure development remains a critical requirement for ensuring the smooth flow of international trade. Overall, the market is a vital component of the global financial system, providing essential financial resources to businesses and facilitating international trade.

Request Free Sample

The international trade landscape is a complex and dynamic environment, requiring financial solutions that are efficient, secure, and adaptable to the needs of businesses. Trade finance plays a crucial role in facilitating international transactions by providing the necessary financial instruments and services to buyers and sellers. The technological landscape of trade finance has evolved significantly in recent years, with digital platforms becoming increasingly popular for streamlining the application process and reducing the reliance on traditional paper-based processes. Time zones pose a challenge in international trade, but digital solutions enable real-time communication and processing of trade transactions.

Furthermore, trade agreements and trade wars can impact the market, making it essential for financial institutions to stay informed and adapt to changing regulations and market conditions. Blockchain technology is an innovative solution gaining traction in the trade finance industry due to its ability to provide secure and transparent transactions. Sustainable finance is another trend shaping the market, with a growing focus on reducing the environmental impact of international trade. Advanced technology and digitalization are key drivers of sustainable finance, enabling more efficient and eco-friendly supply chain finance and trade settlements. The application process for trade finance involves extensive paperwork and manual processes, which can be time-consuming and prone to errors.

In addition, digital solutions, including AI and automation, are being adopted to streamline these processes and improve accuracy and efficiency. Trade finance processes encompass various stages, from the initiation of a letter of credit to the final settlement of the transaction. Blockchain-based solutions offer potential benefits in each stage, from reducing the need for intermediaries to providing real-time visibility into the status of trade transactions. Banks and financial institutions are at the forefront of implementing these technological advancements to remain competitive and meet the evolving needs of their clients. The market is expected to continue its digital transformation, with a focus on leveraging innovative technologies to improve the customer experience and drive operational efficiency.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Traditional trade finance
  Supply chain finance
  Structured trade finance


End-user

  Importers and exporters
  Banks and financiers
  Insurers and export credit agencies


Geography

  North America

    US


  Europe

    UK


  APAC

    China
    Japan
    South Korea


  Middle East and Africa



  South America

By Type Insights

The traditional trade finance segment is estimated to witness significant growth during the forecast period. Trade finance is an essential component of international business transactions, providing risk management tools and facilitating payments between multiple parties. Traditional trade finance methods, which include commercial letters of credit, documentary collections, open account processing, and purchase order managem

United Kingdom UK: Exports: fob: Euro Area data was reported at 18.374 USD bn in Mar 2018. This records an increase from the previous number of 16.772 USD bn for Feb 2018. United Kingdom UK: Exports: fob: Euro Area data is updated monthly, averaging 6.484 USD bn from Jan 1960 (Median) to Mar 2018, with 699 observations. The data reached an all-time high of 26.689 USD bn in May 2006 and a record low of 172.800 USD mn in Sep 1960. United Kingdom UK: Exports: fob: Euro Area data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s UK – Table UK.IMF.DOT: Exports: fob: by Country: Monthly.

This statistic displays the growth in value of leading non-European export markets for food and drink products from the United Kingdom in the first half of 2020, compared to the same period of 2019. In these months, food and drink exports increased substantially only in the Canadian market (+6.7 percent). With the exception of exports to China which remained unchanged, the value of U.K. food and drink exports to all the other countries considered decreased markedly.