Exploring the UK’s Trade Relationship with America in 2023
The UK exports and imports significant goods with the US, highlighting a strong trade relationship.
UK, US, Trade, Exports, Imports, Economy
London: The UK and US have a strong trading relationship. Downing Street says it’s fair and balanced. This comes after Donald Trump claimed the UK was “out of line.”
The Prime Minister trusts Trump to keep his word. No 10 believes a deal can be worked out to avoid tariffs on the UK.
Trump hinted at expanding tariffs to the UK and EU. However, he thinks a deal with Britain is possible.
The potential trade war with the US could overshadow Prime Minister Sir Keir Starmer’s meeting with EU leaders.
When asked about tariffs, Trump said, “UK is out of line, but I think one can be worked out.”
Starmer wants a strong trading relationship with America. The US has started imposing tariffs on its closest trade partners.
In 2023, 15.3% of all UK goods went to the US. This makes the US the UK’s largest export partner.
Germany is second, with 8.6% of UK goods exports. The Netherlands, Ireland, and France follow.
About 10% of all goods imported to the UK in 2023 came from the US. This ranks the US as the second-largest import partner.
Germany leads with 12.7% of UK goods imports, followed by China and the Netherlands.
In 2023, the UK exported £60.4 billion worth of goods to the US. It imported £57.9 billion from the US.
Machinery and transport equipment made up the largest share of exports, totaling £27.2 billion. Chemicals followed with £14.2 billion.
The top exported items included medicinal products, cars, and mechanical power generators.
For imports, machinery and transport equipment also led, totaling £19.9 billion. Fuel and chemicals followed.
Crude oil was the top imported item, valued at £8.5 billion. Gas and mechanical power generators were next.
In 2023, 23.6% of UK chemical exports went to the US. The figure is even higher for organic chemicals and pharmaceuticals.
Other key exports to the US include animal oils, cars, and aircraft.
Nearly a third of the UK’s crude oil and gas imports came from the US in 2023. The US also supplied 23.5% of all fuel imports.
For some commodities, the UK relied on the US for over a quarter of imports, including wood and aircraft.
Overall, the UK’s trade with the US remains significant and vital for both economies.