International Economic

Group 3 (United Kingdom)

Class MGT IB-2
Member Name:
1. Abdurrohman Rangga Mu’min Handayani (014202100025)
2. Frentis Pratama Kipang Suka (014202100001)
3. Raden Ayu Fadiah Ali (0142021000107)
4. Lavenia (014202100037)

United Kingdom Import Exports of Goods and Services (Current Prices)

Source: ONS UK Trade, October 2022

 Import growth between 2011 and 2021 has been driven by a 36.4% increase in
imports from the non-EU (in current prices). Over the same period, imports from the
EU increased by 8.8% (Source: ONS Balance of Payments: Quarter 2 (Apr to Jun)
2022 , next release: ONS Balance of Payments: Quarter 3 (Jul to Sep) 2022).
 Between 2020 and 2021, imports from the non-EU increased by 18.9% to £361.7
billion while imports from the EU decreased by 4.2% to £292.2 billion.
United Kingdom Export Exports of Goods and Services (Current Prices)

Source: ONS UK Trade, October 2022

 The 3.2% increase in exports in 2021 was followed by a 11.8% decrease in 2020 and
a 3.8% increase in 2019. The 21.8% increase in the 12 months ending October 2022
followed by a 2.2% decrease in the 12 months ending October 2021 and a 7.3%
decrease in the 12 months ending October 2020. (Source: ONS UK Trade: October
2022, next release: ONS UK Trade: November 2022).
 Between 2011 and 2021 exports have increased by 23.0% (in current prices), around
2.3% per year on average. This increase consisted of a 44.6% increase in services
exports and a 7.4% increase in goods exports. (Source: ONS UK Trade: October
2022, next release: ONS UK Trade: November 2022).
 The relative importance of the EU as an export market has declined over the last
decade. In 2021 the share of UK exports going to the EU was 42.0% compared to
47.5% in 2011 (Source: ONS Balance of Payments: Quarter 2 (Apr to Jun) 2022 next
release: ONS Balance of Payments: Quarter 3 (Jul to Sep ) 2022).
 Between 2020 and 2021 exports to the non-EU increased by 3.0% to £368.9 billion
and exports to the EU increased by 3.3% to £267.4 billion. More timely data shows
the value of exports to the non-EU was £397.0 billion in the 12 months ending June
2022, up 12.7% on the previous 12 months while exports to the EU increased by
16.6% to £298.1 billion.
Export and Import United Kingdom Historical Data

Imports of goods and services represent the value of all goods and other market
services received from the rest of the world. They include the value of merchandise, freight,
insurance, transport, travel, royalties, license fees, and other services, such as communication,
construction, financial, information, business, personal, and government services. They
exclude compensation of employees and investment income (formerly called factor services)
and transfer payments. Data are in current U.S. dollars.
 U.K. imports for 2021 was $900.17B, a 16.34% increase from 2020.
 U.K. imports for 2020 was $773.77B, a 15.8% decline from 2019.
 U.K. imports for 2019 was $918.94B, a 0.41% decline from 2018.
 U.K. imports for 2018 was $922.68B, a 9.19% increase from 2017.
Exports of goods and services represent the value of all goods and other market
services provided to the rest of the world. They include the value of merchandise, freight,
insurance, transport, travel, royalties, license fees, and other services, such as communication,
construction, financial, information, business, personal, and government services. They
exclude compensation of employees and investment income (formerly called factor services)
and transfer payments. Data are in current U.S. dollars.
 U.K. exports for 2021 was $860.13B, a 10% increase from 2020.
 U.K. exports for 2020 was $781.92B, a 12.39% decline from 2019.
 U.K. exports for 2019 was $892.53B, a 0.86% increase from 2018.
 U.K. exports for 2018 was $884.93B, a 9.12% increase from 2017.
The Impact of The Movement of The Chart on The United Kingdom’s
International Economy

Before the financial crisis of 2008, the UK economy benefited from a rise in the
services sector. This promoted excellent growth in the two decades preceding the crash.
However, output production declined, so the credit crunch destroyed the financial services
sector. The damage was so devastating that the UK could have had a much worse recession
than it did. Luckily, the government stepped in with measures to prevent further economic
collapse.
The global economy affected the UK in the 2008 crash in three aspects. The first was
trading. When the number of exports from the UK fell, and imports became more expensive,
it led to economic decline. Second, the crash immediately affected the amount of credit
available through financial trading. Third, the global financial problems sowed widespread
uncertainty. This instability in the market seriously affected the economy. The financial
meltdown drew a clear connection between UK financial policies and the global financial
scene.
Total trade is the sum of exports and imports of goods and services. UK total trade in
2021 amounted to £1.29 trillion, a 5.2% increase from 2020. In the 12 months ending
October 2022, UK total trade amounted to £1.59 trillion, a 25.1% increase on the previous 12
months. In 2021 the United States was the UK's largest trading partner, accounting for 16.6%
(or £214.8 billion) of total UK trade. Taken as a whole the EU accounted for 43.4% of total
UK trade in 2021, with the largest trading partners being Germany (8.5%), the Netherlands
(6.2%) and France (5.1%). More timely data shows that the UK's largest trading partner in
the 12 months to June 2022 was the United States, accounting for 16.0% of total UK trade.