Uk balance of trade by country
This article provides a brief overview of the importance of trade to the Australian economy, key export markets for Australian goods and services, and the main exports produced by Australia. One way of visualising the importance of trade to the Australian economy over time is by looking at the proportion of Gross Domestic Product GDP represented by trade. It shows that despite some volatility, trade represented a reasonably steady proportion of GDP throughout the s and s, increasing as a share of GDP since the s and peaking in at around 23 per cent.
The last few years have seen a slight easing-off to average around 21 per cent of GDP. This means that around a fifth of all goods and services by value produced in Australia are traded internationally. While Australia is often thought of as a trading nation, this proportion is low by international standards as our lack of land borders reduces the amount of local international trade compared with other countries.
Figure 2 shows exports, imports and trade balances as a proportion of GDP for a selection of G20 members. Trade is a larger proportion of GDP for Australia than the large economies of the United States and Japan, but is lower than most other countries, particularly European countries and export-focused economies such as Germany and South Korea. Figure 2 also shows the relative trade balances of these countries.
In , Australia had a trade deficit of 1. It also contrasts with trade surplus countries such as Germany, which had a 6. It is important to note while looking at cross-country comparisons that while trade balances must offset each other globally, for any single country, trade balances can persist over many years or decades. For example, Australia has persistently run trade deficits over the long-term, as shown in Figure 1.
This can occur as trade imbalances can be offset by contrasting balances in international income transfers, or financial or capital account transactions within the Balance of Payments. Exports, imports and trade balance as a proportion of GDP in select G20 economies. As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. United Kingdom incurred the highest trade deficits with the following countries:.
United Kingdom incurred the highest trade surpluses with the following countries:. Ninety-one UK corporations rank among Forbes Global for Below is a sample of the major companies headquartered in the UK that Forbes listed:. According to the UK Export Directory, the following are examples of established companies that ship products from the United Kingdom to its trading partners around the globe.
Shown within parenthesis is the product category that the UK-based business specializes in. The World Factbook, Field Listing: Imports — Commodities , Central Intelligence Agency. Accessed on November 2,