Welcome back, Daniel Workman here, senior research yst at World Stop exports.com
In this presentation, we'll compare the international performance for two global trade entities
the United Kingdom and the European Union. The UK is the world's number 14 exporter by total sales
Collectively the UK plus the European Union generated almost one third, 30.5% of all revenues for products exported in 2022
Note that the UK officially exited from the European Union on January 31st 2020
Here's our agenda. We'll quantify key facts, distinguishing the two competitive entities
We'll focus on the most valuable exported products that the UK sold to importers located in the EU
Our next topic showcases major products that the UK bought from the European Union
We will then present a graphic to compare the Uk's trade deficits caused by the EU over a five year time frame
Then we'll highlight the major competitive advantages and disadvantages of the two European entities
Finally, we'll summarize the essential insights from our UK versus Economic Union ysis
Now, for our competitive tale of the tape, in terms of GDP on a purchasing power parity basis
the U K's economy is roughly six times smaller than the collective size of the EU
In 2022 the population of the UK was about 67.5 million people
This compares with 338 million for all 27 EU countries. The European Union was UK exporters largest
customer buying 3.5 times more than its single biggest country customer, namely the United States of America
The Uk's import purchases from the EU fell well under 2/5 of the Uk's overall imports
In 2022 the total value of UK exports to the EU accelerated by 13.4% from 2021 to
2022. Yet the UK spending on imports from the EU slowed as shown by as modest 0.1% upturn
The United Kingdom's most valuable exports to the European Union are headlined by energy related products
Also the fastest growing among the top five UK exports to the EU was petroleum gas ahead of refined petroleum oils and crude oil
The top five UK exports shown generated over a quarter 26.5% of the Uk's total export sales to the European
Union. In 2022 the United Kingdom's major imports from the European Union are diversified
They range from cars and medications to human or animal blood. The fastest growing UK import year over year from the EU
belongs to refined petroleum oils. The leading five imports shown generated over 1/5 22.6
of the Uk's overall imports from the European Union. The United Kingdom's exports to its
European Union. Trade partners reached $232.9 billion in 2022. That's well below the
total 307.7 billion in UK imports from the EU. The result over the past five years
the UK continues to bleed billions of dollars in trade deficits caused by the gap between its exports sold to and its imports bought
from the European Union. The Uk's overall trade deficit with the European Union did shrink by minus 26.6
from 2021 to 2022. The United Kingdom's biggest product surplus trading with the European
Union continues to be crude oil. The fastest growing UK competitive advantage versus the EU is another energy related commodity
namely petroleum gas, the Uk's trade surplus selling the highly capital intensive turbojet also recorded a healthy percentage
upturn from 2021 to 2022. The United Kingdom's severest product specific trade deficits
caused by the EU are automobile related products, namely cars and automotive parts or accessories trailed by trucks
Cars are also the Uk's fastest growing product disadvantage versus the EU
Here are some key findings from our presentation. The European Union is by far the biggest purchaser of products exported from the UK
In fact, they equal over 3.5 times the total UK sales to its largest single country customer
The United States products imported into the UK from the EU represent almost 2/5 of UK spending on its total
global imports. In 2022. The Uk's top exports to the EU are fossil fuels related energy products
The Uk's most valuable imports from the European Union are diverse, led by cars and medications
In 2022 the UK whittled down its deficit trading products with the European Union to $74.8 billion in red
ink. That amount of red ink results from a minus 26.6% reduction from minus 101.9
billion in deficits during 2021. And for our bonus insights, the U K's official currency
the British Pound sterling depreciated by an average minus 11.6% versus the US dollar from 2021 to
2022. The euro declined even more versus the US dollar recording a minus 12.3% reduction
For more key insights and useful international trade data. Please visit us at worlds top exports.com
Note that many of our articles feature a surgical document database that showcases our country's top 100 most valuable exported products
And we'll see you next time on another fun video