Table 1 shows that of the UK’s top five international trading partners, the UK maintained the largest trade surplus with the US in the first half of 2020 UK trade with China contributed most to the underlying trade deficit in this period. Imports and exports of both goods and services decreased during this period, with exports decreasing less than imports for both categories. In the first half of 2020, the UK underlying total trade balance increased by £27.0 billion to £10.4 billion when compared with the same period in 2019. The greatest impacts were seen in the import of machinery and transport equipment, which fell by 34.6% in Quarcompared with Quarthe largest decrease was seen in imports of machinery and transport equipment from Germany, falling by 50.7%. Most of the UK's top trading partners have been affected by the coronavirus, and published data suggests evidence of coronavirus-related impacts on UK trade. These time periods cover the UK’s national lockdown in response to the coronavirus (COVID-19) pandemic, announced on 23 March 2020, and the subsequent easing of restrictions from the beginning of June 2020. This release compares published Office for National Statistics (ONS) data for Quarand Quarand Quarand Quar(see Related links). The up-to-date analysis of existing trade relationships with these partner countries serves as a baseline to enable us to better understand the impact of any forthcoming developments.Īs such, the trading partners we are exploring in this release are: Trade agreement negotiations are also still ongoing between the UK and the EU. A Comprehensive Economic Partnership Agreement has been made with Japan, and Free Trade Agreement negotiations are currently underway with the United States (US), New Zealand and Australia. In addition to the UK’s top five trading partners, we also analyse the UK’s trade relationships with countries the UK is currently negotiating, or has recently completed trade negotiations with.
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