The USA is Britain’s most important trading partner by some distance, latest trade data compiled in partnership with Facts4EU has revealed.
America bought £186billion worth of goods and services in 2023 alone, three times as much as Germany – the EU’s largest economy – who came in second place on £63billion.
America’s largest physical import from Britain was medicinal and pharmaceutical products (£8.2 billion), followed by cars (£7.5 billion), mechanical power generators (£5.3 billion), scientific instruments (£2.5 billion) and aircraft (£2.3 billion).
These numbers were dwarfed by services imported to America from Britain. ‘Other Business Services’ accounted for £58.0 billion worth of trade, ‘Financial Services’ at £29.1 billion, ‘Insurance and Pension services’ at £11.5 billion and ‘Telecommunications, computer and information services’ at £8.8 billion.
Britain’s top 30 export markets
Facts4EU
Total health spending- a common measure to contextualise large amounts of money- was £182billion in 2022/23.
In a blow to those wanting to rejoin the EU, the data also revealed how just 11 EU countries break into the top 30 for the UK’s most important export markets, breaking the myth the UK can only sell to its neighbours.
Non-EU countries that bought large amounts of UK goods and services included China in sixth on £33.3billion, Hong Kong in eleventh on £16.9billion, India in twelfth on £16.1billion and Canada in thirteenth on £15.8billion.
Facts4EU point out that the Netherlands and Belgium- fourth and eighth- have hugely inflated values of how much British goods and services they bought thanks to the ports of Rotterdam and Antwerp.
Much trade flowing through these ports ends up in other countries as it is distributed across Europe, the Middle East and Asia.
This may come as a welcome development or a worry after the election of Donald Trump in America.
Donald Trump gave his first interview since winning the electionReutersOn the one hand, a genuine free trade deal with the US could now be made easier as Trump is more open to a potential trade deal with the UK.
On the opportunity for Britain, Nigel Farage said: “He is the most pro-British president we have had for decades. He has expressed to me over the years to do a genuine free trade deal with the UK.”
However, in some senior government circles there is concern Trump will immediately slap trade tariffs on all imports.
His promise of a blanket tariff of 10 per cent on all foreign goods could start a trade war, push up inflation and damage growth in Britain.
Experts have warned such a move could hit the UK economy as much as Brexit.
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It is these reasons that have led many commentators in Britain to urge Starmer and his colleagues to apologise for their contemptuous criticism of Trump during their time in opposition.
Derogatory remarks include: “Humanity and dignity. Two words not understood by President Trump,” (Starmer), “Trump is such an odious, sad, little man. Imagine being proud to have that as your President,” (Streeting), “Trump built his campaign for the Presidency on vitriol and abuse,” (Cooper) and “Oh yes, Trump’s a racist bigot,” (Miliband).
Most famously, Foreign Secretary David Lammy called Trump a “neo-Nazi sympathising sociopath” and said: “Donald Trump lies more times a day than the average person goes to the bathroom. Unsurprising given that all that comes out of his mouth is utter pooh.”
Commentators highlight how Labour’s childish, student politics rhetoric, in part employed to bash the Tories during Trump’s state visit, could come back to bite them as Trump returns to power.
And it is the British people who could feel the effects of Labour’s toys-out-the-pram attack on President Trump as he gears up to run the world’s most powerful country, potentially affording Britain no favours if remembers the fierce attacks made by Starmer’s cabinet.
On the other hand, commentators have highlighted how Trump, 78, probably doesn’t care or won’t remember many of the remarks made during his first presidency.