It’s easily forgotten how important the “special relationship” is economically as well as politically. According to the last UK Government Trade and Investment Fact Sheet, containing ONS data released on 19 August 2021, in the four quarters to the end of Q1 2021 United States was the UK’s:
- Largest trading partner (accounting for 16.7% of total UK trade).
– 2nd largest goods trading partner (10.9% of UK goods trade).
– Largest services trading partner (27.0% of UK services trade).
- Largest export market (accounting for 20.8% of total UK exports).
– Largest goods export market (15.1% of UK goods exports).
– Largest services export market (27.5% of UK services exports).
- Largest import market (accounting for 12.6% of total UK imports).
– 4th largest goods import market (7.9% of UK goods imports).
– Largest services import market (26.0% of UK services imports).
The next release is due on 17 September. It will be interesting to see how this data adjusts as trade flows change, unwinding the Covid trade data distortions and post Brexit ripples and generally in the next few years. Currently this generates a Trade Surplus for the UK and as a UK citizen long may that continue.
We regularly work with US entities and lawyers and with UK clients with US interests on their legal issues transactions and investments. They know how important this relationship has always been even though by contrast according to https://www.census.gov/foreign-trade/statistics/highlights/toppartners.html the UK only accounts for 2.6% of US Total Trade in July 2021. A minnow compared to China, Mexico and Canada but still number seven in the US rankings.