Foreign Payment Specialist Payment Providers dissects the UK's Import and Export figures from 2011

What are the top products imported and who are the UK's leading trading partners.

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Here at Payment Providers http://www.paymentproviders.co.uk/  import and export plays a major role in our business and future expansion and growth plans. So when the Guardian alongside HMRC published these figures of what is imported and exported from and to the UK it was a great insight for us. Looking at the latest figures the automotive industry showed a decline in UK car sales. They also shone a light on the UK's third biggest export - eight out of 10 cars built in the UK are exported. HM Revenue and Customs releases monthly figures for UK trade and we watch these figures like a hawk. 

According to the latest figures, the UK's biggest export in the year to date was nuclear reactors, boilers, machinery and mechanical appliances (including parts thereof). Mineral fuels, mineral oils and products of their distillation, bituminous substances and mineral waxes followed in second place, although incidentally it was also the most highly imported product in 2011 rising by 46% on the year.

Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof ranked as both third highest import and export. In the year to date (October 2011) the UK exported £23bn worth and spent £32bn on importing these items.

The United States received the most British export goods last year, followed by Germany and France. The top trade partner for imports was Germany, followed by the United States and China. The UK exported £31.7bn worth of products to the US.

Check out the tables below for top trading partners or download the spreadsheet for the full data on the UK's top exported and imported goods year on year.

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Top UK export countries

Rank	Country	Year to date 2011 (£m)	Year to date 2010 (£m)	% Change
SOURCE: HM REVENUE & CUSTOMS
1	UNITED STATES	31,712	30,894	2.7
2	GERMANY	27,539	23,502	17.2
3	FRANCE	18,905	16,542	14.3
4	NETHERLANDS	18,823	17,189	9.5
5	IRISH REPUBLIC	14,063	13,307	5.7
6	BELGIUM	12,949	10,835	19.5
7	ITALY	8,287	7,193	15.2
8	SPAIN	7,946	8,065	-1.5
9	CHINA	7,055	5,839	20.8
10	SWEDEN	5,103	4,504	13.3
11	INDIA	4,597	3,172	44.9
12	SWITZERLAND	4,400	4,063	8.3
13	CANADA	4,126	3,445	19.8
14	HONG KONG	4,120	3,464	18.9
15	RUSSIA	3,853	2,692	43.1
16	UAE	3,844	3,101	23.9
17	JAPAN	3,667	3,443	6.5
18	POLAND	3,655	2,999	21.9
19	AUSTRALIA	3,380	2,609	29.5
20	TURKEY	3,115	2,452	27.1
21	SINGAPORE	2,929	2,704	8.3
22	SOUTH AFRICA	2,836	2,201	28.9
23	NORWAY	2,732	2,390	14.3
24	SAUDI ARABIA	2,554	2,440	4.7
25	DENMARK	2,477	2,242

Top UK import countries

Rank	Country	Year to date 2011 (£m)	Year to date 2010 (£m)	% Change
SOURCE: HM REVENUE & CUSTOMS
1	GERMANY	41,107	37,812	8.7
2	UNITED STATES	25,076	25,574	-2
3	CHINA	24,828	23,172	7.1
4	NETHERLANDS	23,019	21,390	7.6
5	NORWAY	20,014	15,359	30.3
6	FRANCE	19,138	18,133	5.5
7	BELGIUM	15,729	14,054	11.9
8	ITALY	11,629	11,720	-0.8
9	IRISH REPUBLIC	10,436	10,421	0.1
10	SPAIN	9,094	8,350	8.9
11	JAPAN	6,998	6,220	12.5
12	SWITZERLAND	6,525	7,018	-7
13	RUSSIA	6,326	4,290	47.5
14	SWEDEN	6,289	5,282	19.1
15	HONG KONG	6,119	6,141	-0.4
16	POLAND	5,843	4,957	17.9
17	CANADA	5,208	5,483	-5
18	DENMARK	5,017	3,306	51.8
19	INDIA	4,954	4,560	8.7
20	TURKEY	4,498	4,141	8.6
21	QATAR	4,185	1,756	138.3
22	CZECH REPUBLIC	3,510	3,279	7.1
23	SINGAPORE	3,194	3,205	-0.3
24	TAIWAN	2,831	2,387	18.6
25	HUNGARY	2,516	2,593	-2.9

Payment Providers was incorporated to provide private and corporate clients a practical alternative to the bank, for foreign exchange services and International money transfers.  

Why is Currency Management So Important?

By using a bank it could cost you £3-4,000 per £100,000 transferred. Then included buying at the "wrong" time which could add many £'000's more as FX rates can move several % in a very short period of time. By utilizing Payment Providers International Payment service our strategies could minimize these extortionate charges, if not eliminated .  

  

To find out what you could be saving on your next international payment, call us now on +44 (0) 207 099 8377 or email info@paymentproviders.co.uk or to schedule a FREE call back click here