Quo vadis, United Kingdom?
Since the United Kingdom officially left the EU on 31 January 2020, it is not only the economic and political experts who continue to ask this question. And not without good reason, as current data shows. According to the Federal Statistical Office of Germany, which published provisional export figures for 2021, the United Kingdom dropped from seventh position (2020) and ranked tenth last year in the list of significant foreign trade partners. By the same token, German trade volumes with the British declined by 4.6 per cent. It is worth noting that Germany recorded double-digit growth with virtually all other key trading partners on a year-on-year basis in 2021.
Consequently, many economists concluded that Brexit had a greater impact on the British economy than the effects of the pandemic over the past two-and-a-half years. Nevertheless, the United Kingdom remains one of Germany’s most important trading partners and internationally leading economic nations. Incidentally, the UK Parliament took stock of Brexit by publishing a report from the Public Accounts Committee, responsible for monitoring public spending, in February 2022. It included the following: The main consequences of leaving the EU for British companies are “increased costs, paperwork and delays at the border.”
Major economies in 2020 according to gross domestic product
(GDP in billion U.S. dollars)
Source: Statista 2022
- USA 20893,75 100%
- China 14866,74 71%
- Japan 5045,1 24%
- Germany 3843,34 18%
- United Kingdom 2709,68 13%
Source: GOV.UK
Great Britain (geographical)
Scotland,
England,
Wales
(excl.
islands)
United Kingdom (political)
Scotland,
England,
Wales
(incl.
islands)
+ North Ireland
United Kingdom
Capital: London
Population in 2021: 68.2 m.*
Total area: 243,610 km2
GDP per capita in 2021: 46,200 US-$*
Main imports in 2020
- Machinery and equipment 35,1%
- Various manufactured goods 16,6%
- Chemical products 12,9%
Main exports in 2020
- Machinery and equipment 35,4%
- Chemical products 17,7%
- Various manufactured goods 13,3%
Main supplier countries in 2020
- China 11,9%
- Germany 11,7%
- USA 9,2%
Main buyer countries in 2020
- USA 14,4%
- Germany 10,5%
- Republic of Ireland 7,0%
German exports to the UK in 2020
- Vehicles and auto parts 22,8%
- Chemical products 14,1%
- Machinery 12,5%
German imports from the UK in 2020
- Chemical products 19,0%
- Other vehicles 10,6%
- Vehicles and auto parts 10,4%
*provisional figure, es timate/forecast
Photos: istockphoto/oversnap
