Navigator
United Kingdom
(information)
Continent: Europe, Region: Europe
Population as of 2020: 68 million 21 of 193
highest next higher next lower lowest
Nominal G.D.P. in 2024: $3.64 trillion 6 of 193
highest next higher next lower lowest
Total merchandise exports in 2024: $520.17 billion. 11 of 193
highest next higher next lower lowest
These are calendar-year 2024 goods exports reported by United Kingdom, excluding services. All amounts are nominal 2024 U.S. dollars, valued free on board (FOB), with no inflation adjustment.
Top Exports
Top 20 export categories, 2024
Ranked by export value. Unspecified commodities and other special reporting categories are included in the ranking.
| Rank | Item | Dollar amount | Category |
|---|---|---|---|
| 1 | Gold, unwrought, semi-manufactured or in powder form | $65.42 billion | Precious metals, gemstones, jewellery and coins |
| 2 | Turbojets, turbopropellers and other gas turbines | $39.80 billion | Machinery and mechanical appliances |
| 3 | Passenger cars and other passenger motor vehicles | $35.61 billion | Vehicles and vehicle parts |
| 4 | Unspecified commodities (reporting category, not a single product) | $25.90 billion | Unspecified commodities |
| 5 | Crude petroleum oils and oils from bituminous minerals | $19.79 billion | Mineral fuels and oils |
| 6 | Medicaments in measured doses or retail packs | $19.01 billion | Pharmaceutical products |
| 7 | Parts for aircraft and spacecraft, including unmanned aircraft | $13.43 billion | Aircraft, spacecraft and parts |
| 8 | Petroleum oils other than crude, related preparations and waste oils | $13.13 billion | Mineral fuels and oils |
| 9 | Spirits, liqueurs and other spirituous beverages; undenatured ethyl alcohol below 80% alcohol | $8.37 billion | Beverages, spirits and vinegar |
| 10 | Blood, antisera, vaccines, immunological products and related biological products | $7.09 billion | Pharmaceutical products |
| 11 | Platinum-group metals, unwrought, semi-manufactured or in powder form | $5.53 billion | Precious metals, gemstones, jewellery and coins |
| 12 | Telephone sets, smartphones and other communications apparatus | $5.51 billion | Electrical machinery and equipment |
| 13 | Motor-vehicle parts and accessories | $5.41 billion | Vehicles and vehicle parts |
| 14 | Petroleum gas and other gaseous hydrocarbons | $5.18 billion | Mineral fuels and oils |
| 15 | Computers and other automatic data-processing machines | $4.26 billion | Machinery and mechanical appliances |
| 16 | Diesel and semi-diesel engines | $4.10 billion | Machinery and mechanical appliances |
| 17 | Taps, valves and similar appliances | $3.89 billion | Machinery and mechanical appliances |
| 18 | Silver, unwrought, semi-manufactured or in powder form | $3.60 billion | Precious metals, gemstones, jewellery and coins |
| 19 | Motor vehicles for transporting goods | $3.32 billion | Vehicles and vehicle parts |
| 20 | Medical, surgical, dental and veterinary instruments and appliances | $3.31 billion | Optical, measuring, medical and precision instruments |
Top 10 importers of United Kingdom's exports, 2024
Ranked by United Kingdom's reported merchandise exports to each named destination economy. Separately reported territories may appear. These are recorded export destinations; goods may subsequently be re-exported.
| Rank | Country | Dollar amount |
|---|---|---|
| 1 | United States (including Puerto Rico and the US Virgin Islands) | $73.14 billion |
| 2 | China | $47.25 billion |
| 3 | Germany | $38.54 billion |
| 4 | Netherlands | $35.52 billion |
| 5 | Switzerland (including Liechtenstein) | $29.04 billion |
| 6 | France (including Monaco) | $28.58 billion |
| 7 | Ireland | $24.06 billion |
| 8 | Belgium | $21.06 billion |
| 9 | United Arab Emirates | $12.46 billion |
| 10 | Hong Kong SAR (China) | $12.07 billion |
**U.K. Banking & Financial Services Exports**
When the WTO, OECD, or IMF record “financial services exports” for the U.K., they’re capturing revenues from **foreign clients paying U.K.-based institutions**. That includes:
1. **Banking services**
* Foreign companies and governments borrow from London-based banks.
* Cross-border lending, deposits, and treasury operations.
* Clearing and settlement: London is a central hub for international bond and equity trading.
2. **Foreign exchange & derivatives trading**
* London handles **~40% of the world’s daily FX trading volume** (~$7.5 trillion/day market).
* That means companies, investors, and governments pay U.K.-based institutions fees/spreads for currency trading.
3. **Asset management & investment funds**
* Global investors place money into funds domiciled in the U.K.
* British firms earn management fees for investing and administering assets.
4. **Insurance & reinsurance**
* Lloyd’s of London and other firms insure ships, airlines, energy projects, etc. worldwide.
* Reinsurance contracts are global: e.g., a U.S. company may reinsure its risks in London.
5. **Legal & advisory services (tied to finance)**
* Structured deals, corporate law, mergers & acquisitions advice.
* Many global corporations use London lawyers, accountants, and auditors.
**Why this props up the pound**
* These exports bring in **huge net foreign currency inflows** (hundreds of billions yearly).
* It makes the U.K. one of the world’s top “rentier” economies: instead of exporting mostly goods, it exports **financial trust and services**.
* Global investors hold pounds to pay for U.K. financial services, supporting demand for the currency.
