Channel: Trade

April 6, 2010
How India fares as UK’s goods trading partner?
The feature this week focuses on the trade in services between India and UK.
Tables & Graphs
 
The feature this week focuses on the trade in services between India and UK. This article takes a look at the two countries’ relationship when selling goods to each other.
 
At the end of the year 2008 UK’s trade with the world totalled GBP 519.79bn. Of that the total trade with EU nations during the same period was GBP 318.73bn and that with non-EU nations was GBP 271.23bn.
 
India has consistently grown the trade balance with the UK from year 2005 when its surpluses amounted to GBP 21 million to a record GBP 809 million surplus in the year 2007. However the year 2008 witnessed a sharp boost in British exports to India reducing this surplus to only GBP 147million.
 
India also features in both the top 20 export markets for the UK as well as top 20 import partner. However its position is 19th in that table behind the likes of Germany that tops the table with GBP 44.4bn worth of goods exported to the UK and China at number 5 exporting GBP 21.9bn worth of goods. In comparison India’s exports to the UK only reached GBP 4.2bn.
 
UK’s goods export value to India stood at GBP 4.1bn at the end of 2008. India is the 13th largest export market for the UK. In comparison the top export market was United States where it exported GBP34.7bn worth of goods and manufactured items. So clearly UK is doing much better when exporting goods to India in comparison to India.
 
The main point that can be illustrated by the table below is that UK’s trade with India is still only 1.61% of its overall trade. In subsequent articles we will look into what are the main reasons for this trade level not reaching anywhere near its potential.
 

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