For the first time in the last financial year, the UK government reported that the UK has overtaken Germany as the biggest supplier of imports into Britain. 

According to British trade minister Liz Truss, the US is at the top of her priority list for post-Brexit trade deals. Both her and Foreign Secretary, Dominic Raab, visited Washington this week in an attempt to promote UK-US ties.

The Department for Trade reported that imports from the US increased by 14% to 78.27 billion pounds in the year to April, while Germany imports dropped by 0.1% to 78.26 billion pounds.

Despite Germany being Britain’s largest source of imports, the US was already Britain’s largest export market, reaching record highs of 121.6 billion pounds in the last financial year.

Truss said in a statement: 

Now that the U.S. is our largest market for both exports and imports, there has never been a better time for us to make the most of this golden opportunity and deliver a free trade agreement with the US.

Transatlantic trades has been the biggest revenue driver, hitting more than 55 billion pounds annually to both countries. According to the trade department, imports from the US have grown by 15% since last year.

Keeping up-to-date with news & foreign currency exchange rates will give you a good foundation for trading and allow you to better identify good investments in the long run. To learn more, start trading with a simple, yet effective broker, visit TIOmarkets.

Dalia Hilmi

Write A Comment