{"id":11033,"date":"2022-09-30T07:30:44","date_gmt":"2022-09-30T07:30:44","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=11033"},"modified":"2022-09-29T13:19:20","modified_gmt":"2022-09-29T13:19:20","slug":"the-importance-of-trade-and-the-china-market-to-uk-business","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/the-importance-of-trade-and-the-china-market-to-uk-business\/","title":{"rendered":"The Latest UK China Trade Statistics"},"content":{"rendered":"

Despite challenges like the lengthy Covid-19 lockdown in Shanghai, UK exports to China are proving resilient, with many UK regions reporting record export growth, according to CBBC\u2019s China Trade Tracker. Here are the latest UK China trade statistics<\/strong><\/span><\/h2>\n

In 2021, China was the UK\u2019s third largest trading partner, after the US and Germany. It was the UK\u2019s sixth largest export market for goods and the single largest source of imports. Indeed, the UK\u2019s links to China via goods trade, tourism and education support an estimated 114,000 to 129,000 jobs across the country, according to a 2020 report by Cambridge Econometrics.<\/p>\n

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Perhaps unsurprisingly, the first quarter of 2022 saw UK goods exports to China decrease 12.8% compared to the same period a year earlier. They were also down 11% lower compared to the last quarter of 2021, according to HMRC data. That said, the data leaves no doubt about the continued importance of the Chinese market to the UK, with some individual regions and sectors performing particularly strongly.<\/p>\n

\u201c<\/span>While the past few months have been challenging, it\u2019s encouraging to see our trading relationship going from strength to strength, with most UK regions reporting record export levels,<\/span>\u201d said Andrew Seaton, Chief Executive of China-Britain Business Council. \u201cUK exports to China are proving resilient and generate employment and prosperity across the UK. Making sure that UK businesses are getting their fair share of the China market opportunity \u2013 including its dynamic consumer market, driven by its large and growing middle class \u2013 is more essential than ever to the UK\u2019s recovery and future growth.\u201d<\/span><\/p>\n