{"id":14289,"date":"2024-07-05T12:30:24","date_gmt":"2024-07-05T12:30:24","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=14289"},"modified":"2025-04-23T08:58:44","modified_gmt":"2025-04-23T08:58:44","slug":"how-big-is-trade-between-the-uk-and-china","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/how-big-is-trade-between-the-uk-and-china\/","title":{"rendered":"How big is trade between the UK and China?"},"content":{"rendered":"

The latest edition of the CBBC China Trade Tracker shows that UK-China trade ties remained resilient in the face of economic and political headwinds in 2023<\/h2>\n

Although the year was challenging for both countries \u2013 China\u2019s economy did not \u201crebound\u201d as expected following the lifting of pandemic restrictions in late 2022, and the UK\u2019s GDP grew by just 0.4% amidst lingering inflation and high interest rates \u2013 UK goods exports to China rose 0.9% to \u00a322.4 billion (according to ONS data), reversing the decline seen in 2022. It\u2019s worth noting that HRMC, which calculates differently, showed goods exports falling 1.6% to \u00a321 billion. Imports fell by 11.1%, resulting in an \u00a38 billion cut to the UK-China goods trade deficit.<\/p>\n

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Overall, China remained the UK\u2019s third-largest trading partner, with total two-way trade in goods and services amounting to over \u00a3105 billion.<\/p>\n

The tracker shows trade with China has the potential to be a key driver of regional growth in the UK. According to HMRC data, UK goods exports to China generated \u00a316.5 billion in wealth for regional economies outside of London.<\/p>\n