US-UK imports and exports
In 2019 the United Kingdom was the fifth largest exporter, and eighth largest importer of goods traded to and from the United States, with the total of goods and services amounting to $273 bn. Of this total $147.4 bn derived from exports, whilst $125.6 bn came from imports. This left the UK with a total trade surplus of $21.8 bn in 2019.
This growth in trade has seen a marked decrease since May-June of 2020, when the global pandemic began to take hold, but it is now ripe once again for growth. The UK imports a large quantity of fast moving consumer goods and machinery, whilst simultaneously exporting industrial machinery, motor vehicle parts and pharmaceuticals.
Key points to consider for UK imports and exports
In 2019 the United Kingdom was the fifth largest exporter, and eighth largest importer of goods traded to and from the United States, with the total of goods and services amounting to $273 bn. Of this total $147.4 bn derived from exports, whilst $125.6 bn came from imports. This left the UK with a total trade surplus of $21.8 bn in 2019.
This growth in trade has seen a marked decrease since May-June of 2020, when the global pandemic began to take hold, but it is now ripe once again for growth. The UK imports a large quantity of fast moving consumer goods and machinery, whilst simultaneously exporting industrial machinery, motor vehicle parts and pharmaceuticals.
Key points to consider for UK imports and exports
The task of collecting taxes and enforcing customs and duties on UK imports and exports, lies with the HMRC (Her Majesty’s Revenue and Customs). If your US based business is considering trading with the UK, you need to be aware of specific rules and regulations stipulated by HMRC with regards to import-export. Listed below are guidelines for import-export procedures set out by the UK government :
VAT (Value Added Tax) – Goods that are imported into the UK are subject to the addition of VAT. Value added tax is assigned to goods via classification codes. VAT is not applicable on goods bound for export, though you will need to provide proof of their destination.
Excise duties – Excise duties are charged in addition to customs duties on certain products. However, certain products such as; liquors, spirits, beer, tobacco products and hydrocarbon oils are initially subject to excise duty, but are also eligible for a tax relief. In certain specific circumstances, excise duties may be reclaimed entirely.
Import Restrictions on goods – Licensing restrictions apply to certain goods. These include restrictions and prohibitions on some goods that originate from outside the UK.
Export restrictions on goods – There are also export restrictions in place for specific goods that may have military use, cultural goods that require a special license from culture, media and sports department, and goods that are controlled such as drugs and chemicals.
How can Jeavons help you with your UK imports & exports?
If your business in the United States is currently operating UK imports and exports, or are considering the endeavour in the future, Jeavons is a great partner to work with. Not only do we offer first class shipping and logistics solutions, but we also offer you a comprehensive range of services that include collection, freight, documentation, customs clearance and warehouse storage.
We provide you with a dedicated accounts manager who will be your point of contact for everything you require. Contact us today for effortless export and import to the UK.
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