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CHART OF THEРУMБOРNИTКHА

the United Kingdom and
the EU, who needs more
the market of the other?

Structure of the import of goods and
services of the United Kingdom (in %, 2014)

The first graph shows the markets where the Source: Office for National Statistics of the United Kingdom
import of goods and services of the United Structure of the import of goods and
Kingdom is distributed, in a total amount services of the United Kingdom (in %, 2014)
of 515 billion pounds, in 2014. Convincingly
the largest market for goods and services of
the United Kingdom is the single market of
the European Union with 44% of the total
export. It is more important market than the
markets of North and South America, and
of Asia together. When assessing the import
structure, one should also consider the so
called “Rotterdam effect” which suggests that
part of the import actually does not end in
EU28, rather it goes to some of the ports such
as Rotterdam, and from there it goes to some
other part of the world.

The second graph shows the geographic
structure of the import of goods and services
of the United Kingdom in a total amount of 550
billion pounds in 2014. As one can see, more than
half of the entire import (53%) comes from the
countries of the EU28, which means more than
all the other parts of the world together. In 2014,
in the exchange with EU28 the United Kingdom
registered a deficit of 61 billion pounds. It is
not by chance that the primary priority of the
United Kingdom at the moment is the status
of the access to the only EU market. Before
the formal activation of the Brexit, the United
Kingdom wants to preserve the privileged access
to this market, because otherwise the principles
of the World Trade Organization would have to
be applied in the external trade, which allow the
introduction of trade duties.

Source: Office for National Statistics of the United Kingdom

July-August 2016 Zoran Jovanovski

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