By this point we're all aware the UK is somewhat of an importer. If anything, that's a dramatic understatement. We imported goods to the value of ￡354bn in 2010, and exported only ￡264bn. A yearly trade deficit of almost one hundred billion pounds isn't one to turn your nose at, and it's only been growing in the time leading up to 2013. Read on to find out exactly what we're importing, and what it means for the country.
Motors
Officially, this is designated as 'vehicles other than railway or tramway rolling-stock'. It effectively refers to our booming motor industry. After being sent to the brink in recent years the industry is now booming, and the UK has taken over as one of the leading car exporters globally, exporting ￡23,500m in 2011 alone. Unfortunately, we also imported ￡32,200m from overseas providers during the same period. This paints an odd picture, where even as the leading car exporter we can't manage to muster up an exporting surplus.
Plastics
Most of these are consumer products, many of which are sourced from china. Contrary to popular belief, there's a relatively small deficit on this in real terms. We import only ￡9,800m a year, and export ￡6,700m in turn. That may be a deficit of just under a third, but it's still pennies compared to our deficits in other categories.
Minerals and Oils
This is a fairly simple one to get your head around. As a country we import ￡46,500m a year, and export only ￡33,462 in turn. The UK is currently in the throes of major challenges in the field of self-sufficiency and clean energy, so if anything the fact only ￡13,000m of the trade deficit comes from fuel imports is surprising.
Pharmaceuticals
These are one of our rare surplus exports. The UK sent out about ￡16,900m worth of these products into the world in 2011, and imported only ￡13,100m. It's only a small surplus, but one the country needs to maximise nonetheless. Positive trade balances are clearly few and far between, so what little can be scraped together presents a valuable exception.
Nuclear Reactors
Towards the end of 2012 the government finally pulled support for the UK nuclear power programme, throwing its immediate future into doubt and worry. This may in fact be even more of a mistake than nuclear proponents claimed, since in 2011 nuclear reactors, machinery and appliances represented the UK's largest, and largest growing, export. At ￡34,800m, the UK was becoming one of the largest specialists in nuclear power on the planet, only importing ￡4,000m more from other sources.
If these statistics are anything to go by it's clear the UK does have areas of growth it could stand to capitalise. Whether government and domestic policies will permit this growth, however, still stands to be seen.
