That dollar total reflects a 10.9% increase from $468.3 billion five years earlier for 2019.
Year over year, UK export sales fell by -2.1% compared to $530.5 billion in 2022.
Based on its average exchange rate for 2023, the British pound depreciated by -2.7% against the US dollar since 2019 but appreciated by 0.8% from 2022 to 2023. The UK’s weaker local currency since 2019 makes British exports paid for in comparatively stronger US dollars relatively less expensive for international buyers.
Britain’s biggest export products by value include gold, cars, turbo-jets, crude oil and medication mixes in dosage. In aggregate, those major exports accounted for almost a third (32.4%) of overall exports sales from the United Kingdom for 2022. The UK’s top commodities suggest a diversified range of exported goods.
The United Kingdom ranks among world-leading nations for exporting aircraft parts, platinum and gold.
UK’s Most Valuable Trading Partners
The latest available country-specific data shows that nearly two-thirds (63.7%) of products exported from the UK were bought by importers in: United States of America (13.7% of the global total), Germany (7.7%), Netherlands (7.2%), Switzerland (6.8%), Ireland (6.6%), mainland China (also 6.6%), France (5.6%), Belgium (4.1%), Hong Kong (3.1%) and India (2.4%).
From a continental perspective, 53.1% of products exported by value from the United Kingdom was delivered to fellow European countries while 25.7% was sold to importers located in Asia. The UK shipped another 16.2% worth of goods to North America.
Smaller percentages went to buyers in Africa (2.2%), Oceania (1.43%) led by Australia and New Zealand, then Latin America (1.42%) excluding Mexico but including the Caribbean.
While no longer a member of the European Union, nevertheless the UK collected 42.5% of its global revenues from exports sold to the existing 27 members of the EU. That percentage belies slippage from 44.1% for 2022.
Given United Kingdom’s population of 68.1 million people, its total $519.4 billion in 2023 exported products translates to roughly $7,600 for every resident in the western European economic powerhouse. That percentage lags the $7,800 per person one year earlier.
United Kingdom’s Top 10 Exports
The following export product groups categorize the highest dollar value in UK global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Great Britain.
- Gems, precious metals: US$86.6 billion (16.7% of total exports)
- Machinery including computers: $80.7 billion (15.5%)
- Mineral fuels including oil: $50 billion (9.6%)
- Vehicles: $41.9 billion (8.1%)
- Pharmaceuticals: $27.5 billion (5.3%)
- Electrical machinery, equipment: $28.5 billion (5.5%)
- Optical, technical, medical apparatus: $22.2 billion (4.3%)
- Aircraft, spacecraft: $21.6 billion (4.2%)
- Plastics, plastic articles: $14.8 billion (2.8%)
- Organic chemicals: $10.8 billion (2.1%)
The United Kingdom’s top 10 exports approached three-quarters (74%) of the overall value of global UK shipments.
Aircraft and spacecraft was the fastest-grower among the top 10 export categories, up by 63.1% since 2022.
In second place for improving export sales was plastics, both as materials and items made from plastic. The plastics-related product category rose 13.6%.
The United Kingdom’s shipments of optical, technical and medical apparatus posted the only other gain in value, up by 9.2% year over year.
The leading decliner among United Kingdom’s top 10 export categories was organic chemicals which fell -14.3%
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of UK’s Most Valuable Export Products further down near the bottom of this article.
Products Creating Trade Surpluses for Britain
The following types of UK product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Gems, precious metals: US$17.3 billion (Down by -54.2% since 2022)
- Collector items, art, antiques: $2.5 billion (Down by -16.3%)
- Books, newspapers, pictures: $1.2 billion (Up by 12.9%)
- Iron, steel: $1.2 billion (Down by -17.4%)
- Tanning, dyes, paints, varnishes, ink: $792.2 million (Down by -14.1%)
- Organic chemicals: $699.6 million (Reversing a -$1.7 billion deficit)
- Arms, ammunition: $594.1 million (Up by 88.5%)
- Nickel: $593.1 million (Up by 41.6%)
- Ships, boats: $403.4 million (Down by -40.3%)
- Beverages, spirits, vinegar: $205 million (Down by -82.9%)
The United Kingdom has highly positive net exports in the international trade of gems and precious metals, particularly gold. In turn, these cashflows indicate United Kingdom’s strong competitive advantages under the gems and precious metals product category.
Products Causing Trade Deficits for Britain
The United Kingdom incurred an overall -US$277 billion trade deficit during 2023. That dollar amount represents a -4.8% drop from -$285.8 billion in red ink one year earlier.
Below are exports from United Kingdom that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country United Kingdom’s goods trail UK importer spending on foreign products.
- Mineral fuels including oil: US-$50.2 billion (Down by -37.1% since 2022)
- Electrical machinery, equipment: -$45.5 billion (Up by 16.1%)
- Vehicles: -$40 billion (Up by 22.3%)
- Machinery including computers: -$10.7 billion (Down by -25.2%)
- Knit or crochet clothing, accessories: -$9.2 billion (Down by -22.1%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$8.6 billion (Down by -22%)
- Plastics, plastic articles: -$8.1 billion (Down by -16.1%)
- Wood: -$7.4 billion (Down by -14.5%)
- Clothing, accessories (not knit or crochet): -$7 billion (Down by -15.6%)
- Fruits, nuts: -$6 billion (Up by 1.2%)
Notably, the United Kingdom has highly negative net exports under the mineral fuels including oil product category and therefore deep international trade deficits. One root cause for those product deficits was the UK’s increased spending on imported petroleum gases and crude oil.
These cashflow deficiencies clearly indicate United Kingdom’s competitive disadvantages in the international energy market, but also represent key opportunities for United Kingdom to improve its position in the global economy through focused innovations.
Major UK Export Companies
Here are UK export companies ranking among the largest international trade players for the United Kingdom.
- Anglo American PLC (diversified metals, mining)
- AstraZeneca (pharmaceuticals)
- BP (oil, gas)
- British American Tobacco (tobacco)
- GlaxoSmithKline (pharmaceuticals)
- Johnson Matthey (chemicals)
- Mondi Group (paper, paper products)
- Rio Tinto Group (diversified metals, mining)
- SABMiller (beverages)
- Smith & Nephew (medical equipment, supplies)
According to global trade intelligence firm Zepol, the following companies are also examples of UK exporters.
- Allied Pickfords UK (forage products, corn, t-shirts)
- Cadbury UK (chocolate bars, other chocolate preparations)
- GKN Timet UK (titanium)
- Optivite International (formic acid, proprionic acid, animal feeds not for dog or cat)
- Rothenberger UK (pipe/bolt cutters, propylene, miscellaneous tubes/pipes/hoses)
Searchable List of UK’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from the United Kingdom. Shown beside each product label is its total export value then the percentage increase or decrease year over year.
Note that the data is based on research for 2022.
| Rank | UK Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Gold (unwrought) | $70,833,686,000 | +71% |
| 2 | Cars | $29,293,791,000 | -3% |
| 3 | Turbo-jets | $28,565,076,000 | +23.1% |
| 4 | Crude oil | $21,124,238,000 | +7.1% |
| 5 | Medication mixes in dosage | $20,695,215,000 | +8.6% |
| 6 | Processed petroleum oils | $18,723,179,000 | +79.3% |
| 7 | Petroleum gases | $10,395,109,000 | +127.7% |
| 8 | Aircraft or spacecraft parts | $10,352,178,000 | +0% |
| 9 | Platinum (unwrought) | $9,446,929,000 | -30.6% |
| 10 | Alcohol (including spirits, liqueurs) | $9,280,966,000 | +21% |
| 11 | Silver (unwrought) | $8,085,684,000 | +123.3% |
| 12 | Heterocyclics, nucleic acids | $6,133,076,000 | +47% |
| 13 | Blood fractions (including antisera) | $5,832,098,000 | +1% |
| 14 | Automobile parts/accessories | $5,041,970,000 | +1.3% |
| 15 | Phone system devices | $4,762,696,000 | +13.3% |
| 16 | Computers, optical readers | $4,730,390,000 | +2% |
| 17 | Electrical energy | $4,148,917,000 | +467.7% |
| 18 | Engines (diesel) | $4,031,459,000 | +12.3% |
| 19 | Iron or steel scrap | $3,935,285,000 | -2% |
| 20 | Jewelry | $3,373,526,000 | +18.3% |
| 21 | Taps, valves, similar appliances | $3,304,409,000 | +6.3% |
| 22 | Hand-drawn paintings, drawings | $3,247,719,000 | +17.8% |
| 23 | Electro-medical equip (e.g. xrays) | $3,146,151,000 | -4.8% |
| 24 | Centrifuges, filters and purifiers | $2,973,147,000 | -6.4% |
| 25 | Precious metal waste, scrap | $2,612,487,000 | -5.4% |
| 26 | Physical/chemical analysis tools | $2,608,341,000 | +0.5% |
| 27 | Aircraft, spacecraft | $2,601,612,000 | -4% |
| 28 | Trucks | $2,590,411,000 | +30.7% |
| 29 | Heavy machinery (bulldozers, excavators, road rollers) | $2,252,456,000 | -8.6% |
| 30 | Other diagnostic/lab reagents | $2,242,184,000 | -19.7% |
| 31 | Miscellaneous machinery | $2,238,189,000 | +3.9% |
| 32 | Beauty/makeup/skin care preparations | $2,221,632,000 | -5.6% |
| 33 | Integrated circuits/microassemblies | $2,080,184,000 | +24.1% |
| 34 | Liquid pumps and elevators | $2,032,698,000 | -8.5% |
| 35 | Coal tar oils (high temperature distillation) | $1,989,704,000 | +30.2% |
| 36 | Printed books, brochures | $1,986,640,000 | -0% |
| 37 | Precious metal compounds | $1,969,236,000 | -4.1% |
| 38 | Orthopedic appliances | $1,941,529,000 | +13.4% |
| 39 | Lower-voltage switches, fuses | $1,931,588,000 | -3.2% |
| 40 | Other measuring/testing machines | $1,916,434,000 | +5.2% |
| 41 | Tractors | $1,799,594,000 | +17.6% |
| 42 | Electrical/optical circuit boards, panels | $1,787,322,000 | +3.8% |
| 43 | Air or vacuum pumps | $1,781,848,000 | +2.9% |
| 44 | Other food preparations | $1,654,400,000 | -0.8% |
| 45 | Plastic plates, sheets, film, tape, strips | $1,571,805,000 | +11.9% |
| 46 | Copper waste, scrap | $1,544,166,000 | -6.7% |
| 47 | Insulated wire/cable | $1,542,160,000 | -6% |
| 48 | Transmission shafts, gears, clutches | $1,533,892,000 | +12.9% |
| 49 | Miscellaneous plastic items | $1,505,629,000 | -3.4% |
| 50 | Electrical machinery | $1,502,451,000 | -5.4% |
| 51 | Machinery parts | $1,488,089,000 | +3.7% |
| 52 | Plastic packing goods, lids, caps | $1,470,061,000 | -4.3% |
| 53 | Miscellaneous iron or steel items | $1,448,179,000 | +0.3% |
| 54 | Sort/screen/washing machinery | $1,424,955,000 | +5.7% |
| 55 | Electrical converters/power units | $1,405,067,000 | +5.9% |
| 56 | Packaged insecticides/fungicides/herbicides | $1,372,855,000 | +5.4% |
| 57 | Printing machinery | $1,372,462,000 | -5.8% |
| 58 | Other organic cleaning preparations | $1,372,156,000 | +8.8% |
| 59 | Chemical industry products/residuals | $1,292,903,000 | -1.8% |
| 60 | Piston engine parts | $1,285,525,000 | -4.2% |
| 61 | Oscilloscopes, spectrum analyzers | $1,268,913,000 | -2.7% |
| 62 | Liquid/gas checking instruments | $1,262,796,000 | +3.6% |
| 63 | Temperature-change machines | $1,245,819,000 | +33% |
| 64 | Regulate/control instruments | $1,216,888,000 | -15.8% |
| 65 | Hormones, miscellaneous steroids | $1,208,431,000 | -13.1% |
| 66 | Fork-lift trucks | $1,207,665,000 | +12.1% |
| 67 | Seats (excluding barber/dentist chairs) | $1,203,388,000 | +0.7% |
| 68 | Diamonds (unmounted/unset) | $1,192,646,000 | +40.9% |
| 69 | Navigational aids including compasses | $1,192,467,000 | +1.9% |
| 70 | Bread, biscuits, cakes, pastries | $1,187,603,000 | +1.4% |
| 71 | Aluminum waste, scrap | $1,164,350,000 | +21.7% |
| 72 | X-ray equipment | $1,155,721,000 | -5.8% |
| 73 | Miscellaneous animal feed preparations | $1,151,425,000 | -0.7% |
| 74 | Yachts, other pleasure/sports vessels | $1,132,214,000 | +20% |
| 75 | Miscellaneous furniture | $1,113,484,000 | +7.9% |
| 76 | Plastic tubes, pipes, fittings | $1,064,489,000 | +4.5% |
| 77 | Miscellaneous engines, motors | $1,019,983,000 | +14.6% |
| 78 | Piston engines | $1,014,412,000 | -8.8% |
| 79 | Personal toilet/shaving preparations, deodorants | $1,004,518,000 | +5.3% |
| 80 | Chocolate, other cocoa preparations | $1,004,386,000 | -1.9% |
| 81 | Lifting/loading machinery | $1,002,907,000 | -3.9% |
| 82 | Whole fish (fresh) | $967,309,000 | -8.8% |
| 83 | Miscellaneous iron and steel structures | $962,328,000 | -10% |
| 84 | Radar, radio communication items | $957,471,000 | +168.8% |
| 85 | Iron and steel screws, bolts, nuts, washers | $948,146,000 | +7.6% |
| 86 | Paper/paperboard waste, scrap | $932,442,000 | -7.3% |
| 87 | Cheese, curd | $913,798,000 | +17.5% |
| 88 | Cases, handbags, wallets | $899,601,000 | -7.8% |
| 89 | Electric generating sets, converters | $898,213,000 | +3.9% |
| 90 | Solar power diodes/semi-conductors | $880,549,000 | +24.9% |
| 91 | Electric motors, generators | $872,809,000 | +10.2% |
| 92 | Polyacetal/ether/carbonates | $868,268,000 | -0.1% |
| 93 | Aluminum (unwrought) | $865,346,000 | +29.6% |
| 94 | Other coloring matter, luminophores | $862,054,000 | -1% |
| 95 | Women's clothing (not knit or crochet) | $851,552,000 | -12.3% |
| 96 | Ethylene polymers | $840,135,000 | +10.6% |
| 97 | Sculptures, statues | $831,465,000 | -1.6% |
| 98 | Stainless steel ingots | $815,760,000 | +24% |
| 99 | Machinery for making semi-conductors | $813,487,000 | +7.9% |
| 100 | Computer parts, accessories | $809,348,000 | -14.7% |
These 100 exported goods were worth a subtotal of US$393.5 billion or three-quarters (74.8%) by value for all products exported from the UK during 2022.
In macroeconomic terms, the United Kingdom’s total exported goods represent 13.4% of its overall Gross Domestic Product for 2023 ($3.872 trillion valued in Purchasing Power Parity US dollars). That 13.4% for exports to overall GDP per PPP in 2023 compares to 13.9% one year earlier. Those percentages suggest a decreasing reliance on products sold on international markets for the UK’s total economic performance.
Another key indicator of a geographical entity’s economic health is its unemployment rate. Britain’s unemployment rate averaged 4.2% for 2023, up from an average 3.7% for 2022 according to metrics from the International Monetary Fund.
See also United Kingdom’s Top 10 Imports, United Kingdom’s Top Trading Partners, UK’s Major EU Exports, United Kingdom’s Top 10 Major Export Companies and World’s Top Food Exports Special Data Report
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on March 18, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 18, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 18, 2024
International Trade Centre, Trade Map. Accessed on March 18, 2024
Investopedia, Net Exports Definition. Accessed on March 18, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 18, 2024
SHIPHUB, HS Code for Food. Accessed on March 18, 2024
Wikipedia, Gross domestic product. Accessed on March 18, 2024
Wikipedia, List of Companies based in London. Accessed on March 18, 2024
Wikipedia, Purchasing power parity. Accessed on March 18, 2024
Zepol’s company summary highlights by country. Accessed on March 18, 2024