The bilateral trade volume between China and the UK has once again set a new historical record

The bilateral trade volume between China and the UK has once again set a new historical record

On January 17, the Institute for Advanced Study of Regional and Global Governance at Beijing Foreign Studies University, the Centre for British Studies at Beijing Foreign Studies University, the British Studies Branch of the China European Society and the Social Sciences Literature Publishing House jointly released the British Blue Book: UK Development Report (2020-2021) “.

The Blue Book pointed out that although Sino-British relations have encountered new challenges, the problems are not the whole of Sino-British relations, most cooperation in the economic, trade and financial fields between China and the UK has not been greatly affected by the epidemic, Brexit and changes in the development atmosphere of bilateral relations, and even bucked the trend in many areas. In dealing with challenges such as climate change and the chaos caused by the US withdrawal from Afghanistan, China-UK cooperation in multilateral fields needs each other, and there is still a lot of room for development.

2021 is a landmark year for China-UK economic and trade relations, and the bilateral trade volume has once again set a new historical record. China overtook Germany as the UK’s largest import market in the first quarter of 2021, and the ONS said UK imports of goods from China had grown by 66% since the beginning of 2018, reaching 16.9 billion in the first quarter of 2021. Imports from Germany fell by a quarter to 12.5bn over the same period. Since 1997, with the exception of two quarters in 2000 and 2001, Germany has been the UK’s largest import market. The EU as a whole is still the UK’s largest trading partner, but data show that due to Brexit and the epidemic, trade between the UK and the EU at the beginning of 2021 will decrease by nearly a quarter compared with three years ago.

According to data released by the UK Department for International Trade on August 19, 2021, as of the first quarter of 2021, the total trade in goods and services between China and the UK was 84.6 billion. UK exports to China were 21.9 billion, of which 78.9% were goods worth 17.28 billion and 21.1% were services worth 4.62 billion. UK imports from China were 62.7bn. Of this, 96.7% were merchandise goods, worth 60.6 billion; trade in services accounted for 3.3%, worth ?2.1 billion. China is the UK’s third largest trading partner, accounting for 7.5% of the UK’s total trade. China is the UK’s third largest trade partner in goods, accounting for 10.8% of the UK’s trade in goods; China is the 15th largest trade partner in services, accounting for 1.7% of the UK’s trade in services. China is the UK’s seventh largest export market, accounting for 4% of UK exports; fifth largest export market for goods, accounting for 5.8% of UK goods trade; 13th largest export market for services, accounting for 1.8% of UK services exports; 17th largest export market The service import market accounted for 1.4%. China is the UK’s second-largest import market, accounting for 10.9% of the UK’s total imports; the largest import market for goods, accounting for 14.3% of the UK’s total imports. From a regional perspective, the West Midlands, the East and Scotland have the most exports to China, and the southeast has the most imports from China.

British imports to China increased by 66% in three years, from 10.2 billion to 16.9 billion. Meanwhile, imports from other major UK trading partners showed a downward trend: Germany fell from 17 billion to 12.5 billion, the United States fell from 9.1 billion to 7.6 billion, and the Netherlands fell from 10.3 billion to 7.1 billion, while France fell from 7.1 billion to 5.2 billion.

There is still room for cooperation between China and the UK on issues such as multilateral responses to global challenges. For example, on the climate issue, China and the UK are the presidencies of the 15th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP15) and the host of the 26th meeting of the Parties to the United Nations Framework Convention on Climate Change (COP26) respectively, promoting the success of the two conferences, the completion of the negotiation on the implementation rules of the Paris Agreement, and the continued progress of global climate governance are in the common interests of both parties.