According to the latest data from the Department of Trade & Industry, the total trade in services and goods between China and the UK hit £93.4 billion in the first quarter of 2022.
This is an increase of £4.9 billion or 5.5 per cent compared to the same period a year before, despite other areas of the UK economy contracting during the start of 2022.
When compared to UK-China bilateral trade figures from a decade ago of £24.52 billion it is clear to see the growing reliance on exports and imports between these two nations.
While much has been made of difficult political discussions between China and Great Britain, the economic ties between these countries seem to have only grown stronger.
The latest report revealed UK exports to China amounted to £27.1 billion during the four quarters to the end of the first quarter of 2022. This is an increase of seven per cent compared to the same period a year before.
Meanwhile, imports from China rose by around five per cent during the last year to £66.3 billion – an increase of £3.1 billion compared to the four quarters to the end of Q1 2021.
As a result of growing trade links, China remains the UK’s third largest trading partner in the four quarters to the end of Q1 2022 and accounts for almost 7 per cent of UK trade.
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