New data from the Office for National Statistics (ONS) has revealed the true importance of international trade to Britain, and to the wider UK economy.
According to the latest figures, more than a quarter (28 per cent) of all of the goods and services produced on British soil are sold or distributed abroad.
Meanwhile, almost a third (30 per cent) of all products and services purchased in the UK are imported from overseas.
The data, which was recently highlighted by BBC News, comes at a time when UK Foreign Secretary Boris Johnson is urging Britain to break free of the “constraints” of the European Union (EU) in a bid to explore new and wider trade opportunities elsewhere ahead of Brexit.
The ONS’ figures, however, which shed light on Britain’s top 10 trading partners in terms of both exports and imports, suggest that Europe is not necessarily the UK’s number one choice in terms of business and trade.
Britain’s top trade partners are predominantly “the rich economies,” according to BBC News, including nations such as the United States and China, as well as wealthy European nations such as France and Germany.
The data reveals that, while Germany takes the top spot in terms of Britain’s leading source of imported goods, the US is the largest single export market for British goods and services.
Meanwhile, China ranks second in terms of imports, and sixth when it comes to exports.