Export Opportunities for U.S. Businesses
KEY TRADE INDICATORS
3rd Largest Economy in
Forecasted by 2014
Business in U.K
Worth of U.S.
ECONOMIC AND BUSINESS ENVIRONMENT
The United Kingdom has the sixth-largest economy in the world, the third-largest economy in the European Union, and is a major international trading power. While the United Kingdom is geographically relatively small (about the size of Oregon), it has a population of more than 63 million people. Highly developed, sophisticated, and diversified, the UK market is the second largest in Europe and the sixth largest in the world for U.S. goods exports. The United Kingdom is the second largest market in the world for U.S. service exports. Major categories of U.S. exports include aerospace, automotive, electronics, healthcare, information technologies, telecommunications, and safety/security equipment.
TOP INDUSTRY EXPORT OPPORTUNITIES
The UK medical equipment market is the world’s sixth largest and Europe’s third largest. Valued at $9 billion, the market is expected to increase by approximately 5-6% each year in 2014/15. The U.S. is the most important overseas source of medical devices. The best sales prospects for U.S. manufactured medical equipment are expected to be in the following areas: telemedicine; assistive technologies; electronic monitoring equipment; home care technology; rehabilitation equipment; and diagnostics.
The total pet products market in the United Kingdom reached nearly $4.77 billion in 2013. Pet food is the largest sector of the pet products market, accounting for around three quarters of sales. The growth in pet food has been driven by ‘premiumization’ in terms of convenient single-serve packs and foil pouches, natural and organic products, and products offering functional health benefits (such as improved coat, teeth and brain function). However, exporters need to be aware of the specific requirements for importing meat or meat based products into the UK.
Safety and Security Equipment
In 2013, the UK market for security products and services grew by around 1.6% to $13.7 billion. The market continues to benefit from the focus on national security and counter terrorism, and it is expected to continue to grow steadily over the next couple of years, as the threat to national security remains high. Best prospects are in physical screening products at airports, ports, prisons or high-profile public buildings, electronic security systems (intruder/burglar alarms, building control systems), physical security solutions (locks/safes/fencing/security doors/manned guarding).
TRADE REGULATIONS & CUSTOMS INFORMATION
Customs duty is assessed on the fair market value of imported goods at the time they are landed in the UK. Import prices for products entering the UK from non-EU states generally consist of: Cost, Insurance, Freight and Duty, with VAT of 20% levied on the aggregate value.
A limited range of goods requires import licenses, which are issued by the Import Licensing Branch of the UK Department for Business, Innovation and Skills. These include firearms and explosives, nuclear materials, controlled drugs and certain items of military equipment.
The documents required for shipments include the commercial invoice, bill of lading or airway bill, packing list, insurance documents, and, when required, special certificates of origin, sanitation, ownership, etc. A copy of the commercial invoice should accompany the shipment to avoid delays in customs clearance. No special form of invoice is required, but all of the details needed to establish the true value of the goods should be given.
Download UK's Country Commercial Guide for more Customs and Trade Regulation Information
IMPORTANT COUNTRY GOVERNMENT ENTITIES
LOCAL U.S. SUPPORT CONTACT
Download the complete Country Commercial Guide
Source: U.S. Commercial Service