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24th January 2023, 08:56

23% increase in trade of goods and services between UK and Gibraltar 'a very good sign' says Albert Isola

Published by GBC News

The total trade in goods and services between Gibraltar and the UK in the year to June 2022 was was £4.7 billion.

The figure is an increase of £890 million or 23.1% compared to the previous year.

Of the total, £2.6 billion was trade from the UK to Gibraltar and £2.1 billion was trade from Gibraltar to the UK.

Of the Gibraltar imports from the UK, most of it was services - a full £2.2 billion or 84.5%. The remainder was goods (£409 million or 15.5%).

The top five goods we physically imported from the UK were: refined oil (£143.8m); cars (£64.7m); ships (£59.3m); medicinal and pharmaceutical products (£18m), and; telecoms and sound equipment (£7.4m).

The West Midlands is the UK region that accounts for the largest proportion of the goods Gibraltar imported: almost a third (32.1%).

As a services economy without natural resources and little manufacturing, it is perhaps little surprise that Gibraltar’s exports to the UK are almost exclusively services: £2.1 billion or 99.8%.

Overall, how important a trading partner is Gibraltar for the UK? Well, we are 44th on that list, accounting for 0.3% of UK trade. That’s one place better than the 45th recorded the previous year. And, if you look at just services, we rank a little higher: Gibraltar was the 27th largest trading partner in services.

The UK’s Department for International Trade has just published these statistics, which use data from the UK’s Office for National Statistics. It says trade has been affected by the COVID-19 pandemic and the associated lockdown measures globally.

They show the UK reported a total trade surplus of £527 million with Gibraltar in the 12 months to June last year. It’s a more balanced trade relationship than the previous 12 months, in which the UK reported a trade surplus of £1.8 billion.

Increase in trade with UK a very good sign, says Albert Isola

The Government told GBC the overall increase of 23% seems to indicate that - since the pandemic - trade is on the increase, which is a very good sign.

The Minister for Digital and Financial Services has welcomed the reduced gap between imports and exports. Albert Isola said the increase of 115% in the Gibraltar services imported by the UK is very good for Gibraltar and all its professionals.

He said our jurisdiction continues to be attractive to the UK and this helps us manage very well, despite recent challenges.