Uk Business

Topics: United Kingdom, International trade, European Union Pages: 8 (2186 words) Published: January 10, 2013
United Kingdom
International Trade

Kevin Hanske 3104007

A. United Kingdom Overview

United Kingdom Geographical Map

The United Kingdom of Great Britain and Northern Ireland commonly known as the United Kingdom (UK) or Britain, is a centralized government or we can call sovereign state that located off the north-western coast of Europe. The country includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands. Northern Ireland is the only part of the UK that shares a land border with another sovereign state the Republic of Ireland. UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel and the Irish Sea.

The UK is a developed country and has the world's seventh-largest economy by nominal GDP and eighth-largest economy by purchasing power parity. It was the world's first industrialized country and the world's foremost power during the 19th and early 20th centuries. The UK is still referred to as a great power and retains considerable economic, cultural, military, scientific and political influence internationally. It is a recognized nuclear weapons state and its military expenditure ranks fourth in the world.

The UK has been a permanent member of the United Nations Security Council since its first session in 1946. It has been a member of the European Union and its predecessor the European Economic Community since 1973. It is also a member of the Commonwealth of Nations, the Council of Europe, the G7, the G8, the G20, NATO, the Organization for Economic Co-operation and Development (OECD) and the World Trade Organization.

At July 2012; United Kingdom has 63,047,162 people with major religious Christian stands for 71.6%, Muslim 2.7%, Hindu 1%, Other 1.6%, and Unspecified or none 23.1%. Around 29,120,000 people recorded as labor force. United Kingdom unemployment rate are around 2,670,000 and keep decreasing each year. In January 2012, United Kingdom unemployment rate was at 8.4 percent from their total labor force.

United Kingdom GDP in 2012 was recorded at USD 2.434 trillion. That's make United Kingdom become the country that ranked 6th highest GDP in the world. United Kingdom income per capita for average United Kingdom people is around USD 38,591. The inflation rate in the United Kingdom was recorded at 2.8 percent in November of 2012. Based on data above we can see that United Kingdom already became developed country, and known as High Income Country: OECD. B. Trade With United Kingdom

B.1 United Kingdom Trade Priority Areas
The strength of the English economy varies from region to region. The highest GDP, and GDP per capita is from London. London as the largest city, urban zone, and metropolitan area in UK held important position in UK international trade. London right now is leading financial centre alongside with New York City in U.S. London's largest industry is finance, and its financial exports make it a large contributor to the UK's balance of payments.

Felixstowe, Southampton City, and Dover also play big role in UK export and import activities. This is happened because Felixstowe own Port of Felixstowe that said the 6th busiest port in Europe with giving contribution of import and export around 3,500,000 TEU (Twenty-foot Equivalent Unit) and Southampton that had Port of Southampton that said the 15 busiest port in Europe giving contribution around 1,600,000 TEU. Meanwhile, Port of Dover in Kent is the busiest port for passenger in the world that mainly giving income to government in public transportation and tourism sector. B.2 United Kingdom Potential Export and Import Commodities

From the Central Intelligence Agency (CIA) 2011 data's, U.K. export around USD 479 billion and import around USD 639 billion. This is mean United Kingdom at 2011 experienced trade deficit for around USD 160 billion.

The potential...
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