Economic Report 2017

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In 201ϲ, as a memďer oĨ the U, aƉƉrodžimately ά7ϯ ďillion ǁorth oĨ oil and gas related goods and serǀices ǁere traded ďetǁeen the UK and the rest oĨ the ǁorld ;άϲ1 ďillion oĨ goods and ά12 ďillion oĨ serǀicesͿ͘ This eƋuates to ap p r ox im at e ly 5 p e r ce nt of t h e UK’ s t ot al t r ade foot p r int of £ 1.5 t r illion 16 .

The ά7ϯ ďillion oĨ traded goods and serǀices can ďe ďroŬen doǁn Ĩurther, as shoǁn in &igure 1ϲ͗

• £ 5 2 b illion of fue l t r ade

Ͳ άϯ1 ďillion oĨ imƉorts, ά7 ďillion oĨ ǁhich came Ĩrom the U Ͳ ά21 ďillion oĨ edžƉorts, ά1ϱ ďillion oĨ ǁhich ǁere edžƉorted to the U

ͻ άϵ ďillion oĨ nonͲĨuel trade ;suƉƉly chain goodsͿ

Ͳ άϯ ďillion oĨ imƉorts, ũust under halĨ oĨ ǁhich came Ĩrom the U Ͳ άϲ ďillion oĨ edžƉorts, ũust under halĨ oĨ ǁhich ǁere edžƉorted to the U

• £ 12 b illion of se r v ice s

Ͳ άϯ ďillion oĨ imƉorts, ũust under halĨ oĨ ǁhich came Ĩrom the U Ͳ άϵ ďillion oĨ edžƉorts, around halĨ oĨ ǁhich go to the U

This trade, ďoth imƉorts and edžƉorts, came at a cost oĨ around άϲ00 million in direct tariĨĨ Ɖayments, around 40 p e r ce nt of w h ich w as incur r e d b y t h e UK as an im p or t e r .

Figure 16: UK Oil and Gas Industry’s Trade Breakdown

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N on- E U E U

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10 Trade ( £ B illion - 2 016 Money ) 15 2 0 2 5

5

0

I mports

E x ports

I mports

E x ports

I mports

E x ports

F uel

N on- F uel Goods

Serv ices

Source: E Y

16 Oĸce Ĩor Eational ^tatistics 201ϱ data are aǀailaďle to doǁnload at hƩƉ͗ͬͬǀisual͘ons͘goǀ͘uŬͬuŬͲtradeͲƉartners

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