Promoting trade with the Commonwealth

Background

In March 2017, the UK will co-host the inaugural Commonwealth Trade Ministers Meeting. The objective will be to reaffirm the commitment of Commonwealth member countries to a “transparent free and fair multilateral trading system,” and to define an ambitious Commonwealth led “Agenda for Growth”, supporting the target of increasing intra-Commonwealth trade to US$1 trillion by 2020.

Trade statistics

In 2015, UK exports of goods and services to the Commonwealth were £47.4 billion (9.2% of total UK exports).

In the same year, UK imports from the Commonwealth were £45.5 billion (8.3% of total UK imports).

UK exports to the Commonwealth peaked at £54.7 billion in 2011 before falling to £47.4 billion in 2015.

UK imports from the Commonwealth peaked at £52.0 billion in 2011 before falling to £45.5 billion in 2015.

The UK’s trade is heavily focussed on a small number of 51 Commonwealth countries – Australia, Canada, India, Singapore and South Africa accounted for 70% of UK exports to Commonwealth countries and 65% of UK imports from the Commonwealth in 2015.