Latest Government Trade Updates

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In October 2024, Foreign Secretary David Lammy met his counterpart, China’s foreign minister, Wang Yi, in Beijing. An FCDO press release described the talks as “constructive across the full breadth of the bilateral relationship, from areas of pragmatic cooperation to issues of contention”.  It said both parties agreed to maintain regular meetings and discussions at ministerial level, describing these as essential. The foreign secretary reiterated his commitment to promoting secure and resilient growth through increased trade and investment which creates jobs, drives innovation, boosts productivity and provides economic stability and certainty for the UK economy. They agreed that the UK and China can support both countries’ growth objectives.

According to recent figures published by the Department for Business and Trade, China was the UK’s fifth largest trading partner in the four quarters to the end of Q2 2024, accounting for 5.1% of total UK trade. Total trade in goods and services (exports plus imports) between China and the UK was £87.7bn across those four quarters, made up of £32bn of UK exports to China and £55.7bn of imports from China.