Exports of High Technology Manufactures from United Kingdom in 2000–2023
DOI:
https://doi.org/10.18778/2082-4440.50.02Keywords:
United Kingdom, trade, export, high technology manufactures, Lall classificationAbstract
Purpose: The aim of this article is to verify how the exports of high technology manufactures has altered in the United Kingdom in the 21st century, during a period of turbulent changes in the global economy and domestic events (Brexit). The high technology manufactures include the goods identified by Lall in his classification of goods (Lall 2000).
Methodology: An empirical study of the UK’s foreign trade in high technology manufactures has been conducted for the period 2000–2023. The analysis examines the volume and physical composition of exports, the balance of trade and the indicator of revealed comparative advantage. In addition, the UK’s position in the world as an exporter of high technology manufactures has been determined.
Findings: In the 21st century, UK’s position in the export of high technology manufactures has weakened. The share of exports of hi-tech products in total exports fell over the period analysed. The balance of trade in products belonging to the indicated category was negative for almost entire period analysed. In the first years of the 21st century UK exported mainly electronics and electrical products, and since the end of the first decade of the 21st century other high technology manufactures. However, the shifts in the structure of exports have not entirely prevented UK from weakening its position as a global exporter of high-tech products.
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