Maryland and the UK Trade and Investment Highlights

The UK-US Trade & Investment Highlights report released today outlines the economic benefits of trade and investment between the United Kingdom and the United States, broken down by each state.

In Maryland, goods exported to the UK in 2016 were worth $521 million and exports in services to the UK in 2015 were worth $1.2 billion.

British Ambassador, Sir Kim Darroch, said:
"This new report about the ties that bind our two countries couldn't be better timed. From coast to coast, and in every state, the strength of our $200 billion trade and investment relationship is clear. For instance, in Maryland, exports to the UK support 12,300 jobs. As we look ahead to a new era of trade, and our future outside the EU, we'll be strengthening ties around the world - especially with our top trading partner, the US."

In 2015, overall US exports of goods and services to the UK were $123.5 billion, up 4.0% from 2014 according to the Bureau of Economic Analysis. This strong trading relationship between the US and UK supports more than a million jobs in both countries.

The report outlines the below topics and more:

  • - Number of jobs supported in each state through exports to the UK
  • - Goods exported to the UK
  • - Services exported to the UK
  • - Estimated number of UK subsidiaries in each state
  • - Top five goods and services exported to the UK and UK-affiliated companies located in each state

According to the World Economic Forum's 2016 'Global Innovation Index,' the UK is ranked in the top three of the world's most innovative economies and continues to forecast growth, while attracting more foreign direct investment than any other country in Europe, with the US remaining the largest inward investor. US News & World Report released this week their Best Countries report that shows the UK remained the third in overall ranking, second in education and fourth in entrepreneurship.

From April this year, corporation tax will fall to 19%, the lowest rate in the G20. In 2020, it will fall again to 17%. The growth in the UK economy picked up through 2016. Employment has reached a record high of 31.8 million people. The Office for Budget Responsibility (OBR) now forecasts that the UK economy will grow by 2% in 2017. The OBR also forecast that the economy will grow at a slightly slower rate in 2018, before picking up to 2% in 2021.

The report was released at an event hosted by Sir Kim Darroch, British Ambassador to the United States, celebrating the visit of the British-American Parliamentary group to Washington, DC. Invitees included all Members of Congress, lead staff, committee members and businesses.

Please find a link to the report here: bit.ly/UK-US-50StatesReport

This report provides a breakdown of each state's goods and services exports to the United Kingdom, estimated U.S. jobs tied to those exports, and information on foreign direct investment (FDI) in each state based on data supplied by The Trade Partnership, an economic research firm in Washington, DC.

State export data come from The Trade Partnership's CDxports database. The Trade Partnership derives goods exports based primarily on data from the U.S. Census Bureau, the U.S. Department of Agriculture (USDA), and Moody's Analytics. Goods exports are classified according to the U.S. government's North American Industry Classification (NAICS) system. The Trade Partnership derives services exports primarily from data from the U.S. Bureau of Economic Analysis (BEA) and Moody's Analytics. Services exports are classified according to the BEA categories. Jobs tied to exports are based on the above sources along with data from the U.S. Department of Labor. A detailed methodology for the CDxports database is available at http://tradepartnership.com/data/cdxports-and-cdxjobs/.

Maryland State Report 2016

Maryland State Report 2016

Please find a link to the report here: bit.ly/UK-US-50StatesReport Featured Articles - Home Page

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