In 2017, the UK remains EFTA’s third largest export market for goods after Germany and the US. For Norway it is the single largest export market on the back of strong oil and gas exports, while it is Switzerland’s fifth largest market and Iceland’s third largest after the Netherlands and Spain. Vice versa, the EFTA markets contribute about 5 percent of the UK’s external trade for both goods and services.
Trade in services between the EFTA States and the UK is mainly concentrated in professional services towards specialised industries within the offshore and maritime sectors, R&D-oriented sectors (e.g. pharma), banking and finance, and transport and travel industries. According to the UK Office for National Statistics, the EFTA States’ trade in services with the UK rose from GBP 15.5 billion in 2010 to GBP 19.3 billion in 2015, accounting for 5.3% of the UK’s total trade in services. Switzerland accounted for the largest share (79.2%) of the EFTA States’ combined trade, amounting to GBP 15.3 billion. Norway’s share stood at 18.2%, valued at GBP 3.5 billion, Iceland’s at 2.1% (GBP 401 million) and Liechtenstein's at 0.5% (GBP 90 million). While EFTA enjoys a large trade surplus in goods, EFTA is a large net importer of services, with a net deficit in services of GBP 9.3 billion in 2015.
Read the full 45-pages note by the EFTA Secretariat here.
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