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UK SMP trade surplus continues to improve
Wednesday, 2 December 2020
By Bronwyn Magee
In 2019, the SMP trade balance showed a surplus of 55,200 tonnes, up an impressive 82% on the year and 308% higher than in 2015. This surplus has been increasing year-on-year since 2016, the result of investments in drying facilities. The additional capacity has provided opportunities for both import displacement and export growth.
While SMP exports to the EU have increased a bit over this time, there has been notable growth in exports to non-EU countries, increasing by over 26,000 tonnes in the five years between 2015 and 2019. Shipments to Egypt and Algeria have grown substantially over this period, increasing by around 5,600 tonnes and 5,000 tonnes respectively. Further increases came from exports to Mexico, up by 4,200 tonnes, and to Pakistan, increasing by 3,500 tonnes when compared to 2015. Meanwhile, SMP imports, which are almost exclusively sourced from the EU, declined by just over 10,500 tonnes (28%) in the five-year period.
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