Trade between Gibraltar and the UK stands at over £7 billion, almost entirely in services – and works of art

THE United Kingdom continues to run a trade surplus with Gibraltar to the tune of £2 billion – amounting to a third of the territory’s entire GDP.

Trade between the two territories came almost entirely in the form of services, with trade in goods plummeting by 40.5% and 71.4% respectively.

Overall trade between the two came in at £7.1 billion in the twelve months leading up to June 2024 – an increase of 1.5% or £105 million, according to the UK’s Department for Business and Trade.

While Gibraltar exported £2.5 billion to the UK in this period – a healthy 6.8% up on last year – it imported a further £4.6 billion.

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Goods to Gibraltar made up only 6.8% of the UK’s exports, consisting mainly of refined oil (£103.9 million), ships (£48.1 million) and cars (£19.2 million).

Interestingly, works of art exported to Gibraltar were valued at £17.5 million. While the Rock also sent £590,000 of artwork to the UK.

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All of Gibraltar’s exports to the UK came in the form of services.

Meanwhile, Gibraltar’s Direct Foreign Investment in the UK dropped off dramatically in the last published figures from 2022.

Figures show that Gibraltar divested from the UK to the tune of £4.3 billion, potentially a reflection of conditions emanating from the Covid pandemic.