The forecast for imports of mineral fuels, oils, and distillation products to the UK indicates a steady increase from 2024 to 2028, starting at $64.294 billion and rising to $65.983 billion by 2028. Compared to 2023, where imports stood at $63.865 billion, the anticipated year-on-year variations demonstrate marginal increases: 0.67% in 2024, 0.68% in 2025, 0.66% in 2026, 0.64% in 2027, and 0.62% in 2028. Over the last two years, the average yearly growth rate was approximately 0.84%, while the compound annual growth rate (CAGR) over the last 5 years is calculated to be around 0.64%.
Future trends to watch for include potential impacts of geopolitical tensions on supply chains, transitions to renewable energy sources, and policy changes regarding import tariffs. Additionally, fluctuations in global oil prices and advancements in energy-efficient technologies could also influence import volumes and values.
