UK overseas trade in goods statistics August 2023: commentary
Published 12 October 2023
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Trade in Goods Summary
From 31 December 2020, the free movement of people and goods and services between the UK and the European Union (EU) ended. This meant HMRC has changed sources and methodologies of the trade in goods statistics. Users must refer to the accompanying methodology document, which details these changes and the impact on the statistics.
Data behind this bulletin is available through the UK Trade Info web site.
Total exports of goods for August 2023
£33.5 billion down £0.9 billion (3%) on July 2023, and down £5.1 billion (13%) on August 2022
Total imports of goods for August 2023
£48.5 billion down £4.0 billion (8%) on July 2023, and down £7.3 billion (13%) on August 2022
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
The UK was a net importer this month, with imports exceeding exports by £15.0 billion, narrowing the trade gap by £3.1 billion on July 2023.
Figure 1: Total UK monthly Trade in Goods, March 2022 to August 2023
Download detailed August 2023 trade gap data (ODS 12KB)
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Figure 1 shows that exports have remained fairly steady since June 2023. In August 2023, imports fell below April 2023 levels. The trade gap has narrowed in August 2023, following a relatively steady period.
EU and Non-EU Trade in Goods
- Exports to the EU accounted for 42% of the total value of exports.
- Imports from the EU accounted for 51% of the total value of imports.
Table 1: Total UK Trade in Goods with EU and Non-EU, August 2023 (£ billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 14.0 | 19.5 | 33.5 |
| Imports | 24.7 | 23.8 | 48.5 |
Download total UK trade in goods with EU and non-EU, August 2023 data (ODS 9 KB)
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 1 shows the share of EU and non-EU exports and imports.
- EU exports for August 2023 were £14.0 billion. This was a decrease of £1.1 billion (7%) on July 2023, and a decrease of £3.0 billion (18%) compared with August 2022.
- Non-EU exports for August 2023 were £19.5 billion. This was an increase of £0.1 billion (1%) on July 2023, but a decrease of £2.1 billion (10%) compared with August 2022.
- EU imports for August 2023 were £24.7 billion. This was a decrease of £2.5 billion (9%) on July 2023, and a decrease of £0.3 billion (1%) compared with August 2022.
- Non-EU imports for August 2023 were £23.8 billion. This was a decrease of £1.5 billion (6%) on July 2023, and a decrease of £7.0 billion (23%) compared with August 2022.
Exports: Country Analysis
- Exports to China down 15% in value on July 2023.
- Exports to Hong Kong down 60% in value on August 2022.
Table 2: UK exports of goods to the top 5 countries, main commodity and total value, August 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| USA | 4,383 | Mechanical appliances | 919 |
| China | 2,733 | Precious metals | 1,728 |
| Ireland | 2,343 | Organic chemicals | 432 |
| Switzerland | 2,321 | Precious metals | 2,036 |
| Germany | 2,287 | Mechanical appliances | 517 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 2 shows the top 5 export partner countries by value:
- USA
- China
- Ireland
- Switzerland
- Germany
Exports of Mechanical appliances accounted for 21% of UK exports to the USA and 23% of UK exports to Germany. Exports of Precious metals accounted for 63% of UK exports to China, and 88% of UK exports to Switzerland. Exports of Organic chemicals accounted for 18% of UK exports to Ireland.
Exports: Commodity Analysis
- Motor vehicles down 29% in value on July 2023.
- Mineral fuels down by 53% in value on August 2022.
Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, August 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Precious metals | 6,375 | Switzerland | 2,036 |
| Mechanical appliances | 5,424 | USA | 919 |
| Mineral fuels | 2,541 | Netherlands | 889 |
| Motor vehicles | 2,535 | USA | 373 |
| Electronic equipment | 1,795 | USA | 289 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 3 shows the top 5 export commodities by value:
- Precious metals
- Mechanical appliances
- Mineral fuels
- Motor vehicles
- Electronic equipment
Exports to Switzerland accounted for 32% of UK exports of Precious metals. Exports to the USA accounted for 17% of UK exports of Mechanical appliances, 15% of UK exports of Motor vehicles, and 16% of UK exports of Electronic equipment. Exports to the Netherlands accounted for 35% of UK exports of Mineral fuels.
Imports: Country Analysis
- Imports from Germany down 16% on July 2023.
- Imports from Norway down 60% on August 2022.
Table 4: UK imports of goods from the top 5 countries, main commodity and total value, August 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| Germany | 5,458 | Motor vehicles | 1,893 |
| China | 5,167 | Electronic equipment | 1,062 |
| USA | 4,167 | Mechanical appliances | 817 |
| Netherlands | 4,133 | Mechanical appliances | 619 |
| France | 2,943 | Motor vehicles | 384 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 4 shows the top 5 import partner countries by value:
- Germany
- China
- USA
- Netherlands
- France
Motor vehicles accounted for 35% of UK imports from Germany and 13% of UK imports from France. Electronic equipment accounted for 21% of UK imports from China. Mechanical appliances accounted for 20% of UK imports from the USA and 15% of UK imports from the Netherlands.
Imports: Commodity Analysis
- Imports of Precious metals down 45% on July 2023.
- Imports of Mineral fuels down 48% on August 2022.
Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, August 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Mechanical appliances | 5,935 | Germany | 877 |
| Mineral fuels | 5,421 | Norway | 1,794 |
| Motor vehicles | 5,317 | Germany | 1,893 |
| Electronic equipment | 4,433 | China | 1,062 |
| Precious metals | 3,380 | Kazakhstan | 514 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 5 shows the top 5 import commodities by value:
- Mechanical appliances
- Mineral fuels
- Motor vehicles
- Electronic equipment
- Precious metals
Imports from Germany accounted for 15% of UK imports of Mechanical appliances and 36% of UK imports of Motor vehicles. Imports from Norway accounted for 33% of UK imports of Mineral fuels. Imports from China accounted for 24% of UK imports of Electronic equipment. Imports from Kazakhstan accounted for 15% of UK imports of Precious metals.
Focus
Mineral fuels
Exports
Exports of Mineral fuels decreased by £64 million (2%) on July 2023, led by:
- £271 million (23%) decrease in exports to the Netherlands
- £126 million (98%) decrease in exports to China
This was offset by increases in exports to several other countries, led by:
- £106 million (36%) increase in exports to Belgium
- £90 million increase in exports to Denmark (to more than 8 times the value)
Exports of Mineral fuels decreased by £2,845 million (53%) on August 2022, led by:
- £686 million (44%) decrease in exports to the Netherlands
- £501 million (62%) decrease in exports to Ireland
- £442 million (83%) decrease in exports to France
Imports
Imports of Mineral fuels increased by £811 million (18%) on July 2023, led by:
- £172 million (90%) increase in imports from Belgium
- £105 million increase in imports from Guyana (from nil trade)
- With sizeable increases across several other countries.
In contrast, imports of Mineral fuels decreased by £5,019 million (48%) on August 2022, led by:
- £2,952 million (62%) decrease in imports from Norway
- £757 million (90%) decrease in imports from Qatar
- £466 million (37%) decrease in imports from the USA
Germany
Exports
Exports to Germany decreased by £251 million (10%) on July 2023, led by:
- £190 million (53%) decrease in exports of Motor vehicles
- £57 million (24%) decrease in exports of Aircraft
Exports to Germany decreased by £492 million (18%) on August 2022, led by:
- £253 million decrease (76%) decrease in exports of Pharmaceutical products
- £123 million decrease (65%) decrease in exports of Precious metals
Imports
Imports from Germany decreased by £1,019 million (16%) on July 2023, led by:
- £456 million (19%) decrease in imports of Motor vehicles
- £270 million (68%) decrease in imports of Precious metals
In contrast, imports from Germany increased by £154 million (3%) on August 2022, led by:
- £615 million (48%) increase in imports of Motor vehicles
This was partially offset by:
- £234 million (59%) decrease in imports of Pharmaceutical products