UK overseas trade in goods statistics August 2024: commentary
Published 11 October 2024
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Trade in goods summary
Data behind this bulletin is available through the UK Trade Info web site, where users can build their own tables according to the countries, chapters, and ports selected.
For more information on how we compile the trade in goods statistics, users must refer to the accompanying methodology notes. Further information about trade in NMG can be found in the monthly gold table.
Total exports of goods for August 2024
£30.9 billion up £1.6 billion (6%) on July 2024, down £3.2 billion (9%) on August 2023
Total imports of goods for August 2024
£51.2 billion down £2.8 billion (5%) on July 2024, up £2.7 billion (6%) on August 2023
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2024 data is provisional
The UK was a net importer this month, with imports exceeding exports by £20.4 billion, narrowing the trade gap by £4.4 billion compared to July 2024.
Figure 1: Total UK monthly trade in goods, March 2023 to August 2024
Figure 1 shows total exports, imports and the trade gap for the period from March 2023 to August 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 1: Total UK monthly trade in goods (ODS 9KB)
Note: 2024 data is provisional
Exports increased in August 2024, driven largely by an increase in Precious metals. Combined with a decrease in imports, this caused the trade gap to narrow by £4.4 billion.
Impact of non-monetary gold (NMG)
Movements in NMG can be large and highly volatile, impacting underlying trends in trade figures. More information can be found in the accompanying methodology notes.
Figure 2: Total UK monthly trade in goods including and excluding NMG, March 2023 to August 2024
Figure 2 shows the effect NMG has on trade figures.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 2: Total UK monthly trade in goods including and excluding NMG (ODS 10KB)
Note: 2024 data is provisional
For most of 2023, exports of NMG were a main driver for trade fluctuations. In August 2024 an increase in exports of NMG was the largest contributor to the increase in total exports. The total decrease in imports in August 2024 was not driven by imports of NMG, which increased slightly.
EU and non-EU trade in goods
Exports to the EU accounted for 46% of the total value of exports, or 49% when excluding NMG.
Imports from the EU accounted for 47% of the total value of imports, or 51% when excluding NMG.
Table 1: Total UK trade in goods with EU and non-EU, August 2024 (£ billion)
| Flow | EU | EU excl NMG | Non-EU | Non-EU excl NMG | Total | Total excl NMG |
|---|---|---|---|---|---|---|
| Exports | 14.3 | 14.2 | 16.5 | 14.6 | 30.9 | 28.9 |
| Imports | 24.0 | 23.5 | 27.2 | 22.7 | 51.2 | 46.1 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 1: Total UK trade in goods with EU and non-EU (ODS 10KB)
Note: 2024 data is provisional
EU exports for August 2024 were £14.3 billion. This was an increase of £0.1 billion (1%) on July 2024, but a decrease of £0.2 billion (1%) compared with August 2023.
Non-EU exports for August 2024 were £16.5 billion. This was an increase of £1.5 billion (10%) on July 2024, but a decrease of £3.0 billion (15%) compared with August 2023.
EU imports for August 2024 were £24.0 billion. This was a decrease of £3.9 billion (14%) on July 2024, and a decrease of £0.8 billion (3%) compared with August 2023.
Non-EU imports for August 2024 were £27.2 billion. This was an increase of £1.1 billion (4%) on July 2024, and an increase of £3.5 billion (15%) compared with August 2023.
Figure 3: Total UK monthly trade in goods with EU and non-EU, March 2023 to August 2024
Figure 3 shows total exports and imports for EU and non-EU trade for the period between March 2023 to August 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 3: Total UK monthly trade in goods with EU and non-EU (ODS 12KB)
Note: 2024 data is provisional
EU exports remained relatively stable over the period from March 2023 to August 2024. Non-EU exports fluctuated throughout the period shown, often due to changes in non-EU exports of NMG. EU imports decreased in August 2024 to the lowest value seen in the period shown, whilst non-EU imports increased.
Exports: Country analysis
You can explore more UK export country data in the interactive data tables.
Switzerland had the largest value increase in exports on July 2024, up to 4.5 times the value.
China (ranked 9) had the largest value decrease in exports on August 2023, down 63%.
Table 2: UK exports of goods to the top 5 countries, value comparison with July 2024 and August 2023 (£ million)
| Main partner country | August 2024 value | July 2024 value | August 2023 value |
|---|---|---|---|
| USA | 4,134 | 4,383 | 4,399 |
| Germany | 2,574 | 2,447 | 2,428 |
| Netherlands | 2,159 | 2,093 | 2,349 |
| Ireland | 1,808 | 1,730 | 2,364 |
| Switzerland | 1,556 | 345 | 2,321 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 2: UK exports of goods to the top 5 countries, total value (ODS 10KB)
Note: 2024 data is provisional
The USA remained the largest export partner country by value despite experiencing the third largest value decrease on July 2024, driven by a decrease in Motor vehicles. Switzerland was the fifth largest export partner, up from twentieth place in July 2024 due to an increase in exports of Precious metals.
Figure 4: Historical export values for the top 3 export partner countries in August 2024
Figure 4 shows the values for the top 3 export partner countries for the period from March 2023 to August 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 4: Historical export values for the top 3 export partner countries (ODS 11KB)
Note: 2024 data is provisional
The USA was the top export partner in August 2024, above Germany and the Netherlands throughout the last 18 months, accounting for 13% of the UK’s total exports in August 2024. This is despite exports to the USA decreasing by 6% in August 2024, to reach the lowest value since January 2024. Exports to Germany rose by 5% following a drop in July 2024. Exports to the Netherlands recovered slightly in August 2024, up by 3% after falling from a period of relative stability since March 2024.
Exports: Chapter analysis
You can explore more UK export chapter data in the interactive data tables.
Precious metals had the largest value increase on July 2024, up to 2.5 times the value.
Precious metals had the largest value decrease on August 2023, down 47%.
Table 3: UK exports of goods of the top 5 chapters, value comparison with July 2024 and August 2023 (£ million)
| Chapter | August 2024 value | July 2024 value | August 2023 value | |
|---|---|---|---|---|
| Mechanical appliances | 5,561 | 5,881 | 5,446 | |
| Precious metals | 3,400 | 1,407 | 6,375 | |
| Mineral fuels | 2,401 | 2,697 | 3,020 | |
| Motor vehicles | 2,265 | 3,595 | 2,539 | |
| Electronic equipment | 1,910 | 1,900 | 1,795 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 3: UK exports of goods of the top 5 chapters, total value (ODS 10KB)
Note: 2024 data is provisional
Mechanical appliances remained the top export chapter, accounting for 18% of the UK’s total exports in August 2024. Precious metals rose to second place from sixth, and experienced the largest value increase on July 2024, up to 2.5 times the value. In contrast, Precious metals experienced the largest value decrease on August 2023, down 47%. Motor vehicles fell to fourth place from second, and experienced the largest value decrease on July 2024, down 37%.
Figure 5: Historical export values for the top 3 export chapters in August 2024
Figure 5 shows the export values for the top 3 chapters for the period from March 2023 to August 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 5: Historical export values for the top 3 export chapters (ODS 12KB)
Note: 2024 data is provisional
Mechanical appliances was the top export chapter in August 2024, and has been the highest of all chapters since March 2024. It has remained fairly stable since January 2024. Exports of Precious metals rose to their highest value since May 2024, and had peaks in May 2023, October 2023, and January 2024 when it was the top chapter. Exports of Mineral fuels fell after climbing in July 2024.
Imports: Country analysis
You can explore more UK import country data in the interactive data tables.
Switzerland (ranked 12) had the largest value decrease on July 2024, down 44%.
Canada (ranked 8) had the largest value increase on August 2023, up to 2.5 times the value.
Table 4: UK imports of goods from the top 5 countries, value comparison with July 2024 and August 2023 (£ million)
| Main partner country | August 2024 | July 2024 | August 2023 |
|---|---|---|---|
| Germany | 5,651 | 6,559 | 5,474 |
| China | 5,512 | 5,284 | 5,170 |
| USA | 4,842 | 4,744 | 4,167 |
| Netherlands | 3,922 | 4,143 | 4,137 |
| France | 2,754 | 3,236 | 2,950 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 4: UK imports of goods from the top 5 countries, total value (ODS 10KB)
Note: 2024 data is provisional
Germany remained the UK’s largest import partner in August 2024, accounting for 11% of total UK imports in August 2024. Despite this, imports from Germany showed the second largest value decrease of all countries on July 2024. This was driven by Motor vehicles. The decrease in imports from Switzerland on July 2024 was driven by Precious metals. The increase in imports from Canada on August 2023 was driven by Precious metals. Imports from the USA showed the second largest value increase on August 2023, driven by Precious metals and Mineral fuels.
Figure 6: Historical import values for the top 3 import partner countries in August 2024
Figure 6 shows the values for the top 3 import partner countries for the period from March 2023 to August 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 6: Historical import values for the top 3 import partner countries (ODS 12KB)
Note: 2024 data is provisional
Imports from Germany decreased by 14% between July 2024 and August 2024 following two consecutive months of increase. Germany has remained the largest import partner since October 2023. Imports from China increased by 4% between July 2024 and August 2024. China remained in second place. The USA remained in third place with imports from USA increasing by 2% between July 2024 and August 2024.
Imports: Chapter analysis
You can explore more UK import chapter data in the interactive data tables.
Motor vehicles had the largest value decrease on July 2024, down 23%.
Precious metals had the largest value increase on August 2023, up 74%.
Table 5: UK imports of goods of the top 5 chapters, value comparison with July 2024 and August 2023 (£ million)
| Chapter | August 2024 | July 2024 | August 2023 |
|---|---|---|---|
| Mechanical appliances | 6,139 | 6,078 | 5,932 |
| Precious metals | 5,893 | 5,873 | 3,380 |
| Mineral fuels | 5,323 | 5,080 | 5,390 |
| Motor vehicles | 4,840 | 6,326 | 5,319 |
| Electronic equipment | 4,624 | 4,630 | 4,435 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 5: UK imports of goods of the top 5 chapters, total value (ODS 10KB)
Note: 2024 data is provisional
Mechanical appliances became the UK’s top imported chapter by value in August 2024, accounting for 12% of the UK’s total imports. Motor vehicles dropped to fourth place from first in July 2024. The decrease in imports of Motor vehicles on July 2024 was driven by Germany, Belgium, and Spain. The increase in imports of Precious metals on August 2023 was driven by Canada.
Figure 7: Historical import values for the top 3 import chapters in August 2024
Figure 7 shows the values for the top 3 export chapters for the period from March 2023 to August 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 7: Historical import values for the top 3 import chapters (ODS 12KB)
Note: 2024 data is provisional
Mechanical appliances was the top import chapter in August 2024. It had a 1% increase on July 2024. Imports of Precious metals increased by less than 1% on July 2024 following much larger movements in the previous two months. Imports of Mineral fuels increased by 5% on July 2024, following three consecutive months of decrease.
Focus
Table 6: Exports of Motor vehicles, value comparison between July 2024 and August 2024
| Export partner | August 24 (£m) | July 24 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| USA | 489 | 807 | -318 | -39 |
| China | 215 | 435 | -220 | -51 |
| Turkey | 67 | 211 | -144 | -68 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 6: August 2024 Motor vehicles export data (ODS 10KB)
Note: 2024 data is provisional
Exports of Motor vehicles showed the largest value decrease of all chapters on July 2024, a £1.3 billion (37%) decrease. Between July 2024 and August 2024, exports of Motor vehicles to the USA fell £318 million (39%), exports of Motor vehicles to China fell £220 million (51%), and exports of Motor vehicles to Turkey fell by £144 million (68%).
Table 7: Imports of Motor vehicles, value comparison between July 2024 and August 2024
| Partner country | August 2024 (£m) | July 2024 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Germany | 1,573 | 2,321 | -748 | -32 |
| Belgium | 330 | 592 | -261 | -44 |
| Spain | 317 | 548 | -231 | -42 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 7: August 2024 Motor vehicles import data (ODS 10KB)
Note: 2024 data is provisional
Imports of Motor vehicles showed the largest value decrease of all chapters on July 2024, a £1.5 billion (23%) decrease. Imports of Motor vehicles from Germany decreased by £748 million (32%) between July 2024 and August 2024. Imports of Motor vehicles from Belgium decreased by £261 million (44%), and imports of Motor vehicles from Spain decreased by £231 million (42%) over the same period.