Accredited official statistics

UK overseas trade in goods statistics December 2023: commentary

Published 15 February 2024

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.

Total exports of goods for December 2023

£29.0 billion down £8.1 billion (22%) on November 2023, and down £11.6 billion (29%) on December 2022

Total imports of goods for December 2023

£50.3 billion down £5.9 billion (11%) on November 2023, and down £7.2 billion (13%) on December 2022

Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional

The UK was a net importer this month, with imports exceeding exports by £21.3 billion, widening the trade gap by £2.1 billion on November 2023.

Figure 1: Total UK monthly trade in goods, July 2022 to December 2023

Download detailed December 2023 trade gap data (ODS 11KB)

Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional

Figure 1 shows that exports and imports fell sharply in December 2023, with the trade gap continuing to widen. The large decline in exports was mainly influenced by Precious metals. These commodities are highly volatile, with irregular trading patterns, impacted by price fluctuations. Non-Monetary Gold (NMG) can form a substantial part of the non-EU Overseas Trade Statistics (OTS). For further information, see Inclusion of non-Monetary Gold in OTS. Data relating to monthly non-EU and EU import and export totals for January 2008 onwards with a breakdown of non-monetary gold and other trade is available in an OTS time series spreadsheet.

EU and non-EU Trade in Goods

  • Exports to the EU accounted for 48% 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, December 2023 (£ billion)

Flow    EU     non-EU Total 
Exports 14.0 15.0 29.0
Imports 25.6 24.8 50.3

Download Total UK trade in goods with EU and non-EU, December 2023 (ODS 9KB)

Source: HM Revenue & Customs, UK 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 December 2023 were £14.0 billion. This was a decrease of £2.5 billion (15%) on November 2023, and a decrease of £2.3 billion (14%) compared with December 2022.

Non-EU exports for December 2023 were £15.0 billion. This was a decrease of £5.5 billion (27%) on November 2023, and a decrease of £9.3 billion (38%) compared with December 2022.

EU imports for December 2023 were £25.6 billion. This was a decrease of £3.7 billion (13%) on November 2023, and a decrease of £0.9 billion (3%) compared with December 2022.

Non-EU imports for December 2023 were £24.8 billion. This was a decrease of £2.2 billion (8%) on November 2023, and a decrease of £6.3 billion (20%) compared with December 2022.

Exports: Country Analysis

  • Exports to China down 77% in value on November 2023
  • Exports to Hong Kong down 89% in value on December 2022

These decreases were influenced by precious metals.

Table 2: UK exports of goods to the top 5 countries, main commodity and total value, December 2023

Main partner country Total country value (£ million) Main commodity Partner commodity value (£ million)
USA 4,925 Mechanical appliances 1,118
Germany 2,535 Mechanical appliances 559
Netherlands 2,031 Mineral fuels 632
France 1,973 Mechanical appliances 346
Ireland 1,840 Mineral fuels 252

Download UK exports of goods to the top 5 countries, main commodity and total value, December 2023 (ODS 10KB)

Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional

Table 2 shows the top 5 export partner countries by value:

  • USA
  • Germany
  • Netherlands
  • France
  • Ireland

Exports of Mechanical appliances accounted for 23% of UK exports to the USA, 22% of UK exports to Germany, and 18% of UK exports to France. Exports of Mineral fuels accounted for 31% of UK exports to the Netherlands and 14% of UK exports to Ireland.

Exports: Commodity Analysis

  • Precious metals down 87% in value on November 2023
  • Precious metals down 92% in value on December 2022

Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, December 2023

Commodity Total commodity value (£ million) Main partner country Partner country value (£ million)
Mechanical appliances 5,791 USA 1,118
Motor vehicles 3,528 USA 680
Mineral fuels 2,648 Netherlands 632
Electronic equipment 1,902 USA 311
Pharmaceutical products 1,808 USA 668

Download UK exports of goods of the top 5 commodities, main partner country and total value, December 2023 (ODS 10KB)

Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional

Table 3 shows the top 5 export commodities by value:

  • Mechanical appliances
  • Motor vehicles
  • Mineral fuels
  • Electronic equipment
  • Pharmaceutical products

Exports to the USA accounted for 19% of UK exports of Mechanical appliances, 19% of UK exports of Motor vehicles, 16% of Electronic equipment, and 37% of UK exports of Pharmaceutical products. Exports to the Netherlands accounted for 24% of UK exports of Mineral fuels.

Imports: Country Analysis

  • Imports from China down 20% in value on November 2023
  • Imports from Norway down 63% in value on December 2022

Table 4: UK imports of goods from the top 5 countries, main commodity and total value, December 2023

Main partner country Total country value (£ million) Main commodity Partner commodity value (£ million)
Germany 6,807 Motor vehicles 1,966
USA 5,537 Mineral fuels 1,378
China 4,614 Electronic equipment 1,139
Netherlands 3,677 Mechanical appliances 637
France 3,318 Motor vehicles 491

Download UK imports of goods from the top 5 countries, main commodity and total value, December 2023 (ODS 10KB)

Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional

Table 4 shows the top 5 import partner countries by value:

  • Germany
  • USA
  • China
  • Netherlands
  • France

Motor vehicles accounted for 29% of UK imports from Germany and 15% of UK imports from France. Mineral fuels accounted for 25% of UK imports from the USA. Electronic equipment accounted for 25% of UK imports from China. Mechanical appliances accounted for 17% of UK imports from the Netherlands.

Imports: Commodity Analysis

  • Imports of Electronic equipment down 24% in value on November 2023
  • Imports of Mineral fuels down 56% in value on December 2022

Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, December 2023

Commodity Total commodity value (£ million) Main partner country Partner country value (£ million)
Precious metals 6,729 Germany 1,229
Mechanical appliances 6,096 Germany 844
Motor vehicles 5,849 Germany 1,966
Mineral fuels 5,523 Norway 1,802
Electronic equipment 4,348 China 1,139

Download UK imports of goods of the top 5 commodities, main partner country and total value, December 2023 (ODS 10KB)

Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional

Table 5 shows the top 5 import commodities by value:

  • Precious metals
  • Mechanical appliances
  • Motor vehicles
  • Mineral fuels
  • Electronic equipment

Imports from Germany accounted for 18% of UK imports of Precious metals, 14% of UK imports of Mechanical appliances, and 34% of UK imports of Motor vehicles. Imports from Norway accounted for 33% of UK imports of Mineral fuels. Imports from China accounted for 26% of UK imports of Electronic equipment.

Focus

Precious metals

Precious metals are high-value volatile commodities, with irregular trading patterns and impacted by price fluctuations.

Exports

Exports of Precious metals decreased by £5,196 million (87%) on November 2023, led by:  

  • £2,600 million (99%) decrease in exports to China
  • £768 million (95%) decrease in exports to Hong Kong
  • £627 million (91%) decrease in exports to Switzerland
  • £575 million (96%) decrease in exports to India
  • £245 million (68%) decrease in exports to USA

Exports of Precious metals decreased by £9,087 million (92%) on December 2022, led by:  

  • £4,854 million (99%) decrease in exports to Hong Kong
  • £2,129 million (97%) decrease in exports to Switzerland
  • £1,684 million (99%) decrease in exports to China

Imports

Imports of Precious metals increased by £2,017 million (43%) on November 2023, led by:  

  • £578 million (98%) increase in imports from USA
  • £568 million increase in imports from Switzerland (to double the value)
  • £475 million increase in imports from Canada (to double the value)
  • £416 million (51%) increase in imports from Germany
  • A further 4 countries (South Africa, France, Australia and Austria) with increases over £100 million

This was offset by a £1,032 million (100%) decrease in imports from Uzbekistan.

Imports of Precious metals increased by £3,466 million on December 2022 (to double the value), led by:  

  • £988 million increase in imports from Germany (to 5 times the value)
  • £816 million increase in imports from Switzerland (to 3.5 times the value)
  • £503 million increase in imports from Kazakhstan (from £20 million)
  • £464 million (66%) increase in imports from USA
  • A further 4 countries (Canada, France, Australia and South Africa) with increases over £100 million

China

Exports

Exports to China decreased by £3,031 million (77%) on November 2023, led by:

  • £2,600 million (99%) decrease in exports of Precious metals
  • £229 million (99%) decrease in exports of Mineral fuels
  • £108 million (30%) decrease in exports of Motor vehicles

Similarly, exports to China decreased by £1,886 million (67%) on December 2022, led by a £1,684 million (99%) decrease in exports of Precious metals.

Imports

Imports from China decreased by £1,128 million (20%) on November 2023, led by:

  • £705 million (38%) decrease in imports of Electronic equipment
  • £293 million (30%) decrease in imports of Mechanical appliances

This was offset by a £402 million increase in imports of Motor vehicles (to double the value).

Similarly, imports from China decreased by £833 million (15%) on December 2022, led by:

  • £345 million (23%) decrease in imports of Electronic equipment
  • £115 million (63%) decrease in imports of Mineral fuels
  • £94 million (12%) decrease in imports of Mechanical appliances