UK overseas trade in goods statistics December 2024: commentary
Published 13 February 2025
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Trade in goods summary
Data behind this bulletin is available through the UK Trade Info website, where users can build their own tables according to the countries, commodities, 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 non-monetary gold (NMG) can be found in the monthly gold table.
Total exports of goods for December 2024
£36.3 billion down £2.2 billion, or 6%, on November 2024, up £7.2 billion, or 25%, on December 2023
Total imports of goods for December 2024
£51.7 billion down £6.9 billion, or 12%, on November 2024, up £1.3 billion, or 3%, on December 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 £15.4 billion, narrowing the trade gap by £4.7 billion compared with November 2024.
Figure 1: Total UK monthly trade in goods, July 2023 to December 2024
Figure 1 shows total exports, imports and the trade gap for the period from July 2023 to December 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 1: Total UK monthly trade in goods (ODS 11.7 KB)
Note: 2024 data is provisional
In December 2024, exports fell by £2.2 billion after four consecutive monthly increases. Imports fell for the second consecutive month, down £6.9 billion compared with November 2024. This led to a decrease in the trade gap in December 2024.
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, July 2023 to December 2024
Figure 2 shows exports and imports including and excluding non-monetary gold.
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 13.1 KB)
Note: 2024 data is provisional
In December 2024, exports of NMG decreased by £562 million compared with November 2024. Exports excluding NMG decreased by £1.7 billion over the same period. Imports of NMG decreased by £375 million in December 2024 compared with November 2024. Imports excluding NMG decreased by £6.5 billion over the same period. In contrast to recent months, NMG was not the main driver of changes in the value of trade in December 2024.
EU and non-EU trade in goods
Exports to the EU accounted for 35% of the total value of exports, or 46% when excluding NMG.
Imports from the EU accounted for 47% of the total value of imports, or 52% when excluding NMG.
Table 1: Total UK trade in goods with EU and non-EU, December 2024 (£ billion)
| Flow | EU | EU excl NMG | Non-EU | Non-EU excl NMG | Total | Total excl NMG |
|---|---|---|---|---|---|---|
| Exports | 12.8 | 12.6 | 23.5 | 15.0 | 36.3 | 27.7 |
| Imports | 24.2 | 23.5 | 27.5 | 21.9 | 51.7 | 45.4 |
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 10.4 KB)
Note: 2024 data is provisional
EU exports for December 2024 were £12.8 billion. This was a decrease of £2.1 billion, or 14%, on November 2024, and a decrease of £1.2 billion, or 9%, compared with December 2023.
Non-EU exports for December 2024 were £23.5 billion. This was a decrease of £0.1 billion, or less than 1%, on November 2024, but an increase of £8.4 billion, or 56%, compared with December 2023.
EU imports for December 2024 were £24.2 billion. This was a decrease of £3.7 billion, or 13%, on November 2024, and a decrease of £1.4 billion, or 5%, compared with December 2023.
Non-EU imports for December 2024 were £27.5 billion. This was a decrease of £3.2 billion, or 10%, on November 2024, but an increase of £2.7 billion, or 11%, compared with December 2023.
Figure 3: Total UK monthly trade in goods with EU and non-EU, July 2023 to December 2024
Figure 3 shows total exports and imports for EU and non-EU trade for the period from July 2023 to December 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 12.2 KB)
Note: 2024 data is provisional
EU exports fell for the second consecutive month, while non-EU exports remained stable in December 2024. Both EU and non-EU imports decreased compared with November 2024.
Exports: Country analysis
You can explore more UK export country data in the interactive data tables.
Switzerland had the largest value decrease in exports on November 2024, down 14%, and the largest value increase in exports on December 2023, up to more than 10 times the value.
Table 2: UK exports of goods to the top 5 countries, value comparison with November 2024 and December 2023 (£ million)
| Partner country | December 2024 | November 2024 | December 2023 |
|---|---|---|---|
| United States | 6,194 | 5,226 | 4,954 |
| China | 4,131 | 4,189 | 927 |
| Switzerland | 3,973 | 4,628 | 386 |
| Germany | 2,323 | 2,887 | 2,550 |
| Netherlands | 1,893 | 2,060 | 2,040 |
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 10.6 KB)
Note: 2024 data is provisional
The USA remained the largest export partner country by value. It had the largest value increase on November 2024, up £968 million. This was driven by an increase in Precious metals. China was the second largest export partner, falling slightly in value on November 2024, but up £3.2 billion in December 2023 due to an increase in exports of Precious metals. Switzerland fell to third place from second. It had the largest value decrease on November 2024, down £655 million, led by a decrease in Precious metals. In contrast, it had the largest value increase on December 2023, up £3.6 billion, also led by an increase in Precious metals.
Figure 4: Historical export values for the top 3 export partner countries in December 2024
Figure 4 shows the values for the top 3 export partner countries for the period from July 2023 to December 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 11.4 KB)
Note: 2024 data is provisional
The USA remained the top export partner in December 2024 accounting for 17% of the UK’s total exports. This is up from 14% in November 2024. Exports to the USA were up 19% on November 2024, to reach the highest value over the period shown. China became the second largest export partner, accounting for 11% of total exports in December 2024, compared to only 3% in December 2023. Exports to Switzerland decreased by 14% on November 2024, accounting for 11% of total exports, down from 12% in November 2024.
Exports: Chapter analysis
You can explore more UK export chapter data in the interactive data tables.
Mechanical appliances had the largest value decrease on November 2024, down 13%.
Precious metals had the largest value increase on December 2023, up to 13 times the value.
Table 3: UK exports of goods of the top 5 chapters, value comparison with November 2024 and December 2023 (£ million)
| Chapter | December 2024 | November 2024 | December 2023 |
|---|---|---|---|
| Precious metals | 9,967 | 10,170 | 762 |
| Mechanical appliances | 5,029 | 5,767 | 5,819 |
| Motor vehicles | 3,049 | 3,376 | 3,531 |
| Electronic equipment | 1,926 | 2,157 | 1,898 |
| Mineral fuels | 1,797 | 1,891 | 2,767 |
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 10.5 KB)
Note: 2024 data is provisional
Precious metals remained the top export chapter in December 2024. It fell in value on November 2024, down £203 million. In contrast, it had the largest value increase on December 2023, up £9.2 billion. Exports of Mechanical appliances remained in second place but had the largest value decrease on November 2024 of £738 million, led by Germany. It had the second largest value decrease on December 2023, down £790 million. Motor vehicles remained in third place, down £326 million on November 2024, and down £482 million on December 2023.
Figure 5: Historical export values for the top 3 export chapters in December 2024
Figure 5 shows the values for the top 3 export chapters for the period from July 2023 to December 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 11.9 KB)
Note: 2024 data is provisional
Exports of Precious metals fell slightly in value in December 2024, following a large increase. They accounted for 27% of the UK’s total exports in December 2024, up from 26% in November 2024 and 3% in December 2023. Exports of Mechanical appliances fell in December 2024, down 13%. They accounted for 14% of the UK’s total exports in December 2024. Motor vehicles accounted for 8%, remaining the third largest export chapter this month.
Imports: Country analysis
You can explore more UK import country data in the interactive data tables.
China had the largest value decrease in imports on November 2024, down 27%.
Germany had the largest value decrease in imports on December 2023, down 19%.
Table 4: UK imports of goods from the top 5 countries, value comparison with November 2024 and December 2023 (£ million)
| Partner country | December 2024 | November 2024 | December 2023 |
|---|---|---|---|
| United States | 6,116 | 4,586 | 5,537 |
| Germany | 5,510 | 6,732 | 6,807 |
| China | 4,654 | 6,415 | 4,614 |
| Netherlands | 3,398 | 4,117 | 3,679 |
| France | 2,625 | 2,858 | 3,320 |
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 10.5 KB)
Note: 2024 data is provisional
The USA replaced Germany as the largest import partner country by value. Imports from the USA increased by £1.5 billion on November 2024. This was driven by an increase in imports of Precious metals and Mineral fuels. Germany had the third largest value decrease on November 2024, down £1.2 billion. This was led by Motor vehicles. Germany had the largest value decrease on December 2023, down £1.3 billion. This was led by Motor vehicles and Precious metals. Imports from China decreased by £1.8 billion on November 2024. This was driven by a decrease in imports of Electronic equipment and Mechanical appliances.
Figure 6: Historical import values for the top 3 import partner countries in December 2024
Figure 6 shows the values for the top 3 import partner countries in December 2024 for the period from July 2023 to December 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 11.6 KB)
Note: 2024 data is provisional
The USA replaced Germany as the UK’s top import partner, after 14 consecutive months. The USA accounted for 12% of the UK’s total imports in December 2024, up from 8% in November 2024. Imports from the USA increased by 33% on November 2024 to the highest value over the period shown. Germany became the UK’s second ranked import partner, accounting for 11% of the UK’s total imports in December 2024. Imports from Germany decreased by 18% on November 2024 to the lowest level since September 2023. Imports from China decreased by 27% on November 2024 to the lowest level since April 2024. Imports from China accounted for 9% of the UK’s total imports in December 2024, down from 11% in November 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 November 2024, down 22%.
Precious metals had the largest value increase on December 2023, up 7%.
Table 5: UK imports of goods of the top 5 chapters, value comparison with November 2024 and December 2023 (£ million)
| Chapter | December 2024 | November 2024 | December 2023 |
|---|---|---|---|
| Precious metals | 7,221 | 7,901 | 6,729 |
| Mineral fuels | 6,034 | 5,547 | 5,569 |
| Mechanical appliances | 5,664 | 6,379 | 6,095 |
| Motor vehicles | 4,940 | 6,342 | 5,852 |
| Electronic equipment | 4,410 | 5,761 | 4,349 |
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 10.5 KB)
Note: 2024 data is provisional
Precious metals remained the top import chapter in December 2024. This was despite having the fourth largest value decrease on November 2024, down £680 million, led by Kazakhstan. In contrast, it had the largest value increase on December 2023, up £492 million, led by Uzbekistan and the USA. Mineral fuels rose to second place from fifth. It had the largest value increase on November 2024, up £487 million. This was driven by increased imports from the USA. Mechanical appliances fell to third place from second, having the third largest value decrease on November 2024, down £715 million, led by China.
Figure 7: Historical import values for the top 3 import chapters in December 2024
Figure 7 shows the values for the top 3 import chapters in December 2024 for the period from July 2023 to December 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 11.7 KB)
Note: 2024 data is provisional
In December 2024, Precious metals accounted for 14% of the UK’s total imports, up from 13% in November 2024 but still lower than the 19% share reported in October 2024. The value of imports of Precious metals decreased by 9% on November 2024, but increased by 7% on December 2023. Imports of Mineral fuels rose to second place, accounting for 12% of total imports, up from 9% in November 2024. Mineral fuels imports increased by 9% on November 2024, to the highest value since January 2024. Imports of Mechanical appliances decreased by 11% on November 2024, but accounted for 11% of total imports in both November 2024 and December 2024.
Focus
Table 6: Exports to Germany, value comparison with November 2024
| Chapter | December 2024 (£m) | November 2024 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Mechanical appliances | 541 | 694 | -153 | -22 |
| Motor Vehicles | 220 | 303 | -83 | -28 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 6: December 2024 Germany export data (ODS 10.4 KB)
Note: 2024 data is provisional
Exports to Germany had the second largest value decrease of all countries on November 2024. This was a decrease of £564 million, or 20%. Between November 2024 and December 2024, exports of Mechanical appliances to Germany fell by £153 million or 22%. Exports of Motor Vehicles to Germany fell by £83 million, or 28%, over the same period.
Table 7: Imports of Motor vehicles, value comparison with November 2024
| Import partner | December 2024 (£m) | November 2024 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Germany | 1,312 | 2,291 | -980 | -43 |
| Belgium | 632 | 788 | -156 | -20 |
| Turkey | 293 | 424 | -131 | -31 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 7: November 2024 Motor vehicles import data (ODS 10.1 KB)
Note: 2024 data is provisional
In December 2024, imports of Motor vehicles had the largest value decrease of all chapters on November 2024. This was a decrease of £1.4 billion, or 22%. Between November 2024 and December 2024, imports of Motor vehicles from Germany fell by £980 million, or 43%. Imports of Motor vehicles from Belgium fell by £156 million, or 20%, over the same period. Imports of Motor vehicles from Turkey fell by £131 million, or 31%, over the same period.