UK overseas trade in goods statistics February 2023: commentary
Published 13 April 2023
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Trade in Goods Summary
From January 2022, the UK from EU import dataset incorporates both the GB from EU customs import declaration data and NI Intrastat import (arrival) data. This creates a break in the time series, users should take care when making comparisons with months and years prior to 2022. A full explanation of data sources used throughout this release can be found in the accompanying methodology notes.
Total exports of goods for February 2023
£34.0 billion up £3.2 billion (10%) on January 2023, and up £4.4 billion (15%) on February 2022
Total imports of goods for February 2023
£52.7 billion down £1.9 billion (4%) on January 2023, and up £2.6 billion (5%) on February 2022
The UK was a net importer this month, with imports exceeding exports by £18.7 billion, narrowing by £5.1 billion on January 2023.
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional
Figure 1: Total UK monthly Trade in Goods, September 2021 to February 2023
Download detailed February 2023 trade gap data (ODS).
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional
EU & Non-EU Trade in Goods
- Exports to the EU accounted for 46% of the total value of exports.
- Imports from the EU accounted for 50% of the total value of imports.
Table 1: Total UK Trade in Goods with EU and Non-EU, February 2023
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 15.5bn | 18.4bn | 34.0bn |
| Imports | 26.4bn | 26.3bn | 52.7bn |
Download total UK trade in goods with EU and Non-EU, February 2023 data (ODS)
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.
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EU exports for February 2023 were £15.5 billion. This was a decrease of £0.2 billion (1%) on January 2023, but an increase of £0.4 billion (3%) compared with February 2022.
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Non-EU exports for February 2023 were £18.4 billion. This was an increase of £3.4 billion (23%) on January 2023, and an increase of £3.9 billion (27%) compared with February 2022.
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EU imports for February 2023 were £26.4 billion. This was an increase of £1.8 billion (7%) on January 2023, and an increase of £2.8 billion (12%) compared with February 2022.
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Non-EU imports for February 2023 were £26.3 billion. This was a decrease of £3.7 billion (12%) on January 2023, and a decrease of £0.2 billion (1%) compared with February 2022.
Exports: Country Analysis
- Exports to Switzerland up to nearly 3 times the value on January 2023.
- Exports to the USA up 31% in value on February 2022.
Table 2: UK exports of goods to the top 5 countries, main commodity and total value, February 2023
| Main partner country | Total country value (£ millions) | Main commodity | Partner commodity value (£ millions) |
|---|---|---|---|
| USA | 4,484 | Mechanical appliances | 907 |
| Germany | 2,966 | Mechanical appliances | 599 |
| Switzerland | 2,917 | Precious metals | 2,548 |
| Netherlands | 2,533 | Mineral fuels | 972 |
| Ireland | 2,436 | Mineral fuels | 433 |
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
- Germany
- Switzerland
- Netherlands
- Ireland
Exports of Mechanical appliances accounted for 20% of UK exports to the USA, and 20% of UK exports to Germany. Exports of Precious metals accounted for 87% of UK exports to Switzerland. Exports of Mineral fuels accounted for 38% of UK exports to the Netherlands, and 18% of UK exports to Ireland.
Exports: Commodity Analysis
- Mineral fuels down by 28% on January 2023.
- Precious metals up by 67% on February 2022.
Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, February 2023
| Commodity | Total commodity value (£ millions) | Main partner country | Partner country value (£ millions) |
|---|---|---|---|
| Precious metals | 5,530 | Switzerland | 2,548 |
| Mechanical appliances | 5,399 | United States | 907 |
| Motor vehicles | 3,294 | United States | 575 |
| Mineral fuels | 2,764 | Netherlands | 972 |
| Pharmaceutical products | 1,844 | United States | 488 |
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
- Motor vehicles
- Mineral fuels
- Pharmaceutical products
Exports to Switzerland accounted for 46% of UK exports of Precious metals. Exports to the USA accounted for 17% of UK exports of Mechanical appliances, 17% of UK exports of Motor vehicles, and 26% of UK exports of Pharmaceutical products. Exports to the Netherlands accounted for 35% of UK exports of Mineral fuels.
Imports: Country Analysis
- Imports from the USA down 33% on January 2023.
- Imports from Kazakhstan up to three times the value on February 2022.
Table 4: UK imports of goods from the top 5 countries, main commodity and total value, February 2023
| Main partner country | Total country value (£ millions) | Main commodity | Partner commodity value (£ millions) |
|---|---|---|---|
| Germany | 6,224 | Motor vehicles | 2,333 |
| USA | 5,438 | Mineral fuels | 1,840 |
| China | 5,133 | Electronic equipment | 1,131 |
| Netherlands | 4,411 | Mineral fuels | 764 |
| France | 3,193 | Motor vehicles | 551 |
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
- USA
- China
- Netherlands
- France
Motor vehicles accounted for 37% of UK imports from Germany and 17% of UK imports from France. Mineral fuels accounted for 34% of UK imports from the USA and 17% of UK imports from the Netherlands. Electronic equipment accounted for 22% of imports from China.
Imports: Commodity Analysis
- Imports of Mineral fuels down 24% on January 2023.
- Imports of Mechanical appliances up 18% on February 2022.
Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, February 2023
| Commodity | Total commodity value (£ millions) | Main partner country | Partner country value (£ millions) |
|---|---|---|---|
| Mineral fuels | 7,641 | Norway | 2,705 |
| Mechanical appliances | 6,296 | Germany | 939 |
| Motor vehicles | 6,082 | Germany | 2,333 |
| Electronic equipment | 4,659 | China | 1,131 |
| Precious metals | 4,215 | Kazakhstan | 1,464 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 5 shows the top 5 import commodities by value:
- Mineral fuels
- Mechanical appliances
- Motor vehicles
- Electronic equipment
- Precious metals
Imports from Norway accounted for 35% of UK imports of Mineral fuels. Imports from Germany accounted for 15% of UK imports of Mechanical appliances and 38% of UK imports of Motor vehicles. Imports from China accounted for 24% of UK imports of Electronic equipment. Imports from Kazakhstan accounted for 35% of UK imports of Precious metals.
Focus
Motor vehicles
Exports of Motor vehicles increased by £461 million (16%) on January 2023, and by £867 million (36%) on February 2022. The increase on January 2023 was driven by a £115 million (25%) increase in exports to the USA and a £71 million (23%) increase for China. The increase on February 2022 was led by exports to the USA, up £132 million (30%) and Germany, up £72 million (33%).
Imports of Motor vehicles increased by £1,236 million (26%) on January 2023, and by £569 million (10%) on February 2022. The increase on January 2023 was driven by a £651 million (39%) increase in imports from Germany and a £297 million (98%) increase from China. The increase on February 2022 was led by a £196m (55%) increase in imports from France and a £132 million (28%) increase from China.
USA
Exports to the USA increased by £396 million (10%) on January 2023, and by £1,068 million (31%) on February 2022. The increase on January 2023 was driven by a £148 million (44%) increase in exports of Pharmaceutical products, and a £115 million (25%) increase in exports of Motor vehicles. The increase on February 2022 was led by Organic chemicals, up £350 million (to 4.5 times the value); Mechanical appliances, up £259 million (40%) and Pharmaceutical products, up £209 million (75%).
Imports from the USA decreased by £2,711 million (33%) on January 2023. In contrast, they increased by £873 million (19%) on February 2022. The decrease on January 2023 was driven by a £1,498 million (45%) decrease in imports of Mineral fuels, and a £636 million (92%) decrease in imports of Organic chemicals. The increase on February 2022 was led by a £290 million (19%) increase in imports of Mineral fuels, and a £238 million (43%) increase in imports of Mechanical appliances.