UK overseas trade in goods statistics February 2024: commentary
Published 12 April 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, commodities, and ports selected.
Users must refer to the accompanying methodology notes.
Total exports of goods for February 2024
£34.1 billion down £0.9 billion (3%) on January 2024, and down £0.5 billion (1%) on February 2023
Total imports of goods for February 2024
£47.2 billion down £2.9 billion (6%) on January 2024, and down £5.4 billion (10%) on February 2023
The UK was a net importer in February 2024, with imports exceeding exports by £13.1 billion, narrowing the trade gap (exports minus imports) by £2.0 billion on January 2024.
Source : UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Figure 1: Total UK monthly trade in goods, September 2022 to February 2024
Figure 1 shows that imports decreased in February 2024 to their lowest level over the period from September 2022 to February 2024. Exports decreased by a smaller amount, after an increase in January 2024. This caused the trade gap to continue to narrow this month.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download Figure 1: Total UK monthly trade in goods (ODS 12KB)
Note: 2023 and 2024 data is provisional
EU and non-EU trade in goods
- Exports to the EU accounted for 44% of the total value of exports
- Imports from the EU accounted for 56% of the total value of imports
Table 1: Total UK trade in goods with EU and non-EU, February 2024 (£ billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 14.8 | 19.2 | 34.1 |
| Imports | 26.2 | 21.0 | 47.2 |
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: 2023 and 2024 data is provisional
EU exports for February 2024 were £14.8 billion. This was an increase of £0.2 billion (1%) on January 2024, but a decrease of £1.0 billion (6%) compared with February 2023.
Non-EU exports for February 2024 were £19.2 billion. This was a decrease of £1.1 billion (5%) on January 2024, but an increase of £0.5 billion (3%) compared with February 2023.
EU imports for February 2024 were £26.2 billion. This was an increase of £0.6 billion (2%) on January 2024, but a decrease of £0.2 billion (1%) compared with February 2023.
Non-EU imports for January 2024 were £21.0 billion. This was a decrease of £3.5 billion (14%) on January 2024, and a decrease of £5.2 billion (20%) compared with February 2023.
Figure 2: Total UK monthly trade in goods with EU and non-EU, September 2022 to February 2024
Figure 2 shows that EU exports remained relatively steady over the period from September 2022 to February 2024. Non-EU exports decreased in February 2024, after increasing in January 2024. In March 2023, EU imports peaked, and have remained above non-EU imports since May 2023. Non-EU imports decreased in February 2024, to their lowest value over the period.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download Figure 2: Total UK monthly trade in goods with EU and Non-EU (ODS 12KB)
Note: 2023 and 2024 data is provisional
Exports: Country analysis
You can create and explore more UK export country data in the interactive data tables.
- USA replaced Switzerland as the UK’s top export partner in February 2024
- Switzerland experienced the largest value decrease in exports on January 2024
Table 2: UK exports of goods to the top 5 countries, comparison with January 2024 and February 2023 (£ million)
| Main partner country | February 2024 value | January 2024 value | February 2023 value |
|---|---|---|---|
| USA | 4,495 | 4,055 | 4,545 |
| Germany | 2,534 | 2,558 | 2,983 |
| Switzerland | 2,264 | 5,096 | 2,917 |
| Netherlands | 2,038 | 2,192 | 2,733 |
| Ireland | 1,937 | 2,030 | 2,458 |
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: 2023 and 2024 data is provisional
USA was the largest export partner country by value, up from 2nd place in January 2024. Switzerland was the third largest export partner, down from 1st place in January 2024. The decrease for Switzerland was driven by Precious metals. The increase in exports to the USA was led by Motor vehicles.
Figure 3: Historical export values for the top 3 export partner countries in February 2024
Figure 3 shows that USA was the top export partner for most of the period, accounting for 13% of the UK’s total exports in February 2024. The peaks for Switzerland in May 2023 and January 2024 were linked to fluctuations in exports of Precious metals. Movements in non-monetary gold, an important component of Precious metals, can be large and highly volatile, distorting underlying trends in trade figures. Exports to Germany remained relatively stable over this period.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download Figure 3: Historical export values for the top 3 export partner countries (ODS 12KB)
Note: 2023 and 2024 data is provisional
Exports: Commodity analysis
You can create and explore more UK export commodity data in the interactive data tables.
- Precious metals down 25% in value on January 2024
- Mineral fuels down 30% in value on February 2023
Table 3: UK exports of goods of the top 5 commodities, comparison with January 2024 and February 2023 (£ million)
| Commodity | February 2024 value | January 2024 value | February 2023 value |
|---|---|---|---|
| Precious metals | 6,192 | 8,219 | 5,530 |
| Mechanical appliances | 5,709 | 5,390 | 5,433 |
| Motor vehicles | 3,736 | 3,077 | 3,297 |
| Mineral fuels | 2,120 | 2,609 | 3,019 |
| Electronic equipment | 1,823 | 1,792 | 1,801 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download Table 3: UK exports of goods of the top 5 commodities, total value (ODS 10KB)
Note: 2023 and 2024 data is provisional
Exports of Precious metals remained in 1st place, despite experiencing the largest value decrease on January 2024, accounting for 18% of the UK’s total exports in February 2024. Electronic equipment rose to 5th place from being the 6th largest export commodity in January 2024.
Figure 4: Historical export values for the top 3 export chapters in February 2024
Figure 4 shows that exports of Mechanical appliances and Motor vehicles remained relatively stable, while exports of Precious metals fluctuated month on month. Precious metals fell in February 2024 after increasing in January 2024, and remained in 1st place.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download Figure 4: Historical export values for the top 3 export chapters (ODS 12KB)
Note: 2023 and 2024 data is provisional
Imports: Country analysis
You can create and explore more UK import country data in the interactive data tables.
- USA had the largest value decrease on January 2024, down 15%
- Kazakhstan (ranked 77th) had the largest value decrease on February 2023, down 98%
Table 4: UK imports of goods from the top 5 countries, comparison with January 2024 and February 2023 (£ million)
| Main partner country | February 2024 value | January 2024 value | February 2023 value |
|---|---|---|---|
| Germany | 6,212 | 6,255 | 6,226 |
| USA | 4,940 | 5,789 | 5,438 |
| China | 4,151 | 4,699 | 5,133 |
| Netherlands | 3,859 | 3,876 | 4,403 |
| France | 3,168 | 2,859 | 3,190 |
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: 2023 and 2024 data is provisional
Germany remained the UK’s largest import partner in February 2024, accounting for 13% of total UK imports in February 2024. The decrease in imports from USA on January 2024 was driven by Mineral fuels and Pharmaceutical products. The decrease in imports from Kazakhstan on February 2023 was driven by Precious metals. The fall in imports from China on February 2023 was driven by Motor vehicles, Toys, games & consoles, and Electronic equipment.
Figure 5: Historical import values for the top 3 import partner countries in February 2024
Figure 5 shows that imports from Germany fell slightly in February 2024 for the third month in a row. Imports from the USA decreased between January and February 2024 after two monthly increases, to remain in second place. Imports from China decreased between January and February 2024 continuing the overall downward trend seen since October 2023.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download Figure 5: Historical import values for the top 3 import partner countries (ODS 12KB)
Note: 2023 and 2024 data is provisional
Imports: Commodity analysis
You can create and explore more UK import commodity data in the interactive data tables.
- Precious metals had the largest value decrease on January 2024, down 28%
- Mineral fuels had the largest value decrease on February 2023, down 34%
Table 5: UK imports of goods of the top 5 commodities, comparison with January 2024 and February 2023 (£ million)
| Commodity | February 2024 value | January 2024 value | February 2023 value |
|---|---|---|---|
| Mechanical appliances | 6,046 | 5,945 | 6,287 |
| Motor vehicles | 5,955 | 5,548 | 6,082 |
| Mineral fuels | 5,007 | 6,132 | 7,576 |
| Electronic equipment | 4,291 | 4,704 | 4,657 |
| Precious metals | 3,035 | 4,220 | 4,224 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download Table 5: UK imports of goods of the top 5 commodities (ODS 10KB)
Note: 2023 and 2024 data is provisional
Mechanical appliances rose to 1st place in February 2024 from 2nd in January 2024, accounting for 13% of the UK’s total imports in February 2024 . Imports of Mineral fuels dropped to 3rd place from 1st in January 2024. The decrease in imports of Precious metals on January 2024 was driven by Germany, Switzerland, Canada, and South Africa. The decrease in imports of Mineral fuels on February 2023 was driven by Norway.
Figure 6: Historical import values for the top 3 import chapters in February 2024
Figure 6 shows that imports of Mineral fuels decreased between January and February 2024, dropping to 3rd place. Imports of Mineral fuels during the period from September 2022 to February 2024 peaked in December 2022, declining to a third of this value in June 2023. Import values of Mechanical appliances and Motor vehicles remained relatively steady over this period.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download Figure 6: Historical import values for the top 3 import chapters (ODS 12KB)
Note: 2023 and 2024 data is provisional
Focus
Table 6: Exports to USA, change on January 2024
| Commodity | Export Value February 2024 (£m) | Export Value January 2024 (£m) | Change in value (£m) | Change (%) |
|---|---|---|---|---|
| Motor vehicles | 934 | 570 | 365 | 64 |
| Organic chemicals | 210 | 54 | 156 | 291 |
| Mechanical appliances | 1,084 | 974 | 110 | 11 |
Download Table 6: UK exports of goods to the USA (ODS 10KB)
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Exports to the USA showed the 2nd largest value increase of all partner countries on January 2024, a £439 million (11%) increase. This was led by exports of Motor vehicles, up £365 million (64%) between January 2024 and February 2024, and smaller increases in exports of Organic chemicals and Mechanical appliances, up £156 million (to 4 times the value) and £110 million (11%), respectively.
Table 7: Imports of mineral fuels, change on February 2023
| Partner country | Import Value February 2024 (£m) | Import Value February 2023 (£m) | Change in value (£m) | Change (%) |
|---|---|---|---|---|
| Norway | 1,413 | 2,641 | -1,228 | -47 |
| USA | 1,341 | 1,840 | -499 | -27 |
Download Table 7: UK imports of Mineral fuels (ODS 10KB)
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Imports of Mineral fuels showed the largest value decrease of all commodities on February 2023, a £2,569 million (34%) decrease. Imports of Mineral fuels from Norway decreased by £1,228 million (47%) between February 2023 and February 2024. Imports of Mineral fuels from USA decreased by £499 million (27%) over the same period.
Changes in the value of trade in Mineral fuels are driven by fluctuations in both unit price and volume, which differ between commodities included within Mineral fuels. More information on Mineral fuels commodity data can be found in the interactive data tables.