Accredited official statistics

UK overseas trade in goods statistics January 2023: commentary

Published 10 March 2023

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. Further explanation of data sources used throughout this release can be found in the accompanying methodology notes.

Total exports of goods for January 2023

£30.1 billion down £9.8 billion (24%) on December 2022, and up £3.9 billion (15%) on January 2022

Exports of Precious metals experienced the largest decrease on December 2022, down £7.1 billion (72%).

Total imports of goods for January 2023

£54.6 billion down £2.9 billion (5%) on December 2022, and up £3.2 billion (6%) on January 2022

Imports of Mineral fuels experienced the largest decrease on December 2022, down £2.4 billion (19%).

The UK was a net importer this month, with imports exceeding exports by £24.5 billion, widening by £6.9 billion on December 2022.

Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional

Figure 1: Total UK monthly Trade in Goods, August 2021 to January 2023

Download detailed January 2023 trade gap data (ODS).

Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional

Figure 1 shows that exports rose steadily to September 2022, then levelled off and began to fall in November 2022.  Imports rose steadily to November 2022 and began to fall in December 2022. In March 2022, imports rose sharply, causing a temporary widening of the trade gap. In January 2023 the trade gap has widened further due to the sharper decrease in exports.

EU and Non-EU Trade in Goods

  • Exports to the EU accounted for 50% of the value of total exports.
  • Imports from the EU accounted for 45% of the value of total imports.

Table 1: Total UK Trade in Goods with EU and Non-EU, January 2023

Flow EU Non-EU Total 
Exports £15.1bn £15.0bn £30.1bn
Imports £24.6bn £30.0bn £54.6bn

Download total UK trade in goods with EU and Non-EU, January 2023 data (ODS).

Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional

Table 1 shows the share of EU and Non-EU exports and imports.

  • EU exports for January 2023 were £15.1 billion. This was a decrease of £0.7 billion (4%) on December 2022, but an increase of £3.5 billion (30%) compared with January 2022.
  • Non-EU exports for January 2023 were £15.0 billion. This was a decrease of £9.1 billion (38%) on December 2022, but an increase of £0.4 billion (3%) compared with January 2022.
  • EU imports for January 2023 were £24.6 billion. This was a decrease of £1.9 billion (7%) on December 2022, but an increase of £2.1 billion (9%) compared with January 2022.
  • Non-EU imports for January 2023 were £30.0 billion. This was a decrease of £1.0 billion (3%) on December 2022, but an increase of £1.1 billion (4%) compared with January 2022.

Exports: Country Analysis

  • Exports to Hong Kong down 83% in value on December 2022.
  • Exports to France up 74% in value on January 2022.

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

Main partner country Total country value (£ millions) Main commodity  Partner commodity value (£ millions)
USA 4,063  Mechanical appliances 796 
Netherlands 2,664 Mineral fuels 1,127 
Germany 2,545  Mechanical appliances 469
Ireland 2,303  Mineral fuels  491
France 2,157  Mechanical appliances 464

Download UK exports of goods to the top 5 countries, main commodity and total value January 2023 data (ODS).

Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional

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

  • USA
  • Netherlands
  • Germany
  • Ireland
  • France

Exports of Mechanical appliances accounted for 20% of UK exports to the USA, 18% of UK exports to Germany, and 22% of the UK exports to France. Exports of Mineral fuels accounted for 42% of UK exports to the Netherlands, and 21% of UK exports to Ireland.

Exports: Commodity Analysis

  • Precious metals down by 72% on December 2022.
  • Mechanical appliances up by 30% on January 2022.

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

Commodity Total commodity value (£ millions) Main partner country Partner country value (£ millions)
Mechanical appliances   5,071 USA                  796
Mineral fuels           3,266 Netherlands          1,127
Motor vehicles          2,833 USA                  461
Precious metals        2,764 Switzerland 704
Pharmaceutical products 1,841 USA                  340

Download UK exports of goods of the top 5 commodities, main partner country and total value January 2023 data (ODS).

Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional

Table 3 shows the top 5 export commodities by value:

  • Mechanical appliances
  • Mineral fuels
  • Motor vehicles
  • Precious metals
  • Pharmaceutical products

Exports to the USA accounted for 16% of UK exports of Mechanical appliances, 16% of UK exports of Motor vehicles and 18% of UK exports of Pharmaceutical products. Exports to the Netherlands accounted for 35% of UK exports of Mineral fuels. Exports to Switzerland accounted for 25% of UK exports of Precious metals.

Imports: Country Analysis

  • Imports from Norway down 33% on December 2022.
  • Imports from the USA up 55% on January 2022.

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

Main partner country Total country value (£ millions)  Main commodity  Partner commodity value (£ millions)
USA                  8,150 Mineral fuels        3,339
China              5,639 Electronic equipment 1,642
Germany                5,377 Motor vehicles 1,682
Netherlands               4,039 Mechanical appliances 512
Norway          3,654 Mineral fuels        3,276

Download UK imports of goods from the top 5 countries, main commodity and total value January 2023 data (ODS).

Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional

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

  • USA
  • China
  • Germany
  • Netherlands
  • Norway

Mineral fuels accounted for 41% of UK imports from the USA and 90% of UK imports from Norway. Electronic equipment accounted for 29% of UK imports from China. Motor vehicles accounted for 31% of imports from Germany. Mechanical appliances accounted for 13% of imports from the Netherlands.

Imports: Commodity Analysis

  • Imports of Mineral fuels down 19% on December 2022.
  • Imports of Electronic equipment up 18% on January 2022.

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

Commodity  Total commodity value (£ millions) Main partner country Partner country value (£ millions)
Mineral fuels         10,080 USA 3,339
Mechanical appliances 6,199 USA 913
Electronic equipment        5,216 China 1,642
Motor vehicles  4,847 Germany 1,682
Precious metals       2,788 USA                  773

Download UK imports of goods of the top 5 commodities, main partner country and total value January 2023 data (ODS).

Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional

Table 5 shows the top 5 import commodities by value:

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

Imports from the USA accounted for 33% of UK imports of Mineral fuels, 15% of UK imports of Mechanical appliances and 28% of UK imports of Precious metals. Imports from China accounted for 31% of UK imports of Electronic equipment. Imports from Germany accounted for 35% of UK imports of Motor vehicles.

Focus

Non-EU Exports

Exports to Non-EU countries decreased by £9.1 billion (38%) compared with December 2022. This decrease was led by exports to Hong Kong (down £4.5 billion, 83%), China (down £1.5 billion, 53%), and Switzerland (down £1.4 billion, 58%). These decreases were all dominated by Precious metals: down £4.3 billion (89%) for Hong Kong; down £1.2 billion (71%) for China; and down £1.5 billion (68%) for Switzerland.

Mineral fuels

Imports of Mineral fuels decreased by £2.4 billion (19%) on December 2022. This decrease was dominated by a £1.9 billion (36%) decrease in imports from Norway, and a £0.4 billion (45%) decrease for the Netherlands. This was partially offset by a £0.4 billion (13%) increase for the USA.