UK overseas trade in goods statistics January 2023: commentary
Published 10 March 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. 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 |
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 |
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 |
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 |
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.