UK overseas trade in goods statistics July 2024: commentary
Published 11 September 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.
For more information on how we compile the trade in goods statistics, users must refer to the accompanying methodology notes.
Note, movements in non-monetary gold (NMG) can be large and highly volatile, distorting underlying trends in trade figures. Further information about trade in NMG can be found in the monthly gold table.
Total exports of goods for July 2024
£29.2 billion down £1.8 billion (6%) on June 2024, down £5.4 billion (16%) on July 2023
Total imports of goods for July 2024
£53.8 billion down £2.3 billion (4%) on June 2024, up £1.1 billion (2%) on July 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 £24.7 billion, narrowing the trade gap by £0.4 billion compared to June 2024.
Figure 1: Total UK monthly trade in goods, February 2023 to July 2024
Figure 1 shows that exports continued to decrease in July 2024. Imports also decreased in July 2024, driven by a decrease in imports of Precious metals. In July 2024 the trade gap narrowed only slightly, remaining similar to June 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 1: Total UK monthly trade in goods (ODS 11.2 KB)
Note: 2024 data is provisional
Impact of non-monetary gold
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, February 2023 to July 2024
Figure 2 shows the effect NMG has on trade figures. For most of 2023, the increase in exports of NMG was one of the main drivers for trade fluctuations. . In June and July 2024, exports of NMG were very low, however imports of NMG in June 2024 were the highest recorded for the period, falling slightly in July 2024.
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 12.2 KB)
Note: 2024 data is provisional
EU and non-EU trade in goods
Exports to the EU accounted for 48% of the total value of exports, or 49% when excluding NMG.
Imports from the EU accounted for 52% of the total value of imports, or 56% when excluding NMG.
Table 1: Total UK trade in goods with EU and non-EU, July 2024 (£ billion)
| Flow | EU | EU excl NMG | Non-EU | Non-EU excl NMG | Total | Total excl NMG |
|---|---|---|---|---|---|---|
| Exports | 14.1 | 14.0 | 15.0 | 14.5 | 29.2 | 28.5 |
| Imports | 27.9 | 27.4 | 25.9 | 21.8 | 53.8 | 49.2 |
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 9.82 KB)
Note: 2024 data is provisional
EU exports for July 2024 were £14.1 billion. This was a decrease of £1.3 billion (8%) on June 2024, and a decrease of £1.0 billion (6%) compared with July 2023.
Non-EU exports for July 2024 were £15.0 billion. This was a decrease of £0.6 billion (4%) on June 2024, and a decrease of £4.4 billion (23%) compared with July 2023.
EU imports for July 2024 were £27.9 billion. This was an increase of less than £0.1 billion (less than 1%) on June 2024, and an increase of £0.5 billion (2%) compared with July 2023.
Non-EU imports for July 2024 were £25.9 billion. This was a decrease of £2.3 billion (8%) on June 2024, but an increase of £0.6 billion (2%) compared with July 2023.
Figure 3: Total UK monthly trade in goods with EU and non-EU, February 2023 to July 2024
Figure 3 shows that EU exports remained relatively stable over the period from February 2023 to June 2024. Non-EU exports fluctuated throughout the period shown, often due to changes in non-EU exports of NMG. Both EU and non-EU exports decreased slightly in July 2024. In July 2024 EU imports remained at a similar level as June 2024, while non-EU imports were lower compared with the previous month.
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 11.5 KB)
Note: 2024 data is provisional
Exports: Country analysis
You can explore more UK export country data in the interactive data tables.
USA experienced the largest value decrease in exports on June 2024, down 9.9%.
China (ranked 7) experienced the largest value decrease in exports on July 2023, down 63%.
Table 2: UK exports of goods to the top 5 countries, value comparison with June 2024 and July 2023 (£ million)
| Main partner country | July 2024 | June 2024 | July 2023 |
|---|---|---|---|
| USA | 4,395 | 4,878 | 4,798 |
| Germany | 2,443 | 2,743 | 2,570 |
| Netherlands | 2,160 | 2,555 | 2,694 |
| France | 1,808 | 1,951 | 2,004 |
| Ireland | 1,723 | 2,055 | 2,198 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 2: UK exports of goods to the top 5 countries (ODS 9.62 KB)
Note: 2024 data is provisional
USA remained the largest export partner country by value despite experiencing the largest value decrease on June 2024, driven by a decrease in Inorganic chemicals. Germany was the second largest export partner, up from fourth place in July 2023. It also decreased in value on June 2024, led by Aircraft.
Figure 4: Historical export values for the top 3 export partner countries in July 2024
Figure 4 shows that USA was the top export partner in July 2024, above Germany and the Netherlands throughout the last 18 months, accounting for 15% of the UK’s total exports in July 2024. Exports to the USA decreased by 10% in July 2024, to reach the lowest value since January 2024. Exports to Germany fell by 11% following a peak in June 2024. Exports to the Netherlands fell by 15% following a period of relative stability since March 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 11.1 KB)
Note: 2024 data is provisional
Exports: Commodity analysis
You can explore more UK export commodity data in the interactive data tables.
Pharmaceutical products experienced the largest value decrease on June 2024, down 20%.
Precious metals (ranked 6) experienced the largest value decrease on July 2023, down 71%.
Table 3: UK exports of goods of the top 5 commodities, value comparison with June 2024 and July 2023 (£ million)
| Commodity | July 2024 | June 2024 | July 2023 |
|---|---|---|---|
| Mechanical appliances | 5,891 | 5,990 | 5,927 |
| Motor vehicles | 3,594 | 2,867 | 3,565 |
| Mineral fuels | 2,618 | 2,350 | 2,638 |
| Electronic equipment | 1,900 | 2,165 | 1,878 |
| Pharmaceutical products | 1,583 | 1,983 | 1,795 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 3: UK exports of goods of the top 5 commodities (ODS 9.31 KB)
Note: 2024 data is provisional
Mechanical appliances remained the top export chapter, accounting for 20% of the UK’s total exports in July 2024. Motor vehicles remained in second place, and experienced the largest value increase on June 2024, up 25%. Precious metals fell to sixth place from being the second largest export commodity in July 2023..
Figure 5: Historical export values for the top 3 export chapters in July 2024
Figure 5 shows that Mechanical appliances was the top export commodity in July 2024, and has been the highest of all commodities since March 2024. It fell slightly after two successive monthly increases. Exports of Motor vehicles rose to their highest value since February 2024. Exports of Mineral fuels climbed after two successive monthly decreases.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 5: Historical export values for the top 3 export chapters (ODS 11.1 KB)
Note: 2024 data is provisional
Imports: Country analysis
You can explore more UK import country data in the interactive data tables.
Canada (ranked 14) experienced the largest value decrease on June 2024, down 49%.
Belgium (ranked 6) experienced the largest value increase on July 2023, up 28%.
Table 4: UK imports of goods from the top 5 countries, value comparison with June 2024 and July 2023 (£ million)
| Main partner country | July 2024 | June 2024 | July 2023 |
|---|---|---|---|
| Germany | 6,559 | 6,148 | 6,483 |
| China | 5,284 | 5,217 | 4,744 |
| USA | 4,744 | 5,263 | 4,206 |
| Netherlands | 4,143 | 4,327 | 4,064 |
| France | 3,236 | 3,327 | 3,247 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 4: UK imports of goods from the top 5 countries (ODS 9.29 KB)
Note: 2024 data is provisional
Germany remained the UK’s largest import partner in July 2024, accounting for 12% of total UK imports in July 2024. The decrease in imports from Canada on June 2024 was driven by Precious metals. Imports from USA showed the third largest value decrease of all countries on June 2024. The decrease in imports from USA on June 2024 was driven by Mechanical appliances and Pharmaceutical products. The increase in imports from Belgium on July 2023 was driven by Motor vehicles and Pharmaceutical products.
Figure 6: Historical import values for the top 3 import partner countries in July 2024
Figure 6 shows that imports from Germany increased by 7% between June 2024 and July 2024. Germany remained the largest import partner since October 2023. Imports from China increased by 1% between June 2024 and July 2024, taking China to second place from third. The USA dropped to third place with imports from USA decreasing by 10% between June 2024 and July 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 10.8 KB)
Note: 2024 data is provisional
Imports: Commodity analysis
You can explore more UK import commodity data in the interactive data tables.
Precious metals had the largest value decrease on June 2024, down 18%.
Aircraft had the largest value increase on July 2023, up 38%.
Table 5: UK imports of goods of the top 5 commodities, value comparison with June 2024 and July 2023 (£ million)
| Commodity | July 2024 | June 2024 | July 2023 |
|---|---|---|---|
| Motor vehicles | 6,326 | 5,815 | 6,048 |
| Mechanical appliances | 6,078 | 6,884 | 6,358 |
| Precious metals | 5,873 | 7,147 | 6,136 |
| Mineral fuels | 4,892 | 5,240 | 4,640 |
| Electronic equipment | 4,630 | 4,712 | 4,615 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 5: UK imports of goods of the top 5 commodities (ODS 9.31 KB)
Note: 2024 data is provisional
Motor vehicles became the UK’s top imported commodity by value in July 2024, accounting for 12% of the UK’s total imports. The increase in imports of Motor vehicles on June 2024 was driven by Germany and Spain. The decrease in imports of Precious metals on June 2024 was driven by Canada and South Africa. The increase in imports of Aircraft on July 2023 was driven by the USA.
Figure 7: Historical import values for the top 3 import chapters in July 2024
Figure 7 shows import values of Motor vehicles moving up to first place in July 2024, with a 9% increase on June 2024, to its highest level since March 2024. Imports of Mechanical appliances decreased by 12% on June 2024 to the lowest level since February 2023. Imports of Precious metals decreased by 18% between June 2024 and July 2024 following a peak in June 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 11.2 KB)
Note: 2024 data is provisional
Focus
Table 6: Exports to the USA, value comparison between June 2024 and July 2024
| Commodity | July 2024 (£m) | June 2024 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Inorganic chemicals | 5 | 309 | -303 | -98 |
| Precious metals | 58 | 199 | -142 | -71 |
| Motor vehicles | 807 | 632 | 174 | 28 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 6: UK exports of goods to USA (ODS 9.43 KB)
Note: 2024 data is provisional
Exports to the USA showed the largest value decrease of all partner countries on June 2024, a £483 million (10%) decrease. Between June 2024 and July 2024, exports of Inorganic chemicals to USA fell £303 million (98%), and exports of Precious metals to USA fell £142 million (71%). In contrast, exports of Motor vehicles to USA rose by £174 million (28%) over the same period.
Table 7: Imports of Motor vehicles, value comparison between June 2024 and July 2024
| Partner country | July 2024 (£m) | June 2024 (£m) | Change (£m) | Change (%) | |
|---|---|---|---|---|---|
| Germany | 2,321 | 1,671 | 650 | 39 | |
| Spain | 548 | 427 | 121 | 28 | |
| China | 428 | 584 | -156 | 27 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 7: Imports of Motor vehicles (ODS 8.95 KB)
Note: 2024 data is provisional
Imports of Motor vehicles showed the largest value increase of all commodities on June 2024, a £511 million (8.8%) increase. Imports of Motor vehicles from Germany increased by £650 million (39%) between June 2024 and July 2024. Imports of Motor vehicles from Spain increased by £121 million (28%) over the same period. In contrast, imports of Motor vehicles from China decreased by £156 million (27%) over the same period.