UK overseas trade in goods statistics June 2024: commentary
Published 15 August 2024
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Trade in goods summary
Data behind this bulletin is available through the UK Trade Info website, 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 June 2024
£31.0 billion down £1.2 billion (4%) on May 2024, down £3.6 billion (10%) on June 2023
Total imports of goods for June 2024
£56.1 billion up £5.7 billion (11%) on May 2024, up £3.4 billion (6%) on June 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 £25.1 billion, widening the trade gap by £6.8 billion compared to May 2024.
Figure 1: Total UK monthly trade in goods, January 2023 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
Figure 1 shows that exports decreased in June 2024, this was due to a large decrease in exports of Precious metals, while the increase in imports was also driven by Precious metals. This caused the trade gap to widen to the largest amount in the period between January 2023 and June 2024.
EU and non-EU trade in goods
Exports to the EU accounted for 50% 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, June 2024 (£ billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 15.4 | 15.6 | 31.0 |
| Imports | 27.9 | 28.2 | 56.1 |
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 9.61 KB)
Note: 2024 data is provisional
EU exports for June 2024 were £15.4 billion. This was an increase of £1.3 billion (9%) on May 2024, but a decrease of £0.1 billion (1%) compared with June 2023.
Non-EU exports for June 2024 were £15.6 billion. This was a decrease of £2.5 billion (14%) on May 2024, and a decrease of £3.4 billion (18%) compared with June 2023.
EU imports for June 2024 were £27.9 billion. This was an increase of £2.3 billion (9%) on May 2024, but a decrease of £1.5 billion (5%) compared with June 2023.
Non-EU imports for June 2024 were £28.2 billion. This was an increase of £3.4 billion (13%) on May 2024, and an increase of £4.9 billion (21%) compared with June 2023.
Figure 2: Total UK monthly trade in goods with EU and non-EU, January 2023 to June 2024
Figure 2 shows that EU exports remained relatively steady over the period from January 2023 to June 2024. Non-EU exports fell between May 2024 and June 2024, driven by a decrease in exports of Precious metals to China. Both EU and non-EU imports rose in June 2024,with the non-EU increase driven by an increase in imports of Precious metals from Canada and South Africa, and the EU increase led by Mechanical appliances and Aircraft from France.
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 11.6 KB)
Note: 2024 data is provisional
Exports: Country analysis
You can explore more UK export country data in the interactive data tables.
China (ranked 7) experienced the largest value decrease on May 2024, down 73%.
Switzerland (ranked 9) experienced the largest value decrease on June 2023, down 66%.
Table 2: UK exports of goods to the top 5 countries, value comparison with May 2024 and June 2023 (£ million)
| Main partner country | June 2024 | May 2024 | June 2023 |
|---|---|---|---|
| USA | 4,878 | 4,617 | 4,928 |
| Germany | 2,750 | 2,134 | 2,594 |
| Netherlands | 2,514 | 2,504 | 2,404 |
| Ireland | 2,047 | 1,859 | 2,573 |
| France | 1,951 | 1,763 | 1,961 |
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 9.66 KB)
Note: 2024 data is provisional
USA remained the largest export partner country by value. Germany was the second largest export partner, up from fourth in May 2024, and experienced the largest value increase on May 2024, up £615 million (29%). The increase in exports to Germany on May 2024 was driven by Aircraft and Electronic equipment.
Figure 3: Historical export values for the top 3 export partner countries in June 2024
Figure 3 shows that USA was the top export partner in June 2024, above Germany and the Netherlands throughout the last 18 months, accounting for 16% of the UK’s total exports in June 2024. Exports to Germany increased by 29% in June 2024, to reach the highest value since November 2023. Exports to the Netherlands remained stable in the last 3 months, following a steady decline between March 2023 and February 2024.
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 11 KB)
Note: 2024 data is provisional
Exports: Commodity analysis
You can explore more UK export commodity data in the interactive data tables.
Precious metals (ranked 6) experienced the largest value decrease on May 2024, down 62%.
Motor vehicles experienced the second largest value decrease on June 2023, down 17%.
Table 3: UK exports of goods of the top 5 commodities, value comparison with May 2024 and June 2023 (£ million)
| Commodity | June 2024 | May 2024 | June 2023 |
|---|---|---|---|
| Mechanical appliances | 5,990 | 5,732 | 6,196 |
| Motor vehicles | 2,864 | 3,205 | 3,467 |
| Mineral fuels | 2,315 | 2,393 | 2,367 |
| Electronic equipment | 2,165 | 1,861 | 1,983 |
| Pharmaceutical products | 1,983 | 1,709 | 1,662 |
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 9.3 KB)
Note: 2024 data is provisional
Mechanical appliances remained the top export chapter, accounting for 19% of the UK’s total exports in June 2024. Motor vehicles climbed to second place, despite experiencing the second largest value decrease on May 2024, down 11%. Electronic equipment experienced the second largest value increase on May 2024, up 16%. Exports of Precious metals (ranked 6) experienced the largest value decrease on May 2024, down 62%, dominated by China.
Figure 4: Historical export values for the top 3 export chapters in June 2024
Figure 4 shows that Mechanical appliances was the top export commodity in June 2024, and was highest of these three commodities for the last 18 months. It rose for the second successive month, reaching the highest value since November 2023. Exports of Motor vehicles fell to their lowest value since August 2023. Mineral fuels fell for the second successive month in June 2024, following a large increase in March 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 4: Historical export values for the top 3 export chapters (ODS 11.1 KB)
Note: 2024 data is provisional
Imports: Country analysis
You can create and explore more UK import country data in the interactive data tables.
Canada (ranked 7) experienced the largest value increase on May 2024, up to double the value.
USA experienced the second largest value increase on June 2023, up 27%.
Table 4: UK imports of goods from the top 5 countries, value comparison with May 2024 and June 2023 (£ million)
| Main partner country | June 2024 | May 2024 | June 2023 |
|---|---|---|---|
| Germany | 6,147 | 5,902 | 6,819 |
| USA | 5,264 | 4,980 | 4,132 |
| China | 5,221 | 5,068 | 5,171 |
| Netherlands | 4,327 | 3,739 | 4,542 |
| France | 3,326 | 2,596 | 3,641 |
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 9.3 KB)
Note: 2024 data is provisional
Germany remained the UK’s largest import partner in June 2024, accounting for 11% of total UK imports in June 2024. Imports from France showed the third largest value increase of all countries on May 2024. The increase in imports from France on May 2024 was driven by Mechanical appliances and Aircraft. The increase in imports from Canada on May 2024 was driven by Precious metals. The increase in imports from USA on June 2023 was driven by Precious metals, Aircraft, Pharmaceutical products, and Mechanical appliances.
Figure 5: Historical import values for the top 3 import partner countries in June 2024
Figure 5 shows that imports from Germany increased 4% between May 2024 and June 2024. Germany remained the largest import partner since October 2023. Imports from the USA increased 6% between May 2024 and June 2024, taking the USA to second place from third. China fell to third place despite a 3% increase in imports from China between May 2024 and June 2024.
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 11.1 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 increase on May 2024, up 68%.
Mineral fuels had the second largest value increase on June 2023, up 27%.
Table 5: UK imports of goods of the top 5 commodities, value comparison with May 2024 and June 2023 (£ million)
| Commodity | June 2024 | May 2024 | June 2023 |
|---|---|---|---|
| Precious metals | 7,147 | 4,257 | 3,310 |
| Mechanical appliances | 6,883 | 6,512 | 6,913 |
| Motor vehicles | 5,815 | 5,495 | 6,614 |
| Mineral fuels | 5,234 | 5,556 | 4,123 |
| Electronic equipment | 4,711 | 4,355 | 4,962 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 5: UK imports of goods of the top 5 commodities (ODS 10 KB)
Note: 2024 data is provisional
Precious metals became the UK’s top imported commodity by value in June 2024, accounting for 13% of the UK’s total imports. The increase in imports of Precious metals on May 2024 was driven by Canada and South Africa. The increase in imports of Mechanical appliances on May 2024 was driven by France and Netherlands. The increase in imports of Mineral fuels on June 2023 was driven by Norway.
Figure 6: Historical import values for the top 3 import chapters in June 2024
Figure 6 shows import values of Precious metals moving up to first place in June 2024, with a 68% increase on May 2024, to its highest level since January 2023. Imports of Mechanical appliances increased by 6% on May 2024 to the highest level since November 2023. Imports of Motor vehicles increased by 6% between May 2024 and June 2024, following two consecutive monthly decreases.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 6: Historical import values for the top 3 import chapters (ODS 11.1 KB)
Note: 2024 data is provisional
Focus
Table 6: Exports of Organic chemicals, value comparison between June 2024 and May 2024
| Export country | June 24 (£m) | May 24 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| USA | 440 | 107 | 333 | 311 |
| Ireland | 99 | 38 | 61 | 160 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download detailed June 2024 Organic chemicals export data (ODS 9.35 KB)
Note: 2024 data is provisional
Exports of Organic chemicals showed the largest value increase on May 2024, a £426 million (87%) increase. Exports of Organic chemicals to USA increased by £333 million (to more than 4 times the value) between May 2024 and June 2024, and exports of Organic chemicals to Ireland increased by £61 million (to 2.5 times the value) over this period.
Table 7: Imports from France, value comparison between June 2024 and May 2024
| Commodity | June 24 (£m) | May 24 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Mechanical appliances | 533 | 309 | 224 | 73 |
| Aircraft | 270 | 52 | 218 | 419 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download detailed June 2024 France import data (ODS 8.88 KB)
Note: 2024 data is provisional
Imports from France showed the third largest value increase of all countries on May 2024, a £730 million (28%) increase. Between May 2024 and June 2024, imports of Mechanical appliances from France increased by £224 million (73%), and imports of Aircraft from France increased by £218 million (to over 5 times the value).