UK overseas trade in goods statistics March 2023: commentary
Published 12 May 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.
Users must refer to the full explanation of data sources and methodology in the accompanying methodology notes.
Total exports of goods for March 2023
£37.7 billion up £3.2 billion (9%) on February 2023, and up £3.4 billion (10%) on March 2022
Total imports of goods for March 2023
£57.9 billion up £5.3 billion (10%) on February 2023, but down £4.3 billion (7%) on March 2022
The UK was a net importer this month, with imports exceeding exports by £20.3 billion, widening the trade gap by £2.1 billion on February 2023.
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional
Figure 1: Total UK monthly Trade in Goods, October 2021 to March 2023
Download detailed March 2023 trade gap data (ODS)
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Figure 1 shows that exports rose steadily to September 2022, then levelled off, fell between November 2022 and January 2023, before increasing between January 2023 and March 2023. Imports rose steadily to November 2022 and began to fall in December 2022. In March 2023, imports rose sharply, causing a widening of the trade gap.
EU and Non-EU trade in goods
- Exports to the EU accounted for 46% of the total value of exports.
- Imports from the EU accounted for 53% of the total value of imports.
Table 1: Total UK Trade in Goods with EU and Non-EU, March 2023 (£ billions)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 17.2 | 20.4 | 37.7 |
| Imports | 30.7 | 27.2 | 57.9 |
Download total UK trade in goods with EU and Non-EU, March 2023 data (ODS).
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 1 shows the share of EU and Non-EU exports and imports.
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EU exports for March 2023 were £17.2 billion. This was an increase of £1.4 billion (9%) on February 2023, but a decrease of £1.0 billion (5%) compared with March 2022.
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Non-EU exports for March 2023 were £20.4 billion. This was an increase of £1.7 billion (9%) on February 2023, and an increase of £4.4 billion (27%) compared with March 2022.
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EU imports for March 2023 were £30.7 billion. This was an increase of £4.3 billion (16%) on February 2023, and an increase of £1.6 billion (6%) compared with March 2022.
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Non-EU imports for March 2023 were £27.2 billion. This was an increase of £1.0 billion (4%) on February 2023, but a decrease of £5.9 billion (18%) compared with March 2022.
Exports: Country Analysis
- Exports to Switzerland up to over 2.5 times the value on March 2022.
- Exports to China up 34% in value on February 2023.
Table 2: UK exports of goods to the top 5 countries, main commodity and total value, March 2023
| Main partner country | Total country value (£ millions) | Main commodity | Partner commodity value (£ millions) |
|---|---|---|---|
| USA | 4,691 | Mechanical appliances | 1,127 |
| Switzerland | 4,125 | Precious metals | 3,770 |
| Netherlands | 3,094 | Mineral fuels | 1,053 |
| Germany | 3,060 | Mechanical appliances | 631 |
| Ireland | 2,264 | Mineral fuels | 384 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 2 shows the top 5 export partner countries by value:
- USA
- Switzerland
- Netherlands
- Germany
- Ireland
Exports of Mechanical appliances accounted for 24% of UK exports to the USA, and 21% of UK exports to Germany. Exports of Precious metals accounted for 91% of UK exports to Switzerland. Exports of Mineral fuels accounted for 34% of UK exports to the Netherlands, and 17% of UK exports to Ireland.
Exports: Commodity Analysis
- Mechanical appliances up by 18% on February 2023.
- Precious metals up by 60% on March 2022.
Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, March 2023
| Commodity | Total commodity value (£ millions) | Main partner country | Partner country value (£ millions) |
|---|---|---|---|
| Mechanical appliances | 6,421 | United States | 1,127 |
| Precious metals | 5,753 | Switzerland | 3,770 |
| Motor vehicles | 3,422 | United States | 478 |
| Mineral fuels | 3,164 | Netherlands | 1,053 |
| Electronic equipment | 2,121 | United States | 318 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 3 shows the top 5 export commodities by value:
- Mechanical appliances
- Precious metals
- Motor vehicles
- Mineral fuels
- Electronic equipment
Exports to the USA accounted for 18% of UK exports of Mechanical appliances, 14% of UK exports of Motor vehicles, and 15% of UK exports of Electronic equipment. Exports to Switzerland accounted for 66% of UK exports of Precious metals. Exports to the Netherlands accounted for 33% of UK exports of Mineral fuels.
Imports: Country Analysis
- Imports from Germany up 14% on February 2023.
- Imports from Norway down 51% on March 2022.
Table 4: UK imports of goods from the top 5 countries, main commodity and total value, March 2023
| Main partner country | Total country value (£ millions) | Main commodity | Partner commodity value (£ millions) |
|---|---|---|---|
| Germany | 7,113 | Motor vehicles | 2,514 |
| USA | 6,043 | Mineral fuels | 1,941 |
| Netherlands | 5,083 | Electronic equipment | 723 |
| China | 4,376 | Electronic equipment | 997 |
| France | 3,538 | Motor vehicles | 599 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 4 shows the top 5 import partner countries by value:
- Germany
- USA
- Netherlands
- China
- France
Motor vehicles accounted for 35% of UK imports from Germany and 17% of UK imports from France. Mineral fuels accounted for 32% of UK imports from the USA. Electronic equipment accounted for 14% of UK imports from the Netherlands and 23% of UK imports from China.
Imports: Commodity Analysis
- Imports of Mechanical appliances up 18% on February 2023.
- Imports of Mineral fuels down 34% on March 2022.
Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, March 2023
| Commodity | Total commodity value (£ millions) | Main partner country | Partner country value (£ millions) |
|---|---|---|---|
| Mechanical appliances | 7,453 | Germany | 1,152 |
| Mineral fuels | 7,214 | Norway | 2,283 |
| Motor vehicles | 6,593 | Germany | 2,514 |
| Electronic equipment | 5,267 | China | 997 |
| Precious metals | 3,828 | Kazakhstan | 1,022 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 5 shows the top 5 import commodities by value:
- Mechanical appliances
- Mineral fuels
- Motor vehicles
- Electronic equipment
- Precious metals
Imports from Germany accounted for 15% of UK imports of Mechanical appliances and 38% of UK imports of Motor vehicles. Imports from Norway accounted for 32% of UK imports of Mineral fuels. Imports from China accounted for 19% of UK imports of Electronic equipment. Imports from Kazakhstan accounted for 27% of UK imports of Precious metals.
Focus
Mineral Fuels
Exports of Mineral fuels increased by £145 million (5%) on February 2023. The increase was led by a £131 million increase in exports to Nigeria, up to 3 times the value.
In contrast, exports of Mineral fuels decreased by £1,401 million (31%) on March 2022, driven by:
- £239 million (38%) decrease in exports to Ireland
- £200 million (58%) decrease in exports to Germany
- £182 million (15%) decrease in exports to the Netherlands
- £181 million (100%) decrease in exports to South Korea.
Imports of Mineral fuels decreased by £363 million (5%) on February 2023, and by £3,681 million (34%) on March 2022. The decrease on February 2023 was driven by:
- £360 million (47%) decrease in imports from the Netherlands
- £358 million (14%) decrease in imports from Norway.
The decrease on March 2022 was also driven by a £2,679 million (54%) decrease in imports from Norway.
China
Exports to China increased by £534 million (34%) on February 2023, driven by a £501 million (95%) increase in exports of Precious metals. Exports to China also increased by £829 million (66%) on March 2022, driven by a £957 million increase in exports of Precious metals, from £74 million.
Imports from China decreased by £755 million (15%) on February 2023, driven by:
- £155 million (26%) decrease in imports of Motor vehicles
- £134 million (12%) decrease in imports of Electronic equipment.
Imports from China decreased by £1,734 million (28%) on March 2022, driven by:
- £354 million (29%) decrease in imports of Mechanical appliances
- £247 million (49%) decrease in imports of Furniture and light fittings
- £219 million (18%) decrease in imports of Electronic equipment
- £108 million (48%) decrease in imports of Articles of iron or steel.