UK overseas trade in goods statistics November 2024: commentary
Published 16 January 2025
© Crown copyright 2025
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gov.uk.
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at https://www.gov.uk/government/statistics/uk-overseas-trade-in-goods-statistics-november-2024/uk-overseas-trade-in-goods-statistics-november-2024-commentary
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. Further information about trade in non-monetary gold (NMG) can be found in the monthly gold table.
Total exports of goods for November 2024
£38.5 billion up £4.1 billion or 12% on October 2024, up £1.3 billion or 3% on November 2023
Total imports of goods for November 2024
£58.6 billion down £5.8 billion or 9% on October 2024, up £2.4 billion or 4% on November 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 £20.2 billion, narrowing the trade gap by £9.9 billion compared with October 2024.
Figure 1: Total UK monthly trade in goods, June 2023 to November 2024
Figure 1 shows total exports, imports and the trade gap for the period from June 2023 to November 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
In November 2024, exports went up for the fourth consecutive month in a row. Imports decreased sharply after a peak in October 2024. This made the trade gap smaller in November 2024. Large changes to both exports and imports were driven by fluctuations in Precious Metals.
Impact of non-monetary gold (NMG)
Movements in NMG, a large part of Precious metals, can be large and highly volatile. This impacts 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, June 2023 to November 2024
Figure 2 presents exports and imports including and excluding non-monetary gold.
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 12.5 KB)
Note: 2024 data is provisional
In November 2024, exports of NMG increased by £4.9 billion compared with October 2024, leading to an overall increase in total exports. Exports excluding NMG decreased by £782 million. Imports of NMG decreased by £4.9 billion in November 2024 compared with October 2024, accounting for most of the £5.8 billion decrease in total imports on the previous month.
EU and non-EU trade in goods
Exports to the EU accounted for 39% of the total value of exports, or 50% when excluding NMG.
Imports from the EU accounted for 48% of the total value of imports, or 52% when excluding NMG.
Table 1: Total UK trade in goods with EU and non-EU, November 2024 (£ billion)
| Flow | EU | EU excl NMG | Non-EU | Non-EU excl NMG | Total | Total excl NMG |
|---|---|---|---|---|---|---|
| Exports | 14.9 | 14.7 | 23.6 | 14.5 | 38.5 | 29.3 |
| Imports | 27.9 | 27.0 | 30.7 | 24.9 | 58.6 | 52.0 |
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 9.81 KB)
Note: 2024 data is provisional
EU exports for November 2024 were £14.9 billion. This was a decrease of £0.6 billion or 4% on October 2024, and a decrease of £1.7 billion or 10% compared with November 2023.
Non-EU exports for November 2024 were £23.6 billion. This was an increase of £4.7 billion or 25% on October 2024, and an increase of £3.0 billion or 15% compared with November 2023.
EU imports for November 2024 were £27.9 billion. This was a decrease of £0.9 billion or 3% on October 2024, and a decrease of £1.4 billion or 5% compared with November 2023.
Non-EU imports for November 2024 were £30.7 billion. This was a decrease of £4.9 billion or 14% on October 2024, but an increase of £3.7 billion or 14% compared with November 2023.
Figure 3: Total UK monthly trade in goods with EU and non-EU, June 2023 to November 2024
Figure 3 shows total exports and imports for EU and non-EU trade for the period from June 2023 to November 2024.
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 11.6 KB)
Note: 2024 data is provisional
EU exports continue to experience minor fluctuations, decreasing slightly in November 2024. Non-EU exports rose sharply, driven by an increase in exports of Precious metals. EU imports decreased in November 2024 after two consecutive monthly increases. Non-EU imports dropped sharply after a steep rise in October 2024, driven by large swings in imports of Precious metals.
Exports: Country analysis
You can explore more UK export country data in the interactive data tables.
Switzerland had the largest value increase in exports on October 2024, up to almost 10 times the value, and the largest value increase in exports on November 2023, up to 4.5 times the value.
Table 2: UK exports of goods to the top 5 countries, value comparison with October 2024 and November 2023 (£ million)
| Partner country | November 2024 | October 2024 | November 2023 |
|---|---|---|---|
| United States | 5,223 | 4,655 | 5,071 |
| Switzerland | 4,628 | 470 | 1,013 |
| China | 4,188 | 4,781 | 3,958 |
| Germany | 2,877 | 2,607 | 2,780 |
| Netherlands | 2,061 | 2,296 | 2,279 |
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 9.75 KB)
Note: 2024 data is provisional
The USA replaced China as the largest export partner country by value. It had the second largest value increase on October 2024, up £568 million. This was driven by an increase in Precious metals. Switzerland was the second largest export partner, up £4,158 million in October 2024, also driven by Precious metals. China fell to third place from first. It had the largest value decrease on October 2024, down £592 million, led by decreases in Precious metals and Motor vehicles.
Figure 4: Historical export values for the top 3 export partner countries in November 2024
Figure 4 shows the values for the top 3 export partner countries in November 2024 for the period from June 2023 to November 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
The USA became the top export partner in November 2024, accounting for 14% of the UK’s total exports. Exports to the USA were up 12% on October 2024, to reach the highest value since October 2023. Switzerland became the second largest export partner, up from seventeenth place, accounting for 12% of total exports in November 2024, compared to only 1% in October 2024. Exports to China decreased by 12% on October 2024, accounting for 11% of total exports, down from 14% in October 2024.
Exports: Chapter analysis
You can explore more UK export chapter data in the interactive data tables.
Precious metals had the largest value increase on October 2024, up to double the value, and the largest value increase on November 2023, up 70%.
Table 3: UK exports of goods of the top 5 chapters, value comparison with October 2024 and November 2023 (£ million)
| Chapter | November 2024 | October 2024 | November 2023 |
|---|---|---|---|
| Precious metals | 10,171 | 4,906 | 5,985 |
| Mechanical appliances | 5,763 | 5,391 | 6,441 |
| Motor vehicles | 3,373 | 3,389 | 3,872 |
| Electronic equipment | 2,154 | 2,188 | 2,114 |
| Mineral fuels | 1,819 | 2,047 | 2,604 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 3: UK exports of goods of the top 5 chapters, total value (ODS 9.46 KB)
Note: 2024 data is provisional
Precious metals replaced Mechanical appliances as the top export chapter in November 2024. It had the largest value increase on October 2024, up £5,265 million. It also had the largest value increase on November 2023, up £4,186 million. Exports of Mechanical appliances fell to second place but had the second largest value increase on October 2024 of £371 million. It had the second largest value decrease on November 2023, down £678 million. Motor vehicles remained in third place, down slightly on October 2024, and down £499 million on November 2023.
Figure 5: Historical export values for the top 3 export chapters in November 2024
Figure 5 shows the values for the top 3 export chapters in November 2024 for the period from June 2023 to November 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 5: Historical export values for the top 3 export chapters (ODS 11.2 KB)
Note: 2024 data is provisional
Exports of Precious metals more than doubled in value in November 2024. This accounted for 26% of the UK’s total exports in November 2024, up from 14% in October 2024 and 16% in November 2023. Exports of Mechanical appliances rose for the second consecutive month, up 7%, accounting for 15% of the UK’s total exports in November 2024. Motor vehicles accounted for 9%, remaining the third largest export chapter this month.
Imports: Country analysis
You can explore more UK import country data in the interactive data tables.
Switzerland had the largest value decrease in imports on October 2024, down 65% .
Kazakhstan had the largest value increase in imports on November 2023, up to almost 4 times the value.
Table 4: UK imports of goods from the top 5 countries, value comparison with October 2024 and November 2023 (£ million)
| Partner country | November 2024 | October 2024 | November 2023 |
|---|---|---|---|
| Germany | 6,728 | 6,568 | 7,352 |
| China | 6,415 | 6,259 | 5,742 |
| USA | 4,586 | 5,685 | 4,717 |
| Netherlands | 4,116 | 4,351 | 4,683 |
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 9.38 KB)
Note: 2024 data is provisional
Germany remained the largest import partner country by value. Imports from Germany increased by £159 million on October 2024, driven by an increase in imports of Precious metals and Motor vehicles. In contrast, Germany had the second largest value decrease on November 2023, down £624 million, led by Motor vehicles. Imports from China, remaining in second place this month, increased by £155 million on October 2024 and £673 million on November 2023. The USA remained in third place and had the second largest value decrease on October 2024, down £1,099 million. This was driven by a decrease in imports of Precious metals, Aircraft, and Mechanical appliances.
Figure 6: Historical import values for the top 3 import partner countries in November 2024
Figure 6 shows the values for the top 3 import partner countries in November 2024 for the period from June 2023 to November 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 11 KB)
Note: 2024 data is provisional
Germany has remained the UK’s top import partner for 14 consecutive months, accounting for 11% of the UK’s total imports in November 2024. Imports from Germany increased by 2% on October 2024 to the highest value since April 2024. China remained the UK’s second ranked import partner, accounting for 11% of the UK’s total imports in November 2024. Imports from China increased by 2% on October 2024 to the highest level for the period shown. Imports from the USA accounted for 8% of the UK’s total imports in November 2024. They decreased by 19% on October 2024 to the lowest level since September 2023.
Imports: Chapter analysis
You can explore more UK import chapter data in the interactive data tables.
Precious metals had the largest value decrease on October 2024, down 37%, and the largest value increase on November 2023, up 68%.
Table 5: UK imports of goods of the top 5 chapters, value comparison with October 2024 and November 2023 (£ million)
| Chapter | November 2024 | October 2024 | November 2023 |
|---|---|---|---|
| Precious metals | 7,901 | 12,451 | 4,712 |
| Mechanical appliances | 6,378 | 6,565 | 6,897 |
| Motor vehicles | 6,340 | 6,199 | 6,666 |
| Electronic equipment | 5,762 | 5,509 | 5,752 |
| Mineral fuels | 5,561 | 5,355 | 6,486 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 5: UK imports of goods of the top 5 chapters, total value (ODS 9.4 KB)
Note: 2024 data is provisional
Precious metals remained the top import chapter in November 2024. This was despite having the largest value decrease on October 2024, down £4,550 million, led by Switzerland. In contrast, it had the largest value increase on November 2023, up £3,189 million, led by Kazakhstan. Mechanical appliances remained in second place despite having the fourth largest value decrease on October 2024, down £187 million, led by the USA. Motor vehicles remained in third place. It had the third largest value increase on October 2024, up £142 million. This was driven by increased imports from Germany, Belgium, and China.
Figure 7: Historical import values for the top 3 import chapters in November 2024
Figure 7 shows the values for the top 3 import chapters in November 2024 for the period from June 2023 to November 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
In November 2024, Precious metals accounted for 13% of the UK’s total imports, down from 19% in October 2024. Imports of Precious metals decreased by 37% on October 2024. Imports of Mechanical appliances remained in second place. They accounted for 11% of total imports, following a 3% decrease on October 2024. Imports of Motor vehicles accounted for 11% of total imports. They increased by 2% on October 2024 to the highest value since March 2024.
Focus
In November 2024, Precious Metals were again major drivers of changes in trade. For further detail, see Impact of non-monetary gold (NMG) and monthly gold table.
Table 6: Exports of Precious metals, value comparison with October 2024
| Partner country | November 2024 (£m) | October 2024 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Switzerland | 4,313 | 140 | 4,172 | 2,970 |
| USA | 782 | 126 | 657 | 523 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 6: November 2024 Precious metals export data (ODS 9.19 KB)
Note: 2024 data is provisional
Exports of Precious metals had the largest value increase of all commodities on October 2024. This was a £5,265 million increase, to double the value. Between October 2024 and November 2024, exports of Precious metals to Switzerland rose by £4,172 million from £140 million. Exports of Precious metals to the USA rose by £657 million to more than 6 times the value over the same period.
Table 7: Imports of Precious metals, value comparison with October 2024
| Partner country | November 2024 (£m) | October 2024 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Switzerland | 609 | 2,772 | -2,162 | -78 |
| Uzbekistan | 0 | 674 | -674 | -100 |
| USA | 642 | 1,275 | -632 | -50 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 7: November 2024 Precious metals import data (ODS 9.35 KB)
Note: 2024 data is provisional
In November 2024, imports of Precious metals had the largest value decrease of all chapters on October 2024. They fell by £4,550 million, or 37%. Between October 2024 and November 2024, imports of Precious metals from Switzerland decreased by £2,162 million, or 78%. Imports from Uzbekistan decreased to less than £1 million, from £674 million. Imports from the USA decreased by £632 million, or 50%.