UK overseas trade in goods statistics September 2023: commentary
Published 10 November 2023
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Trade in Goods Summary
From 31 December 2020, the free movement of people and goods and services between the UK and the European Union (EU) ended. This meant HMRC has changed sources and methodologies of the trade in goods statistics. Users must refer to the accompanying methodology notes, which details these changes and the impact on the statistics.
Total exports of goods for September 2023
£35.2 billion up £1.4 billion (4%) on August 2023, and down £7.1 billion (17%) on September 2022
Total imports of goods for September 2023
£48.6 billion up £0.1 billion (less than 1%) on August 2023, and down £7.3 billion (13%) on September 2022
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
The UK was a net importer this month, with imports exceeding exports by £13.4 billion, narrowing the trade gap by £1.3 billion on August 2023.
Figure 1: Total UK monthly Trade in Goods, April 2022 to September 2023
Download detailed September 2023 trade gap data (ODS 11KB)
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Figure 1 shows that exports have remained fairly steady since June 2023. In September 2023, imports remain below April 2023 levels. The trade gap has narrowed in September 2023, following a relatively steady period.
EU and Non-EU Trade in Goods
- Exports to the EU accounted for 43% of the total value of exports.
- Imports from the EU accounted for 52% of the total value of imports.
Table 1: Total UK Trade in Goods with EU and Non-EU, September 2023 (£ billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 15.3 | 19.9 | 35.2 |
| Imports | 25.5 | 23.2 | 48.6 |
Download total UK trade in goods with EU and non-EU, August 2023 data (ODS 8.96 KB)
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.
- EU exports for September 2023 were £15.3 billion. This was an increase of £1.0 billion (7%) on August 2023, but a decrease of £2.4 billion (14%) compared with September 2022.
- Non-EU exports for September 2023 were £19.9 billion. This was an increase of £0.4 billion (2%) on August 2023, but a decrease of £4.7 billion (19%) compared with September 2022.
- EU imports for September 2023 were £25.5 billion. This was an increase of £0.7 billion (3%) on August 2023, and an increase of £0.9 billion (4%) compared with September 2022.
- Non-EU imports for September 2023 were £23.2 billion. This was a decrease of £0.6 billion (2%) on August 2023, and a decrease of £8.2 billion (26%) compared with September 2022.
Exports: Country Analysis
- Exports to Hong Kong up to more than 3 times the value on August 2023.
- Exports to Switzerland down 69% in value on September 2022.
Table 2: UK exports of goods to the top 5 countries, main commodity and total value, September 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| USA | 4,611 | Mechanical appliances | 1,077 |
| Germany | 2,646 | Mechanical appliances | 586 |
| China | 2,423 | Precious metals | 1,505 |
| Netherlands | 2,380 | Mineral fuels | 850 |
| Hong Kong | 2,316 | Precious metals | 1,798 |
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
- Germany
- China
- Netherlands
- Hong Kong
Exports of Mechanical appliances accounted for 23% of UK exports to the USA and 22% of UK exports to Germany. Exports of Precious metals accounted for 62% of UK exports to China and 78% of UK exports to Hong Kong. Exports of Mineral fuels accounted for 36% of UK exports to the Netherlands.
Exports: Commodity Analysis
- Motor vehicles up 33% in value on August 2023.
- Precious metals down by 40% in value on September 2022.
Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, September 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Precious metals | 6,759 | Hong Kong | 1,798 |
| Mechanical appliances | 5,613 | USA | 1,077 |
| Motor vehicles | 3,375 | USA | 600 |
| Mineral fuels | 2,501 | Netherlands | 850 |
| Electronic equipment | 1,970 | USA | 326 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 3 shows the top 5 export commodities by value:
- Precious metals
- Mechanical appliances
- Motor vehicles
- Mineral fuels
- Electronic equipment
Exports to Hong Kong accounted for 27% of UK exports of Precious metals. Exports to the USA accounted for 19% of UK exports of Mechanical appliances, 18% of UK exports of Motor vehicles, and 17% of UK exports of Electronic equipment. Exports to the Netherlands accounted for 34% of UK exports of Mineral fuels.
Imports: Country Analysis
- Imports from China up 8% on August 2023
- Imports from the USA down 31% on September 2022
Table 4: UK imports of goods from the top 5 countries, main commodity and total value, September 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| China | 5,565 | Electronic equipment | 1,492 |
| Germany | 5,493 | Motor vehicles | 1,767 |
| Netherlands | 4,230 | Mechanical appliances | 626 |
| USA | 4,136 | Mechanical appliances | 730 |
| France | 3,114 | Motor vehicles | 568 |
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:
- China
- Germany
- Netherlands
- USA
- France
Electronic equipment accounted for 27% of UK imports from China. Motor vehicles accounted for 32% of UK imports from Germany and 18% of UK imports from France. Mechanical appliances accounted for 15% of UK imports from the Netherlands and 18% of UK imports from the USA.
Imports: Commodity Analysis
- Imports of Electronic equipment up 15% on August 2023
- Imports of Mineral fuels down 51% on September 2022
Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, September 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Mechanical appliances | 6,136 | China | 849 |
| Motor vehicles | 5,645 | Germany | 1,767 |
| Electronic equipment | 5,084 | China | 1,492 |
| Mineral fuels | 4,780 | Norway | 1,273 |
| Precious metals | 3,025 | USA | 697 |
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
- Motor vehicles
- Electronic equipment
- Mineral fuels
- Precious metals
Imports from China accounted for 14% of UK imports of Mechanical appliances and 29% of UK imports of Electronic equipment. Imports from Germany accounted for 31% of UK imports of Motor vehicles. Imports from Norway accounted for 27% of UK imports of Mineral fuels. Imports from the USA accounted for 23% of UK imports of Precious metals.
Focus
China
Exports
Exports to China decreased by £309 million (11%) on August 2023, led by:
- £223 million (13%) decrease in exports of Precious metals
- £47 million (23%) decrease in exports of Mechanical appliances
Similarly, exports to China decreased by £1,150 million (32%) on September 2022, led by:
- £912 million (38%) decrease in exports of Precious metals
- £190 million (99%) decrease in exports of Mineral fuels
Imports
Imports from China increased by £398 million (7.7%) on August 2023, led by:
- £430 million (41%) increase in imports of Electronic equipment
- £135 million increase in imports of Aircraft (from £7 million)
This was offset by a £114 million (25%) decrease in imports of Motor vehicles.
In contrast, imports from China decreased by £1,167 million (17%) on September 2022, led by:
- £295 million (16%) decrease in imports of Electronic equipment
- £153 million (15%) decrease in imports of Mechanical appliances
- £125 million (27%) decrease in imports of Motor vehicles