UK overseas trade in goods statistics September 2024: commentary
Published 15 November 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, chapters, 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 September 2024
£31.6 billion up £1.0 billion (3%) on August 2024, down £3.7 billion (10%) on September 2023
Total imports of goods for September 2024
£50.7 billion down £0.6 billion (1%) on August 2024, up £2.0 billion (4%) on September 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 £19.0 billion, narrowing the trade gap by £1.6 billion compared to August 2024.
Figure 1: Total UK monthly trade in goods, April 2023 to September 2024
Figure 1 shows total exports, imports and the trade gap for the period from April 2023 to September 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 1: Total UK monthly trade in goods (ODS 11.1 KB)
Note: 2024 data is provisional
In September 2024, exports increased, driven by an increase in exports of Precious metals. Imports decreased compared to August 2024, driven by a decrease in imports of Mechanical appliances, which resulted in the trade gap narrowing.
Impact of non-monetary gold (NMG)
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, April 2023 to September 2024
Figure 2 presents imports and exports 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 12.3 KB)
Note: 2024 data is provisional
For most of 2023, exports of NMG were one of the main drivers for trade fluctuations. In September 2024 an increase in exports of NMG was the largest contributor to the increase in total exports. Imports of NMG in September 2024 decreased slightly compared to August 2024, from £5.1 billion to £5.0 billion.
EU and non-EU trade in goods
Exports to the EU accounted for 44% of the total value of exports, or 51% when excluding NMG.
Imports from the EU accounted for 50% of the total value of imports, or 54% when excluding NMG.
Table 1: Total UK trade in goods with EU and non-EU, September 2024 (£ billion)
| Flow | EU | EU excl NMG | Non-EU | Non-EU excl NMG | Total | Total excl NMG |
|---|---|---|---|---|---|---|
| Exports | 13.8 | 13.8 | 17.8 | 13.4 | 31.6 | 27.2 |
| Imports | 25.3 | 24.8 | 25.4 | 20.9 | 50.7 | 45.6 |
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 9.78 KB)
Note: 2024 data is provisional
EU exports for September 2024 were £13.8 billion. This was a decrease of £0.3 billion (2%) on August 2024, and a decrease of £1.6 billion (10%) compared with September 2023.
Non-EU exports for September 2024 were £17.8 billion. This was an increase of £1.3 billion (8%) on August 2024, but a decrease of £2.1 billion (11%) compared with September 2023.
EU imports for September 2024 were £25.3 billion. This was an increase of £1.3 billion (5%) on August 2024, but a decrease of £0.2 billion (1%) compared with September 2023.
Non-EU imports for September 2024 were £25.4 billion. This was a decrease of £1.9 billion (7%) on August 2024, but an increase of £2.2 billion (10%) compared with September 2023.
Figure 3: Total UK monthly trade in goods with EU and non-EU, April 2023 to September 2024
Figure 3 shows total exports and imports for EU and non-EU trade for the period from April 2023 to September 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 11.5 KB)
Note: 2024 data is provisional
EU exports remained relatively stable over the period from April 2023 to September 2024. Non-EU exports fluctuated throughout the period shown, increasing in September 2024. EU imports increased in September 2024 whilst non-EU imports decreased.
Exports: Country analysis
You can explore more UK export country data in the interactive data tables.
China had the largest value increase in exports on August 2024, up to nearly 5 times the value.
Hong Kong (ranked 8) had the largest value decrease in exports on September 2023, down 56%.
Table 2: UK exports of goods to the top 5 countries, value comparison between August 2024 and September 2023 (£ million)
| Main partner country | September 2024 | August 2024 | September 2023 |
|---|---|---|---|
| China | 4,822 | 1,010 | 2,424 |
| United States | 4,206 | 4,112 | 4,635 |
| Germany | 2,587 | 2,537 | 2,599 |
| Netherlands | 2,181 | 2,010 | 2,372 |
| France | 1,857 | 1,531 | 1,800 |
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 9.53 KB)
Note: 2024 data is provisional
China became the largest export partner country by value, having the largest value increase on August 2024, driven by an increase in Precious metals. Switzerland had the largest value decrease in exports, down from fifth place in August 2024 to sixteenth place. Hong Kong had the largest value decrease on September 2023, falling from fifth place to eighth. Both decreases were also driven by Precious metals.
Figure 4: Historical export values for the top 3 export partner countries in September 2024
Figure 4 shows the values for the top 3 export partner countries for the period from April 2023 to September 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 10.9 KB)
Note: 2024 data is provisional
China replaced the USA as the top export partner in September 2024 for the first time over the period since April 2023, accounting for 15% of the UK’s total exports in September 2024. Exports to the USA increased by 2% on August 2024, following two monthly decreases. Exports to Germany increased by 2% on August 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 August 2024, up 58%, and had the largest value decrease on September 2023, down 20%.
Table 3: UK exports of goods of the top 5 chapters, value comparison between August 2024 and September 2023 (£ million)
| Chapter | September 2024 | August 2024 | September 2023 |
|---|---|---|---|
| Precious metals | 5,381 | 3,402 | 6,759 |
| Mechanical appliances | 4,905 | 5,523 | 5,638 |
| Motor vehicles | 2,942 | 2,265 | 3,382 |
| Mineral fuels | 2,065 | 2,231 | 2,559 |
| Electronic equipment | 1,934 | 1,910 | 1,970 |
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 9.4 KB)
Note: 2024 data is provisional
Precious metals replaced Mechanical appliances as the top export chapter in September 2024, after having the largest value increase on August 2024, up 58%. In contrast, exports of Precious metals decreased by 20% on September 2023. Mechanical appliances fell to second place from first, after having the largest value decrease on August 2024, down 11% and the second largest value decrease on September 2023, down 13%. Motor vehicles had the second largest value increase on August 2024, up 30%. Mineral fuels had the third largest value decrease on August 2024, down 7.5%.
Figure 5: Historical export values for the top 3 export chapters in September 2024
Figure 5 shows the values for the top 3 export chapters for the period from April 2023 to September 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 KB)
Note: 2024 data is provisional
Precious metals replaced Mechanical appliances as the top export chapter in September 2024, to reach the highest value since February 2024, accounting for 17% of the UK’s total exports in September 2024. Exports of Mechanical appliances accounted for 16% of the UK’s total exports in September 2024, while 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.
Canada (ranked 11) had the largest value decrease in imports on August 2024, down 40%, and the largest value increase in imports on September 2023, up to double the value.
Table 4: UK imports of goods from the top 5 countries, value comparison between August 2024 and September 2023 (£ million)
| Main partner country | September 2024 | August 2024 | September 2023 |
|---|---|---|---|
| Germany | 6,020 | 5,651 | 5,496 |
| China | 5,071 | 5,512 | 5,567 |
| USA | 4,728 | 4,842 | 4,136 |
| Netherlands | 3,637 | 3,922 | 4,232 |
| Belgium | 2,795 | 2,157 | 2,575 |
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 9.25 KB)
Note: 2024 data is provisional
Germany remained the largest import partner country by value, having the second largest value increase on August 2024, driven by an increase in Motor vehicles. Netherlands had the largest value decrease on September 2023, driven by Mechanical appliances and Mineral fuels.
Figure 6: Historical import values for the top 3 import partner countries in September 2024
Figure 6 shows the values for the top 3 import partner countries for the period from April 2023 to September 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 10.5 KB)
Note: 2024 data is provisional
Germany has remained the UK’s top import partner for 12 consecutive months, accounting for 12% of the UK’s total imports in September 2024, rising by 7% on August 2024. China remained the UK’s second ranked import partner despite an 8% decrease on August 2024. Imports from the USA have followed a gentle downward trend since January 2024 and decreased by 2% on August 2024.
Imports: Chapter analysis
You can explore more UK import chapter data in the interactive data tables.
Mechanical appliances had the largest value decrease on August 2024, down 11%.
Precious metals had the largest value increase on September 2023, up 97%.
Table 5: UK imports of goods of the top 5 chapters, value comparison between August 2024 and September 2023 (£ million)
| Chapter | September 2024 | August 2024 | September 2023 |
|---|---|---|---|
| Precious metals | 5,971 | 5,893 | 3,025 |
| Motor vehicles | 5,842 | 4,840 | 5,648 |
| Mechanical appliances | 5,485 | 6,132 | 6,139 |
| Mineral fuels | 4,782 | 5,323 | 4,780 |
| Electronic equipment | 4,228 | 4,624 | 5,084 |
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 9.37 KB)
Note: 2024 data is provisional
Precious metals became the top import chapter in September 2024, accounting for 12% of the UK’s total imports. It had the largest value increase on September 2023, up 97%. Motor vehicles rose to second place from fourth, having the largest value increase on August 2024, up 21%. Mechanical appliances fell to third place from first, having the largest value decrease on August 2024, down 11%. Mineral fuels fell to fourth place from third, having the second largest value decrease on August 2024, down 10%. Electronic equipment had the third largest value decrease on August 2024, down 9%, and the largest value decrease on September 2023, down 17%.
Figure 7: Historical import values for the top 3 import chapters in September 2024
Figure 7 shows the values for the top 3 import chapters for the period from April 2023 to September 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 8.16 KB)
Note: 2024 data is provisional
Precious metals became the top import chapter in September 2024. Imports of Precious metals have remained stable since July 2024, following peaks in July 2023, December 2023, and June 2024. Imports of Motor vehicles rose 21% following the lowest level seen for the period in August 2024. Imports of Mechanical appliances dropped to third place in September 2024 following a general downward trend since June 2024.
Focus
Table 6: Imports from Canada, value comparison between September 2023 and September 2024
| Chapter | September 2024 (£m) | September 2023 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Precious metals | 882 | 219 | 664 | 304 |
| Inorganic chemicals | 63 | 4 | 60 | 1,657 |
| Aircraft | 51 | 6 | 46 | 780 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 6: September 2024 Canada import data (ODS 9.35 KB)
Note: 2024 data is provisional
Imports from Canada showed the largest value increase of all partner countries on September 2023, a £650 million (doubling) increase. Between September 2023 and September 2024, imports of Precious metals rose by £664 million (to more than 4 times the value), and imports of Inorganic chemicals rose by £60 million (from £4 million). Imports of Aircraft from Canada rose by £46 million (from £6 million) over the same period.
Table 7: Imports of Mechanical appliances, value comparison between August 2024 and September 2024
| Partner country | September 2024 (£m) | August 2024 (£m) | Change (£m) | Change (%) | |
|---|---|---|---|---|---|
| China | 748 | 897 | -149 | -17 | |
| France | 327 | 460 | -133 | -29 | |
| Ireland | 106 | 194 | -89 | -46 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 7: September 2024 Mechanical appliances import data (ODS 9.15 KB)
Note: 2024 data is provisional
Imports of Mechanical appliances showed the largest value decrease of all chapters on August 2024, a £646 million (11%) decrease, mainly driven by China, France and Ireland.