Official Statistics

UK trade in goods by declared currency of invoice 2023: commentary

Published 26 April 2024

About this release

This release provides the estimates on trade in goods by currency as declared on the invoice, where reported on the Customs system for 2023.

Currency of invoice summary

Data received through the administrative Customs system for trade movements between the UK and other countries includes currency of invoice declared. This release reports on the currency used.

From January 2010, HM Revenue & Customs (HMRC) was able to report on the currencies used for exports and imports from non-EU countries. From January 2021, HM Revenue & Customs (HMRC) was able to report on the currencies used for UK imports from non-EU countries, and for GB (England, Scotland and Wales) exports to EU member states. In addition to that, from 1 January 2022, HMRC was able to report on the currencies used for all UK trade with non-EU countries, and for all GB trade with EU member states. Data is not available on Northern Ireland (NI) trade with the EU for any period, this is captured under ‘no currency declared.’

Exports

33% of the value of UK exports to EU countries declared Pound sterling as the currency of invoice

56% of the value of UK exports to non-EU countries declared the US dollar as the currency of invoice

Table 1: Breakdown of currency of invoice for UK exports to EU and non-EU countries in 2023 as a percentage of total value

Table 1 shows that 39.7% of the total value of UK exports declared the US dollar as the currency when submitted to HMRC. This was followed by Pound sterling at 29.6%, Euro at 14.4% and Chinese yuan at 0.9%. All other currencies accounted for 2.6% when aggregated together, and 12.8% had no currency declared.

The US dollar dominated for exports to non-EU countries, while Pound sterling led for exports to EU countries, with Euro in second place.

Currency             Exports to EU Exports to non-EU Total exports
US dollar            18.7% 56.5% 39.7%
Pound sterling       33.0% 26.9% 29.6%
Euro                 27.0% 4.4% 14.4%
Chinese yuan         x 1.6% 0.9%
Swedish krone        0.4% x x
Other currencies     0.6% 3.8% 2.6%
No currency declared 20.3% 6.9% 12.8%
Total 100% 100% 100%
Total exports (£ million)       185,707 233,276 418,983

Download table 1: Breakdown of currency of invoice for UK exports to EU and non-EU countries 2023 (ODS 9KB)

Download detailed data on Standard International Trade Classification (SITC) in the percentage of currency of invoice for exports 2022 to 2023 (ODS 11.5KB).

Source: Overseas trade in goods statistics from HM Revenue & Customs

Notes:

  • 2023 data is provisional
  • Only data received through the administrative Customs data collection has currency of invoice declared
  • ‘No currency declared’ includes trade reported through separate systems, such as Intrastat and parcel post, and some mineral fuels
  • Where a currency does not appear in the top 4 under the relevant trade flow, this is indicated by ‘x‘
  • The figures in this release exclude non-response estimates and therefore will not match other published figures

Table 2: Top 4 currencies of invoice for UK exports to non-EU countries as a percentage of total value, 2020 to 2023

Table 2 shows the recent history of the top 4 currencies used for UK exports to non-EU countries.

This table indicates a decrease in US dollar in 2023, after a large increase from 2020 to 2022. Pound sterling increased in 2023, after a decline from 2020 to 2022.

Year US dollar Pound sterling Euro Chinese yuan
2020 43.0% 36.0% 4.3% 2.0% 
2021 46.2% 30.4% 4.4% 1.9% 
2022 58.4% 25.2% 3.9% 1.5% 
2023 56.5% 26.9% 4.4% 1.6% 

Download table 2: Top 4 currencies of invoice for UK exports to non-EU countries as a percentage of total value, 2020 to 2023 (ODS 9KB)

Source: Overseas trade in goods statistics from HM Revenue & Customs

Notes:

  • 2023 data is provisional
  • Only data received through the administrative Customs data collection has currency of invoice declared
  • The percentages do not add to 100% as they do not include other currencies or where no currency is declared

Table 3: Top 4 currencies of invoice for UK exports to EU countries as a percentage of total value, 2021 to 2023

Table 3 shows the recent history of the top 4 currencies used for UK exports to EU countries from 2021 to 2023.

This table indicates a small decrease in the use of Pound sterling, while the Euro recovered after a decrease. There was a decrease in the use of the US dollar in 2023, after an increase in 2022. There was little change in the percentage of trade where the Swedish krone was declared.

Year Pound sterling Euro US dollar Swedish krone
2021 35.7% 26.5% 16.4% 0.5%
2022 33.3% 25.1% 19.3% 0.5%
2023 33.0% 27.0% 18.7% 0.4%

Download table 3: Top 4 currencies of invoice for UK exports to EU countries as a percentage of total value, 2021 to 2023 (ODS 9KB)

Download detailed data for export totals by currency 2022 to 2023 (ODS 10KB).

Source: Overseas trade in goods statistics from HM Revenue & Customs

Notes:

  • 2023 data is provisional
  • Only data received through the administrative Customs data collection has currency of invoice declared
  • 2020 data for UK exports to EU was not available as data was collected via Intrastat
  • The percentages do not add to 100% as they do not include other currencies or where no currency is declared

Imports

36% of the value of UK imports from EU countries declared Euro as the currency of invoice

58% of the value of UK imports from non-EU countries declared the US dollar as the currency of invoice

Table 4: Breakdown of currency of invoice for UK imports from EU and non-EU countries in 2023 as a percentage of total value

Table 4 shows that 35.1% of the total value of UK imports declared the US dollar as the currency when submitted to HMRC. This was followed by Pound sterling at 27.2%, Euro at 19.7% and Canadian dollar at 0.7%. All other currencies accounted for 1.9% when aggregated together, and 15.4% had no currency declared.

The US dollar dominated for imports from non-EU countries, while Pound sterling was slightly ahead of Euro for EU imports, with US dollar in third place.

Currency Imports from EU Imports from non-EU Total imports
US dollar            13.1% 58.2% 35.1%
Pound sterling       35.8% 18.2% 27.2%
Euro                 34.3% 4.3% 19.7%
Canadian dollar      x 1.5% 0.7%
Polish zloty         0.4% x
Other currencies     0.6% 2.8% 1.9%
No currency declared 15.8% 15.0% 15.4%
Total 100% 100% 100%
Total imports (£ million)     325,964 310,737  636,701

Download table 4: Breakdown of currency of invoice for UK imports from EU and non-EU countries in 2023 (ODS 9KB)

Download detailed data on Standard International Trade Classification (SITC) in the percentage of currency of invoice for imports 2022 to 2023 (ODS 11.3KB).

Source: Overseas trade in goods statistics from HM Revenue & Customs

Notes:

  • 2023 data is provisional
  • Only data received through the administrative Customs data collection has currency of invoice declared
  • ‘No currency declared’ includes trade reported through separate systems, such as Intrastat and parcel post, and some mineral fuels
  • Where a currency does not appear in the top 4 under the relevant trade flow, this indicated by ‘x‘
  • The figures in this release exclude non-response estimates and therefore will not match other published figures

Table 5: Top 4 currencies of invoice for UK imports from non-EU countries as a percentage of total value, 2020 to 2023

Table 5 shows the recent history of the top 4 currencies used for UK imports from non-EU countries.

This table indicates a decrease in the use of the US dollar from 2020 to 2022, recovering in 2023, while the use of Pound sterling has shown two years of decrease since 2021, after a sharp rise.

Year US dollar Pound sterling Euro Canadian dollar
2020 68.1% 17.6% 4.1% 2.8%
2021 61.3% 21.0% 4.7% 2.2%
2022 56.5% 20.0% 3.9% 2.1%
2023 58.2% 18.2% 4.3% 1.5%

Download table 5: Top 4 currencies of invoice for UK imports from non-EU countries as a percentage of total value, 2020 to 2023 (ODS 9KB)

Source: Overseas trade in goods statistics from HM Revenue & Customs

Notes:
- 2023 data is provisional - Only data received through the administrative Customs data collection has currency of invoice declared - The percentages do not add to 100% as they do not include other currencies or where no currency is declared

Table 6: Top 4 currencies of invoice for UK imports from EU countries as a percentage of total value, 2022 to 2023

Table 6 shows the recent history of the top 4 currencies used for UK imports from EU countries from 2022 to 2023.

This table indicates a decrease in the use of the Euro and Pound sterling from 2022 to 2023, while the US dollar has shown an increase since 2022.

Year Euro Pound sterling US dollar Polish zloty
2022 36.9% 36.8% 14.1% 0.4%
2023 34.3% 35.8% 13.1% 0.4% 

Download table 6: Top 4 currencies of invoice for UK imports from EU countries as a percentage of total value, 2022 to 2023 (ODS 9KB)

Download detailed data for import totals by currency, 2022 to 2023 (ODS 10KB).

Source: Overseas trade in goods statistics from HM Revenue & Customs

Notes:

  • 2023 data is provisional
  • Only data received through the administrative Customs data collection has currency of invoice declared
  • 2020 and 2021 data for UK imports from EU was not available as data was collected via Intrastat
  • The percentages do not add to 100% as they do not include other currencies or where no currency is declared

Updates to the 2023 figures as published in the Overseas Trade in Goods Statistics (OTS) release on 12th April 2024 have not been applied to this release due to production lead in times.