UK trade in goods by declared currency of invoice: methodology notes
Published 26 April 2024
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This publication is available at https://www.gov.uk/government/statistics/uk-trade-in-goods-by-declared-currency-of-invoice-2023/uk-trade-in-goods-by-declared-currency-of-invoice-methodology-notes
Data sources
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 31 December 2020, the free movement of people and goods and services between the UK and the European Union (EU) ended. This meant the way HM Revenue & Customs (HMRC) had been collecting trade in goods statistics was revised.
UK exports
For goods moving from 1 January 2021, Great Britain including England, Scotland and Wales (GB) EU export statistics have been compiled directly from customs export declarations made according to the requirements of the Taxation (Cross Border Trade) Act. These declarations include the currency used on the invoice for the export. Intrastat survey returns, however, continued to be collected for goods exported from Northern Ireland (NI) to the EU, under the terms of the Northern Ireland Protocol.
From 1 January 2021, HMRC can report on the currencies used for UK exports to non-EU countries and GB exports to EU member states. Data is not available on NI exports to the EU, this is captured under ‘no currency declared.’
UK imports
For goods moving from 1 January 2022, EU to GB import statistics have been compiled directly from customs import declarations made according to the requirements of the Taxation (Cross Border Trade) Act. These declarations include the currency used on the invoice for the export. Intrastat survey returns, however, continued to be collected for goods imported from the EU to NI, under the terms of the Northern Ireland Protocol.
From 1 January 2022, HMRC can report on the currencies used for UK imports from non-EU countries and GB imports from EU member states. Data is not available on NI imports from the EU, this is captured under ‘no currency declared.’
Non-response estimates
For trade compiled from Intrastat, non-response estimates are calculated where businesses fail to provide Intrastat returns by the required deadline, or when the value of the return is substantially lower than expected (so a further declaration is likely). These are included in published Overseas Trade in Goods Statistics values but not in the total trade values in this release. This is because they do not relate to a declaration.
Summary
2023 data are provisional estimates.
Percentages are rounded to the nearest decimal place.
Only data received through the administrative customs data collection has currency of invoice declared.
Trade collected via Intrastat is included in ‘No currency declared’ as currency is not collected.
‘No currency declared’ also includes trade reported through separate systems, such as parcel post and some mineral fuels.
Updates to the 2023 figures as published in the Overseas trade in good statistics (OTS) release on 12th April 2024 have not been applied to this release due to production lead-in times.
Official Statistics Publication
Our statistical practice is regulated by the Office for Statistics Regulation (OSR).
OSR sets the standards of trustworthiness, quality and value in the Code of Practice for Statistics that all producers of official statistics should adhere to.
This publication is based on the methodologies of the OTS, which were independently reviewed by the Office for Statistics Regulation in October 2010 with publication of the report in February 2011. They comply with the standards of trustworthiness, quality and value in the Code of Practice for Statistics.
You are welcome to contact us directly with any comments about how we meet these standards by email: (uktradeinfo@hmrc.gov.uk)
Alternatively, you can contact OSR by email: (regulation@statistics.gov.uk) or via the OSR website
Next release: April 2025
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If using specific facts contained in this release, please check the information is still current.