UK overseas trade in goods statistics March 2024: commentary
Published 10 May 2024
© Crown copyright 2024
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-march-2024/uk-overseas-trade-in-goods-statistics-march-2024-commentary
Trade in goods summary
Data behind this bulletin is available through the UK Trade Info website, where users can build their own tables according to the countries, commodities, and ports selected.
Users must refer to the accompanying methodology notes.
Total exports of goods for March 2024
£34.1 billion up £0.1 billion (less than 1%) on February 2024, but down £4.0 billion (10%) on March 2023
Total imports of goods for March 2024
£50.8 billion up £3.5 billion (7%) on February 2024, but down £7.2 billion (12%) on March 2023
The UK was a net importer this month, with imports exceeding exports by £16.7 billion, widening the trade gap (exports minus imports) by £3.4 billion on February 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Figure 1: Total UK monthly trade in goods, October 2022 to March 2024
Figure 1 shows that imports increased in March 2024, after falling to their lowest level over the period from October 2022.
Exports remained steady in March 2024, after an increase in January 2024. This caused the trade gap to widen in March 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 1: Total UK monthly trade in goods (ODS 12KB)
Note: 2023 and 2024 data is provisional
EU and non-EU trade in goods
- Exports to the EU accounted for 45% of the total value of exports
- Imports from the EU accounted for 53% of the total value of imports
Table 1: Total UK trade in goods with EU and non-EU, March 2024 (£ billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 15.3 | 18.8 | 34.1 |
| Imports | 26.7 | 24.0 | 50.8 |
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 10KB)
Note: 2023 and 2024 data is provisional
EU exports for March 2024 were £15.3 billion. This was an increase of £0.6 billion (4%) on February 2024, but a decrease of £2.0 billion (11%) compared with March 2023.
Non-EU exports for March 2024 were £18.8 billion. This was a decrease of £0.4 billion (2%) on February 2024, and a decrease of £2.0 billion (10%) compared with March 2023.
EU imports for March 2024 were £26.7 billion. This was an increase of £0.5 billion (2%) on February 2024, but a decrease of £4.0 billion (13%) compared with March 2023.
Non-EU imports for March 2024 were £24.0 billion. This was an increase of £3.0 billion (14%) on February 2024, but a decrease of £3.2 billion (12%) compared with March 2023.
Figure 2: Total UK monthly trade in goods with EU and non-EU, October 2022 to March 2024
Figure 2 shows that EU exports remained relatively steady over the period from October 2022 to March 2024.
Non-EU exports continued to decrease in March 2024, after increasing in January 2024. In March 2024, EU imports continued to increase gradually since January 2024, and have remained above non-EU imports since May 2023. Non-EU imports recovered in March 2024, nearly returning to January 2024 values.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 2: Total UK monthly trade in goods with EU and non-EU (ODS 12KB)
Note: 2023 and 2024 data is provisional
Exports: Country analysis
You can explore more UK export country data in the interactive data tables.
- China experienced the largest value increase on February 2024, up 71%
- Switzerland (ranked 7th) experienced the largest value decrease on March 2023, down 54%
Table 2: UK exports of goods to the top 5 countries, comparison with February 2024 and March 2023 (£ million)
| Main partner country | March 2024 value | February 2024 value | March 2023 value |
|---|---|---|---|
| USA | 4,760 | 4,495 | 4,735 |
| China | 3,283 | 1,915 | 2,084 |
| Germany | 2,702 | 2,658 | 3,032 |
| Netherlands | 2,478 | 1,887 | 3,099 |
| France | 2,027 | 1,907 | 2,095 |
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 10KB)
Note: 2023 and 2024 data is provisional
USA remained the largest export partner country by value. China was the second largest export partner, up from 5th place in February 2024. Switzerland fell to 7th place, from 3rd place in February 2024. The decrease for Switzerland on March 2023 was driven by Precious metals. The increase in exports to China on February 2024 was also driven by Precious metals.
Figure 3: Historical export values for the top 3 export partner countries in March 2024
Figure 3 shows that USA was the top export partner for the last 17 months, accounting for 14% of the UK’s total exports in March 2024.
The peaks for China in October 2022 and March 2024 were linked to fluctuations in exports of Precious metals. Movements in non-monetary gold, an important component of Precious metals, can be large and highly volatile, distorting underlying trends in trade figures. Exports to Germany remained relatively stable over this period.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 3: Historical export values for the top 3 export partner countries (ODS 12KB)
Note: 2023 and 2024 data is provisional
Exports: Commodity analysis
You can explore more UK export commodity data in the interactive data tables.
- Mineral fuels experienced the largest value increase on February 2024, up 27%
- Precious metals experienced the largest value decrease on March 2023, down 15%
Table 3: UK exports of goods of the top 5 commodities, change on February 2024 and March 2023 (£ million)
| Commodity | March 2024 value | February 2024 value | March 2023 value |
|---|---|---|---|
| Mechanical appliances | 5,857 | 5,707 | 6,454 |
| Precious metals | 4,880 | 6,192 | 5,753 |
| Motor vehicles | 3,420 | 3,739 | 3,433 |
| Mineral fuels | 2,537 | 1,998 | 3,216 |
| Electronic equipment | 1,983 | 1,823 | 2,119 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 3: UK exports of goods of the top 5 commodities, total value (ODS 10KB)
Note: 2023 and 2024 data is provisional
Mechanical appliances replaced Precious metals as the top export chapter, accounting for 17% of the UK’s total exports in March 2024. Exports of Precious metals fell to 2nd place, experiencing the largest value decrease on February 2024. Mineral fuels experienced the largest value increase on February 2024, up 27%.
Figure 4: Historical export values for the top 3 export chapters in March 2024
Figure 4 shows that exports of Mechanical appliances and Motor vehicles remained relatively stable, while exports of Precious metals fluctuated month on month.
Precious metals fell for the second successive month in March 2024, falling to 2nd place.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 4: Historical export values for the top 3 export chapters (ODS 12KB)
Note: 2023 and 2024 data is provisional
Imports: Country analysis
You can explore more UK import country data in the interactive data tables.
- China had the largest value increase on February 2024, up 23%
- Netherlands had the largest value decrease on March 2023, down 22%
Table 4: UK imports of goods from the top 5 countries, change on February 2024 and March 2023 (£ million)
| Main partner country | March 2024 value | February 2024 value | March 2023 value |
|---|---|---|---|
| Germany | 6,510 | 6,214 | 7,116 |
| USA | 5,192 | 4,940 | 6,043 |
| China | 5,103 | 4,151 | 4,383 |
| Netherlands | 3,997 | 3,860 | 5,099 |
| France | 2,964 | 3,169 | 3,543 |
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 10KB)
Note: 2023 and 2024 data is provisional
Germany remained the UK’s largest import partner in March 2024, accounting for 13% of total UK imports in March 2024. The increase in imports from China on February 2024 was driven by Motor vehicles, Mechanical appliances, and Electronic equipment. The decrease in imports from Netherlands on March 2023 was driven by Electronic equipment and Mechanical appliances.
Figure 5: Historical import values for the top 3 import partner countries in March 2024
Figure 5 shows that imports from Germany increased in March 2024 after 3 successive decreases.
Imports from the USA also increased, to remain in second place. Imports from China increased between February 2024 and March 2024 to the highest level since November 2023.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 5: Historical import values for the top 3 import partner countries (ODS 12KB)
Note: 2023 and 2024 data is provisional
Imports: Commodity analysis
You can explore more UK import commodity data in the interactive data tables.
- Precious metals had the largest value increase on February 2024, up 43%
- Mineral fuels had the largest value decrease on March 2023, down 33%
Table 5: UK imports of goods of the top 5 commodities, change on February 2024 and March 2023 (£ million)
| Commodity | March 2024 value | February 2024 value | March 2023 value |
|---|---|---|---|
| Motor vehicles | 6,515 | 5,955 | 6,602 |
| Mechanical appliances | 6,115 | 6,048 | 7,460 |
| Mineral fuels | 4,848 | 5,061 | 7,243 |
| Electronic equipment | 4,517 | 4,290 | 5,268 |
| Precious metals | 4,334 | 3,035 | 3,828 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 5: UK imports of goods of the top 5 commodities (ODS 10KB)
Note: 2023 and 2024 data is provisional
Motor vehicles rose to 1st place in March 2024 from 2nd place in February 2024, accounting for 13% of the UK’s total imports in March 2024. Imports of Mechanical appliances dropped to 2nd place from 1st place in February 2024. The increase in imports of Precious metals on February 2024 was driven by Switzerland, South Africa, USA, and Canada. The decrease in imports of Mineral fuels on March 2023 was driven by USA and Norway.
Figure 6: Historical import values for the top 3 import chapters in March 2024
Figure 6 shows that imports of Motor vehicles increased in March 2024 for the second successive month, rising to 1st place.
Import values of Mechanical appliances have been very consistent since December 2023. Imports of Mineral fuels during the period from October 2022 to March 2024 peaked in December 2022, declining to a third of this value in June 2023. In March 2024 imports of Mineral fuels were at the lowest level since September 2023, following two consecutive monthly decreases.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 6: Historical import values for the top 3 import chapters (ODS 12KB)
Note: 2023 and 2024 data is provisional
Focus
Table 6: Exports to Netherlands, comparison with February 2024
| Commodity | Export Value Mar 24 (£m) | Export Value Feb 24 (£m) | Change in value (£m) | Change (%) |
|---|---|---|---|---|
| Mineral fuels | 758 | 423 | 335 | 79 |
| Mechanical appliances | 380 | 277 | 103 | 37 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 6: Detailed March 2024 Netherlands export data (ODS 12KB)
Note: 2023 and 2024 data is provisional
Exports to the Netherlands showed the 2nd largest value increase of all partner countries on February 2024, a £591 million (31%) increase. Exports of Mineral fuels to the Netherlands increased by £335 million (79%) between February 2024 and March 2024. Exports of Mechanical appliances to the Netherlands increased by £103 million (37%) in this period.
Table 7: Imports from China, comparison with February 2024
| Commodity | Import Value Mar 24 (£m) | Import Value Feb 24 (£m) | Change in value (£m) | Change (%) |
|---|---|---|---|---|
| Motor vehicles | 654 | 363 | 292 | 80 |
| Mechanical appliances | 873 | 704 | 169 | 24 |
| Electronic equipment | 1,166 | 1,018 | 147 | 14 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 7: Detailed March 2024 China import data (ODS 12KB)
Note: 2023 and 2024 data is provisional
Imports from China showed the largest value increase of all partner countries on February 2024, a £951 million (23%) increase. Between February 2024 and March 2024, imports of Motor vehicles from China increased by £292 million (80%), imports of Mechanical appliances increased by £169 million (24%), and imports of Electronic equipment increased by £147 million (14%).