UK overseas trade in goods statistics October 2023: commentary
Published 13 December 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 October 2023
£41.3 billion up £6.1 billion (17%) on September 2023, but down £0.3 billion (1%) on October 2022
Total imports of goods for October 2023
£56.3 billion up £7.7 billion (16%) on September 2023, and up £0.2 billion (less than 1%) on October 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 £15.0 billion, widening the trade gap by £1.6 billion on September 2023.
Figure 1: Total UK monthly Trade in Goods, May 2022 to October 2023
Download detailed October 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 widened slightly in October 2023, following a relatively steady period.
EU and Non-EU Trade in Goods
- Exports to the EU accounted for 38% 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, October 2023 (£ billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 15.8 | 25.5 | 41.3 |
| Imports | 29.2 | 27.1 | 56.3 |
Download total UK Trade in Goods with EU and Non-EU, October 2023 data (ODS 8.92 KB)
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 1 shows the value of EU and non-EU exports and imports.
- EU exports for October 2023 were £15.8 billion. This was an increase of £0.5 billion (3%) on September 2023, but a decrease of £1.6 billion (9%) compared with October 2022.
- Non-EU exports for October 2023 were £25.5 billion. This was an increase of £5.6 billion (28%) on September 2023, and an increase of £1.3 billion (6%) compared with October 2022.
- EU imports for October 2023 were £29.2 billion. This was an increase of £3.7 billion (15%) on September 2023, and an increase of £2.8 billion (11%) compared with October 2022.
- Non-EU imports for October 2023 were £27.1 billion. This was an increase of £3.9 billion (17%) on September 2023, but a decrease of £2.6 billion (9%) compared with October 2022.
Exports: Country Analysis
- Exports to Switzerland up £2,037 million (to 2.5 times the value) on September 2023
- Exports to the Netherlands down £969 million (32%) on October 2022
Table 2: UK exports of goods to the top 5 countries, main commodity and total value, October 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| USA | 5,246 | Mechanical appliances | 1,110 |
| China | 3,988 | Precious metals | 2,573 |
| Switzerland | 3,459 | Precious metals | 3,139 |
| Germany | 2,837 | Mechanical appliances | 623 |
| India | 2,662 | Precious metals | 2,207 |
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
- China
- Switzerland
- Germany
- India
Exports of Mechanical appliances accounted for 21% of UK exports to the USA and 22% of UK exports to Germany. Exports of Precious metals accounted for 65% of UK exports to China, 91% of UK exports to Switzerland, and 83% of UK exports to India.
Exports: Commodity Analysis
- Precious metals up 56% in value on September 2023
- Mineral fuels down 34% in value on October 2022
Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, October 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Precious metals | 10,556 | Switzerland | 3,139 |
| Mechanical appliances | 6,044 | USA | 1,110 |
| Motor vehicles | 3,874 | USA | 683 |
| Mineral fuels | 2,966 | Netherlands | 547 |
| Electronic equipment | 2,030 | USA | 310 |
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 Switzerland accounted for 30% of UK exports of Precious metals. Exports to the USA accounted for 18% of UK exports of Mechanical appliances, 18% of UK exports of Motor vehicles, and 15% of UK exports of Electronic equipment. Exports to the Netherlands accounted for 18% of UK exports of Mineral fuels.
Imports: Country Analysis
- Imports from Germany up £1,548 million (28%) on September 2023
- Imports from the Philippines down £1,417 million (97%) on October 2022
Table 4: UK imports of goods from the top 5 countries, main commodity and total value, October 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| Germany | 7,044 | Motor vehicles | 2,615 |
| China | 6,216 | Electronic equipment | 1,810 |
| USA | 5,003 | Mineral fuels | 1,154 |
| Netherlands | 4,437 | Mineral fuels | 700 |
| France | 3,532 | Motor vehicles | 547 |
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:
- Germany
- China
- USA
- Netherlands
- France
Motor vehicles accounted for 37% of UK imports from Germany and 15% of UK imports from France. Electronic equipment accounted for 29% of UK imports from China. Mineral fuels accounted for 23% of UK imports from the USA and 16% of UK imports from the Netherlands.
Imports: Commodity Analysis
- Imports of Mineral fuels up 31% on September 2023
- Imports of Motor vehicles up 70% on October 2022
Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, October 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Motor vehicles | 7,093 | Germany | 2,615 |
| Mechanical appliances | 6,780 | Germany | 1,026 |
| Mineral fuels | 6,284 | Norway | 1,874 |
| Electronic equipment | 5,936 | China | 1,810 |
| Precious metals | 3,552 | Kazakhstan | 976 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 5 shows the top 5 import commodities by value:
- Motor vehicles
- Mechanical appliances
- Mineral fuels
- Electronic equipment
- Precious metals
Imports from Germany accounted for 37% of UK imports of Motor vehicles and 15% of UK imports of Mechanical appliances. Imports from Norway accounted for 30% of UK imports of Mineral fuels. Imports from China accounted for 30% of UK imports of Electronic equipment. Imports from Kazakhstan accounted for 27% of UK imports of Precious metals.
Focus
USA
Exports
Exports to the USA increased by £612 million (13%) on September 2023, led by:
- £252 million (67%) increase in exports of Pharmaceutical products
- £168 million increase in exports of Inorganic chemicals (from £18 million)
Similarly, exports to the USA increased by £455 million (9.5%) on October 2022, led by:
- £205 million (23%) increase in exports of Mechanical appliances
- £174 million increase in exports of Inorganic chemicals (from £12 million)
- £156 million increase in exports of Organic chemicals (to 3 times the value)
- £147 million (70%) increase in exports of Precious metals
This was offset by a £202 million (56%) decrease in exports of Mineral fuels.
Imports
Imports from the USA increased by £867 million (21%) on September 2023, led by a £440 million (62%) increase in imports of Mineral fuels and several other commodities.
In contrast, imports from the USA decreased by £985 million (16%) on October 2022, led by a £1,271 million (52%) decrease in imports of Mineral fuels.
Motor vehicles
Exports
Exports of Motor vehicles increased by £496 million (15%) on September 2023, led by:
- £132 million increase in exports to Turkey (to 2.5 times the value)
- £84 million (14%) increase in exports to the USA
Similarly, exports of Motor vehicles increased by £749 million (24%) on October 2022, led by:
- £174 million increase in exports to Turkey (to 4.5 times the value)
- £110 million (74%) increase in exports to Belgium
- £78 million (31%) increase in exports to China
Imports
Imports of Motor vehicles increased by £1,446 million (26%) on September 2023, led by:
- £849 million (48%) increase in imports from Germany
- £210 million (62%) increase in imports from China
Imports of Motor vehicles increased by £2,913 million (70%) on October 2022, led by:
- £935 million (56%) increase in imports from Germany
- £392 million increase in imports from Spain (to over 4.5 times the value)
- £321 million increase in imports from France (to 2.5 times the value)
- £215 million increase in imports from Belgium (to almost 3 times the value)
- £204 million (59%) increase in imports from China