Official Statistics

Trade and investment core statistics book

Updated 23 May 2025

1. Introduction

We welcome feedback on our statistics. Get in touch with us at statistics@businessandtrade.gov.uk if you have any comments or questions.

This publication covers and summarises the wide range of trade and investment statistics produced by the Office for National Statistics (ONS), HM Revenue and Customs (HMRC), Department for Business and Trade (DBT), the Organisation for Economic Co-operation and Development (OECD) and others, into a single user-friendly publication with the aim of helping users to quickly find the most relevant and up-to-date trade and investment statistics.

DBT publishes a range of trade and investment statistics compendiums. For a summary of the latest headline statistics, in a simple visual format, see the DBT UK trade in numbers. For a summary of the latest trade and investment statistics between the UK and each individual overseas partner, see the DBT trade and investment factsheets.

More information on the data sources used in this publication are available in the technical annex.

The latest publication of the Core Statistics Book has been updated with data from:

• ONS UK Trade: March 2025

• ONS UK trade, quarterly trade in goods and services tables: October to December 2024

• IMF World Economic Outlook - April 2025

The next published update to the Core Statistics Book will be 19 June 2025.

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.

You are welcome to contact us directly with any comments about how we meet these standards. Alternatively, you can contact OSR by emailing regulation@statistics.gov.uk or via the OSR website.

2. Exports

This chapter comprises 3 sections:

2.1 Total UK (goods and services) exports

All export statistics in this section are published by the ONS. Full details on how the data are sourced and the statistics are compiled is available in the technical annex.

The value of UK exports was £873.5 billion in 2024, up 0.7% on 2023. This reflects a 7.5% decrease of goods exports and a 7.7% increase of services exports. (ONS UK trade: March 2025).

More timely data shows the value of UK exports was £881.0 billion in the 12 months to March 2025, up 1.4% on the 12 months to March 2024. This reflects a 6.3% decrease of goods exports and a 7.7% increase of services exports. (ONS UK trade: March 2025).

Chart 1: UK exports of goods and services, 2014 to 2024 plus latest 12 months (current prices)

Source: ONS UK trade: March 2025.

Table 1: UK exports of goods and services, 2014 to 2024 plus latest 12 months (current prices)

Year	Goods exports (£ billion)	Services exports (£ billion)	Total exports (£ billion)
2014	289.2	243.1	532.2
2015	280.9	252.8	533.7
2016	299.4	276.2	575.6
2017	339.9	303.4	643.3
2018	354.0	325.7	679.7
2019	368.2	338.5	706.7
2020	313.8	310.4	624.1
2021	332.1	334.8	666.9
2022	434.1	413.9	848.1
2023	395.4	471.6	867.0
2024	365.7	507.8	873.5

Year	Goods exports (£ billion)	Services exports (£ billion)	Total exports (£ billion)
12 months to March 2025	363.3	517.7	881.0

Source: ONS UK trade: March 2025.

UK exports to the EU and non-EU countries

Over the last decade, the share of UK exports going to the EU has decreased. In 2024 the share of UK exports going to the EU was 41.0% compared with 44.5% in 2014. (ONS Balance of Payments: Quarter 4 (October to December) 2024).

UK exports to the EU were £358.1 billion in 2024, up 0.3% since 2023, while UK exports to non-EU countries were £515.4 billion, up 1.1%. (ONS Balance of Payments: Quarter 4 (October to December) 2024).

Chart 2: UK exports to the EU and non-EU countries, 2014 to 2024 (current prices)

Source: ONS Balance of Payments: Quarter 4 (October to December) 2024.

Table 2: UK exports to the EU and non-EU countries, 2014 to 2024 (current prices)

Year	Exports to EU (£ billion)	EU % of total exports	Exports to non-EU (£ billion)	Non-EU % of total exports
2014	236.9	44.5%	295.3	55.5%
2015	226.1	42.4%	307.5	57.6%
2016	247.1	42.9%	328.5	57.1%
2017	282.3	43.9%	361.0	56.1%
2018	300.6	44.2%	379.1	55.8%
2019	299.0	42.3%	407.7	57.7%
2020	259.0	41.5%	365.1	58.5%
2021	276.9	41.5%	390.0	58.5%
2022	352.2	41.5%	495.9	58.5%
2023	357.1	41.2%	509.9	58.8%
2024	358.1	41.0%	515.4	59.0%

Source: ONS Balance of Payments: Quarter 4 (October to December) 2024.

Top UK export markets

The UK’s largest export market in 2024 was the United States, accounting for 22.5% of total UK exports, followed by Germany (7.0%), Ireland (5.9%) and the Netherlands (5.8%). (ONS UK trade, quarterly trade in goods and services tables: October to December 2024).

Chart 3: top 20 UK export markets for goods and services in 2024

Source: ONS UK trade, quarterly trade in goods and services tables: October to December 2024.

Table 3: top 10 UK export markets for goods and services in 2024

Rank	Export market	Exports (£ billion)	% of total exports	% change compared to previous year
1	United States	196.3	22.5%	4.3%
2	Germany	61.1	7.0%	0.0%
3	Ireland	51.6	5.9%	-7.9%
4	Netherlands	50.8	5.8%	-4.9%
5	France	46.2	5.3%	0.3%
6	China	29.7	3.4%	-11.4%
7	Belgium	26.0	3.0%	0.5%
8	Switzerland	25.5	2.9%	-17.8%
9	Spain	20.1	2.3%	-0.4%
10	Italy	18.5	2.1%	-2.0%

Source: ONS UK trade, quarterly trade in goods and services tables: October to December 2024.

2.2 UK goods exports

All goods export statistics in this section are published by the ONS. Full details on how the data are sourced and the statistics are compiled is available in the technical annex.

In 2024, goods exports provided 41.9% of total UK exports, compared with 54.3% in 2014. More timely data shows the share was 41.2% in the 12 months ending March 2025. (ONS UK trade: March 2025).

Exports of goods were £365.7 billion in 2024, down 7.5% since 2023. More timely data shows the value of UK goods exports was £363.3 billion in the 12 months ending March 2025, down 6.3% on the previous 12 months. (ONS UK trade: March 2025).

UK goods exports to the EU and non-EU countries

In 2024, the share of UK goods exports going to the EU was 47.7% compared with 51.0% in 2014. More timely data shows the share was 47.5% in the 12 months ending March 2025. (ONS UK trade: March 2025).

UK exports of goods to the EU were £174.4 billion in 2024, down 6.5% since 2023, while UK exports of goods to non-EU countries were £191.2 billion, down 8.4%. (ONS UK trade: March 2025).

More timely data shows that goods exports to the EU were £172.6 billion in the 12 months ending March 2025, down 5.7% on the previous 12 months, while goods exports to non-EU countries were £190.7 billion, down 6.9%. (ONS UK trade: March 2025).

Chart 4: UK goods exports to the EU and non-EU countries, 2014 to 2024 plus latest 12 months (current prices)

Source: ONS UK trade: March 2025.

Table 4: UK exports of goods to the EU and non-EU countries, 2014 to 2024 plus latest 12 months (current prices)

Year	Exports to EU (£ billion)	EU % of total exports	Exports to non-EU (£ billion)	Non-EU % of total exports
2014	147.4	51.0%	141.7	49.0%
2015	133.4	47.5%	147.5	52.5%
2016	143.7	48.0%	155.7	52.0%
2017	165.2	48.6%	174.7	51.4%
2018	174.8	49.4%	179.2	50.6%
2019	172.2	46.8%	196.0	53.2%
2020	148.2	47.2%	165.6	52.8%
2021	158.4	47.7%	173.8	52.3%
2022	207.1	47.7%	227.1	52.3%
2023	186.6	47.2%	208.8	52.8%
2024	174.4	47.7%	191.2	52.3%

Year	Exports to EU (£ billion)	EU % of total exports	Exports to non-EU (£ billion)	Non-EU % of total exports
12 months to March 2025	172.6	47.5%	190.7	52.5%

Source: ONS UK trade: March 2025.

Top UK goods export markets

In 2024 the UK’s largest export market for goods was the United States, accounting for 16.2% of total UK goods exports, followed by Germany (8.8%) and the Netherlands (7.6%). (ONS UK trade: March 2025).

Table 5a: top 10 UK export markets for goods in 2024

Rank	Export market	Exports (£ billion)	% of total exports	% change compared to previous year
1	United States	59.3	16.2%	-3.7%
2	Germany	32.1	8.8%	-5.2%
3	Netherlands	27.9	7.6%	-10.0%
4	Ireland	23.9	6.5%	-15.2%
5	France	23.2	6.3%	-5.3%
6	Belgium	17.7	4.8%	-0.5%
7	China	16.7	4.6%	-23.8%
8	Spain	9.3	2.5%	-8.4%
9	Italy	9.2	2.5%	-11.4%
10	Hong Kong	8.6	2.3%	-13.3%

Source: ONS UK trade: March 2025.

Table 5b: top 10 UK export markets for goods in the 12 months ending March 2025

Rank	Export market	Exports (£ billion)	% of total exports	% change compared to previous 12 months
1	United States	61.6	17.0%	-0.1%
2	Germany	32.0	8.8%	-3.9%
3	Netherlands	27.9	7.7%	-4.3%
4	Ireland	23.6	6.5%	-13.3%
5	France	22.9	6.3%	-5.3%
6	Belgium	16.8	4.6%	-7.6%
7	China	15.7	4.3%	-25.5%
8	Spain	9.4	2.6%	-4.3%
9	Italy	9.3	2.5%	-8.8%
10	Hong Kong	9.0	2.5%	0.4%

Source: ONS UK trade: March 2025.

Top UK goods exports

Goods classifications are as reported by the ONS, derived from Standard International Trade Classifications (SITC).

The top 3 commodities exported by the UK in 2024 were cars (£32.8 billion), mechanical power generators (intermediate) (£32.7 billion) and medicinal and pharmaceutical products (£24.6 billion). (ONS UK trade: March 2025).

Table 6a: top 10 UK goods exports in 2024

Rank	Commodity	Exports (£ billion)	% of total exports	% change compared to previous year
1	Cars	32.8	9.0%	-5.8%
2	Mechanical power generators (intermediate)	32.7	8.9%	-5.1%
3	Medicinal and pharmaceutical products	24.6	6.7%	-5.3%
4	Crude oil	16.8	4.6%	-20.5%
5	Aircraft	12.6	3.5%	7.1%
6	Scientific instruments (capital)	11.8	3.2%	1.2%
7	Beverages and tobacco	11.8	3.2%	-1.7%
8	Non-ferrous metals	10.9	3.0%	-2.2%
9	Refined oil	10.9	3.0%	-17.3%
10	General industrial machinery (capital)	10.0	2.7%	-7.2%

Source: ONS UK trade: March 2025.

Table 6b: top 10 UK goods exports in the 12 months ending March 2025 (not seasonally adjusted)

Rank	Commodity	Exports (£ billion)	% of total exports	% change compared to previous 12 months
1	Cars	32.2	8.9%	-9.1%
2	Mechanical power generators (intermediate)	31.5	8.7%	-10.0%
3	Medicinal and pharmaceutical products	25.0	6.9%	-2.2%
4	Crude oil	14.4	4.0%	-27.2%
5	Non-ferrous metals	14.3	3.9%	23.4%
6	Aircraft	12.9	3.5%	8.9%
7	Scientific instruments (capital)	11.9	3.3%	2.4%
8	Beverages and tobacco	11.9	3.3%	1.1%
9	Refined oil	10.6	2.9%	-15.4%
10	Miscellaneous electrical goods (intermediate)	10.1	2.8%	2.1%

Source: ONS UK trade: March 2025.

2.3 UK services exports

All services export statistics in this section are published by the ONS. Full details on how the data are sourced and the statistics are compiled is available in the technical annex.

In 2024, services exports provided 58.1% of total UK exports, compared to 45.7% in 2014. More timely data shows the share was 58.8% in the 12 months ending March 2025. (ONS UK trade: March 2025).

In 2024, UK exports of services were £507.8 billion, up 7.7% since 2023. More timely data shows the value of UK services exports was £517.7 billion in the 12 months ending March 2025, up 7.7% on the previous 12 months. (ONS UK trade: March 2025).

UK services exports to the EU and non-EU countries

In 2024, the share of UK services exports going to the EU was 36.2% compared to 36.8% in 2014. (ONS Balance of Payments: Quarter 4 (October to December) 2024).

UK exports of services to the EU were £183.7 billion in 2024, up 7.8% since 2023, while exports of services to non-EU countries were £324.1 billion, up 7.6%. (ONS Balance of Payments: Quarter 4 (October to December) 2024).

Chart 5: UK services exports to the EU and non-EU countries, 2014 to 2024 (current prices)

Source: ONS Balance of Payments: Quarter 4 (October to December) 2024.

Table 7: UK exports of services to the EU and non-EU countries, 2014 to 2024 (current prices)

Year	Exports to EU (£ billion)	EU % of total exports	Exports to non-EU (£ billion)	Non-EU % of total exports
2014	89.4	36.8%	153.6	63.2%
2015	92.7	36.7%	160.0	63.3%
2016	103.3	37.4%	172.9	62.6%
2017	117.1	38.6%	186.3	61.4%
2018	125.8	38.6%	199.9	61.4%
2019	126.9	37.5%	211.6	62.5%
2020	110.9	35.7%	199.5	64.3%
2021	118.5	35.4%	216.2	64.6%
2022	145.1	35.1%	268.8	64.9%
2023	170.5	36.2%	301.1	63.8%
2024	183.7	36.2%	324.1	63.8%

Source: ONS Balance of Payments: Quarter 4 (October to December) 2024.

Top UK services export markets

The top destination for UK exports of services in 2024 was the United States, accounting for 27.0% of total UK service exports, followed by Germany (5.7%), Ireland (5.4%) and France (4.5%). (ONS UK trade, quarterly trade in goods and services tables: October to December 2024).

Table 8: top 10 UK export markets for services in 2024

Rank	Export market	Exports (£ billion)	% of total exports	% change compared to previous year
1	United States	137.0	27.0%	8.3%
2	Germany	29.1	5.7%	6.5%
3	Ireland	27.6	5.4%	-0.5%
4	France	23.0	4.5%	6.7%
5	Netherlands	22.8	4.5%	2.3%
6	Switzerland	18.1	3.6%	0.2%
7	China	13.0	2.6%	12.1%
8	Sweden	12.6	2.5%	89.0%
9	Luxembourg	12.0	2.4%	0.7%
10	Australia	11.6	2.3%	16.5%

Source: ONS UK trade, quarterly trade in goods and services tables: October to December 2024.

Top UK services exports

The top 3 service types exported by the UK in 2024 were other business services (£183.1 billion), financial services (£101.4 billion) and travel services (£66.1 billion). (ONS UK trade: March 2025).

Table 9a: top 5 UK services exports in 2024

Rank	Service type	Exports (£ billion)	% of total services exports	% change compared to previous year
1	Other business services	183.1	36.1%	4.9%
2	Financial services	101.4	20.0%	12.0%
3	Travel services	66.1	13.0%	12.0%
4	Telecommunication, computer and information services	46.0	9.1%	2.9%
5	Transport services	32.5	6.4%	5.2%

Source: ONS UK trade: March 2025.

Table 9b: top 5 UK services exports in the 12 months ending March 2025

Rank	Service type	Exports (£ billion)	% of total services exports	% change compared to previous 4 quarters
1	Other business services	186.9	36.1%	5.1%
2	Financial services	104.1	20.1%	12.9%
3	Travel services	67.7	13.1%	11.0%
4	Telecommunication, computer and information services	46.5	9.0%	2.9%
5	Transport services	33.1	6.4%	5.9%

Source: ONS UK trade: March 2025.

UK exports of services by modes of supply

Information on the different modes of supply are available in the technical annex.

In 2022, 71.7% of the UK’s services exports were delivered remotely (mode 1), while 28.3% were delivered via the movement of people (modes 2 and 4). (ONS imports and exports of services by modes of supply UK: 2022 statistics).

Table 10: percentage of UK services exports delivered by each mode of supply 2022

Region	Mode 1	Mode 2	Mode 4
World	71.7%	18.5%	9.8%
EU	72.7%	17.6%	9.7%
Non-EU	71.2%	19.0%	9.9%

Source: ONS imports and exports of services by modes of supply UK: 2022 statistics.

3. Imports

This chapter comprises 3 sections:

3.1 Total UK (goods and services) imports

All import statistics in this section are published by the ONS. Full details on how the data are sourced and the statistics are compiled is available in the technical annex.

The value of UK imports was £905.8 billion in 2024, up 1.1% on 2023. This reflects a 2.1% decrease of goods imports and a 7.5% increase of services imports. (ONS UK trade: March 2025).

More timely data shows the value of UK imports was £922.9 billion in the 12 months to March 2025, up 3.8% on the 12 months to March 2024. This reflects a 2.1% increase of goods imports and a 7.1% increase of services imports. (ONS UK trade: March 2025).

Chart 6: UK imports of goods and services, 2014 to 2024 plus latest 12 months (current prices)

Source: ONS UK trade: March 2025.

Table 11: UK imports of goods and services, 2014 to 2024 plus latest 12 months (current prices)

Year	Goods imports (£ billion)	Services imports (£ billion)	Total imports (£ billion)
2014	420.3	148.1	568.4
2015	406.2	156.4	562.6
2016	438.7	174.7	613.4
2017	479.7	191.5	671.2
2018	495.3	214.2	709.5
2019	513.2	224.7	737.9
2020	441.8	170.6	612.4
2021	494.3	177.7	672.0
2022	640.7	251.5	892.2
2023	604.0	292.1	896.1
2024	591.6	314.1	905.8

Year	Goods imports (£ billion)	Services imports (£ billion)	Total imports (£ billion)
12 months to March 2025	601.0	322.0	922.9

Source: ONS UK trade: March 2025.

UK imports from the EU and non-EU countries

Over the last decade, the share of UK imports from the EU has decreased. In 2024 the share of UK imports from the EU was 50.2% compared to 51.9% in 2014. (ONS Balance of Payments: Quarter 4 (October to December) 2024).

UK imports from the EU were £455.0 billion in 2024, up 0.2% since 2023, while UK imports from non-EU countries were £450.7 billion, up 2.0%. (ONS Balance of Payments: Quarter 4 (October to December) 2024).

Chart 7: UK imports from the EU and non-EU countries, 2014 to 2024 (current prices)

Source: ONS Balance of Payments: Quarter 4 (October to December) 2024.

Table 12: UK imports from the EU and non-EU countries, 2014 to 2024 (current prices)

Year	Imports from EU (£ billion)	EU % of total imports	Imports from non-EU (£ billion)	Non-EU % of total imports
2014	295.0	51.9%	273.4	48.1%
2015	296.2	52.7%	266.4	47.3%
2016	323.1	52.7%	290.3	47.3%
2017	352.2	52.5%	319.1	47.5%
2018	375.2	52.9%	334.2	47.1%
2019	379.1	51.4%	358.7	48.6%
2020	306.9	50.1%	305.4	49.9%
2021	313.1	46.6%	358.9	53.4%
2022	419.7	47.0%	472.5	53.0%
2023	454.3	50.7%	441.9	49.3%
2024	455.0	50.2%	450.7	49.8%

Source: ONS Balance of Payments: Quarter 4 (October to December) 2024.

Top UK import markets

The UK’s largest import market in 2024 was the United States, accounting for 13.1% of total UK imports, followed by Germany (9.4%), China (7.6%) and the Netherlands (6.6%). (ONS UK trade, quarterly trade in goods and services tables: October to December 2024).

Chart 8: top 20 UK import markets for goods and services in 2024

Source: ONS UK trade, quarterly trade in goods and services tables: October to December 2024.

Table 13: top 10 UK import markets for goods and services in 2024

Rank	Import market	Imports (£ billion)	% of total imports	% change compared to previous year
1	United States	118.3	13.1%	3.2%
2	Germany	85.3	9.4%	-3.6%
3	China	68.7	7.6%	-0.8%
4	Netherlands	59.8	6.6%	-6.7%
5	France	58.0	6.4%	-4.3%
6	Spain	44.5	4.9%	8.6%
7	Belgium	34.7	3.8%	8.3%
8	Italy	34.4	3.8%	8.2%
9	Ireland	30.4	3.4%	-1.9%
10	Norway	28.4	3.1%	-6.6%

Source: ONS UK trade, quarterly trade in goods and services tables: October to December 2024.

3.2 UK goods imports

All goods import statistics in this section are published by the ONS. Full details on how the data are sourced and the statistics are compiled is available in the technical annex.

In 2024, goods imports provided 65.3% of total UK imports, compared to 73.9% in 2014. More timely data shows the share was 65.1% in the 12 months ending March 2025. (ONS UK trade: March 2025).

Imports of goods were £591.6 billion in 2024, down 2.1% since 2023. More timely data shows the value of UK goods imports was £601.0 billion in the 12 months ending March 2025, up 2.1% on the previous 12 months. (ONS UK trade: March 2025).

UK goods imports from the EU and non-EU countries

In 2024, the share of UK goods imports from the EU was 53.1% compared to 53.0% in 2014. More timely data shows the share was 52.4% in the 12 months ending March 2025. (ONS UK trade: March 2025).

UK imports of goods from the EU were £314.2 billion in 2024, down 2.6% since 2023, while UK imports of goods from non-EU countries were £277.4 billion, down 1.5%. (ONS UK trade: March 2025).

More timely data shows that goods imports from the EU were £314.7 billion in the 12 months ending March 2025, down 1.5% on the previous 12 months, while goods imports from non-EU countries were £286.2 billion, up 6.4%. (ONS UK trade: March 2025).

Chart 9: UK goods imports from the EU and non-EU countries, 2014 to 2024 plus latest 12 months (current prices)

Source: ONS UK trade: March 2025.

Table 14: UK imports of goods from the EU and non-EU countries, 2014 to 2024 plus latest 12 months (current prices)

Year	Imports from EU (£ billion)	EU % of total imports	Imports from non-EU (£ billion)	Non-EU % of total imports
2014	222.7	53.0%	197.6	47.0%
2015	220.0	54.2%	186.2	45.8%
2016	238.1	54.3%	200.6	45.7%
2017	258.3	53.8%	221.4	46.2%
2018	267.9	54.1%	227.4	45.9%
2019	270.1	52.6%	243.1	47.4%
2020	233.1	52.8%	208.7	47.2%
2021	237.4	48.0%	256.9	52.0%
2022	306.6	47.9%	334.0	52.1%
2023	322.5	53.4%	281.5	46.6%
2024	314.2	53.1%	277.4	46.9%

Year	Imports from EU (£ billion)	EU % of total imports	Imports from non-EU (£ billion)	Non-EU % of total imports
12 months to March 2025	314.7	52.4%	286.2	47.6%

Source: ONS UK trade: March 2025.

Top UK goods import markets

In 2024, the UK’s largest import market for goods was Germany, accounting for 12.1% of total UK goods imports, followed by China (11.0%) and the United States (9.7%). (ONS UK trade: March 2025).

Table 15a: top 10 UK import markets for goods in 2024

Rank	Import market	Imports (£ billion)	% of total imports	% change compared to previous year
1	Germany	71.8	12.1%	-3.9%
2	China	65.4	11.0%	-0.9%
3	United States	57.1	9.7%	-2.0%
4	Netherlands	49.4	8.3%	-7.6%
5	France	37.3	6.3%	-11.0%
6	Belgium	32.0	5.4%	8.5%
7	Norway	24.5	4.1%	-9.9%
8	Italy	24.3	4.1%	5.2%
9	Spain	21.1	3.6%	5.7%
10	Ireland	18.6	3.1%	-5.1%

Source: ONS UK trade: March 2025.

Table 15b: top 10 UK import markets for goods in the 12 months ending March 2025

Rank	Import market	Imports (£ billion)	% of total imports	% change compared to previous 12 months
1	Germany	72.0	12.0%	-2.3%
2	China	67.3	11.2%	5.2%
3	United States	58.4	9.7%	7.1%
4	Netherlands	49.5	8.2%	-4.8%
5	France	36.5	6.1%	-11.4%
6	Belgium	32.7	5.4%	13.7%
7	Norway	26.4	4.4%	11.2%
8	Italy	24.3	4.0%	5.7%
9	Spain	22.1	3.7%	8.7%
10	Ireland	18.1	3.0%	-7.4%

Source: ONS UK trade: March 2025.

Top UK goods imports

Goods classifications are as reported by the ONS, derived from Standard International Trade Classifications (SITC).

The top 3 commodities imported by the UK in 2024 were cars (£44.4 billion), medicinal and pharmaceutical products (£27.2 billion) and refined oil (£26.9 billion). (ONS UK trade: March 2025).

Table 16a: top 10 UK goods imports in 2024

Rank	Commodity	Imports (£ billion)	% of total imports	% change compared to previous year
1	Cars	44.4	7.5%	-2.2%
2	Medicinal and pharmaceutical products	27.2	4.6%	6.2%
3	Refined oil	26.9	4.5%	-2.8%
4	Crude oil	25.0	4.2%	-6.0%
5	Mechanical power generators (intermediate)	23.1	3.9%	-12.7%
6	Telecoms and sound equipment (capital)	21.6	3.7%	-5.7%
7	Miscellaneous electrical goods (intermediate)	20.2	3.4%	-6.1%
8	Clothing	16.7	2.8%	-4.6%
9	Other manufactures (consumer)	15.0	2.5%	-0.5%
10	Vegetables and fruit	14.9	2.5%	10.5%

Source: ONS UK trade: March 2025.

Table 16b: top 10 UK goods imports in the 12 months ending March 2025 (not seasonally adjusted)

Rank	Commodity	Imports (£ billion)	% of total imports	% change compared to previous 12 months
1	Cars	44.4	7.4%	-3.5%
2	Medicinal and pharmaceutical products	27.0	4.5%	6.2%
3	Refined oil	26.0	4.3%	-5.8%
4	Crude oil	24.9	4.1%	0.2%
5	Mechanical power generators (intermediate)	22.3	3.7%	-13.4%
6	Telecoms and sound equipment (capital)	21.7	3.6%	-3.2%
7	Miscellaneous electrical goods (intermediate)	20.4	3.4%	-2.1%
8	Gas	17.2	2.9%	16.7%
9	Clothing	17.1	2.8%	2.6%
10	Office machinery (capital)	16.1	2.7%	16.9%

Source: ONS UK trade: March 2025.

3.3 UK services imports

All services import statistics in this section are published by the ONS. Full details on how the data are sourced and the statistics are compiled is available in the technical annex.

In 2024, services imports provided 34.7% of total UK imports, compared to 26.1% in 2014. More timely data shows the share was 34.9% in the 12 months ending March 2025. (ONS UK trade: March 2025).

In 2024, UK imports of services were £314.1 billion, up 7.5% since 2023. More timely data shows the value of UK services imports was £322.0 billion in the 12 months ending March 2025, up 7.1% on the previous 12 months. (ONS UK trade: March 2025).

UK services imports from the EU and non-EU countries

In 2024 the share of UK services imports from the EU was 44.8% compared to 48.8% in 2014. (ONS Balance of Payments: Quarter 4 (October to December) 2024).

UK imports of services from the EU were £140.8 billion in 2024, up 6.8% since 2023, while imports of services from non-EU countries were £173.3 billion, up 8.1%. (ONS Balance of Payments: Quarter 4 (October to December) 2024).

Chart 10: UK services imports from the EU and non-EU countries, 2014 to 2024 (current prices)

Source: ONS Balance of Payments: Quarter 4 (October to December) 2024.

Table 17: UK imports of services from the EU and non-EU countries, 2014 to 2024 (current prices)

Year	Imports from EU (£ billion)	EU % of total imports	Imports from non-EU (£ billion)	Non-EU % of total imports
2014	72.3	48.8%	75.8	51.2%
2015	76.2	48.7%	80.2	51.3%
2016	85.0	48.7%	89.6	51.3%
2017	93.8	49.0%	97.7	51.0%
2018	107.3	50.1%	106.8	49.9%
2019	109.0	48.5%	115.7	51.5%
2020	73.8	43.3%	96.8	56.7%
2021	75.6	42.6%	102.0	57.4%
2022	113.1	45.0%	138.4	55.0%
2023	131.8	45.1%	160.3	54.9%
2024	140.8	44.8%	173.3	55.2%

Source: ONS Balance of Payments: Quarter 4 (October to December) 2024.

Top UK services import markets

The top market for UK imports of services in 2024 was the United States, accounting for 19.5% of total UK service imports, followed by Spain (7.4%), France (6.6%) and India (4.7%). (ONS UK trade, quarterly trade in goods and services tables: October to December 2024).

Table 18: top 10 UK import markets for services in 2024

Rank	Import market	Imports (£ billion)	% of total imports	% change compared to previous year
1	United States	61.2	19.5%	8.7%
2	Spain	23.4	7.4%	11.3%
3	France	20.7	6.6%	10.5%
4	India	14.7	4.7%	15.9%
5	Germany	13.5	4.3%	-2.5%
6	Ireland	11.8	3.8%	3.5%
7	Netherlands	10.4	3.3%	-1.9%
8	Italy	10.1	3.2%	16.2%
9	Switzerland	9.8	3.1%	3.2%
10	Sweden	6.4	2.0%	1.5%

Source: ONS UK trade, quarterly trade in goods and services tables: October to December 2024.

Top UK services imports

The top 3 service types imported by the UK in 2024 were other business services (£110.7 billion), travel services (£93.3 billion) and transport services (£28.5 billion). (ONS UK trade: March 2025).

Table 19a: top 5 UK services imports in 2024

Rank	Service type	Imports (£ billion)	% of total services imports	% change compared to previous year
1	Other business services	110.7	35.2%	11.6%
2	Travel services	93.3	29.7%	16.0%
3	Transport services	28.5	9.1%	-9.3%
4	Financial services	18.7	5.9%	-3.6%
5	Intellectual property services	16.3	5.2%	-2.1%

Source: ONS UK trade: March 2025.

Table 19b: top 5 UK services imports in the 12 months ending March 2025

Rank	Service type	Imports (£ billion)	% of total services imports	% change compared to previous 4 quarters
1	Other business services	114.1	35.4%	10.8%
2	Travel services	96.3	29.9%	13.1%
3	Transport services	28.9	9.0%	-5.3%
4	Financial services	19.0	5.9%	-1.9%
5	Intellectual property services	16.1	5.0%	-1.7%

Source: ONS UK trade: March 2025.

UK imports of services by modes of supply

Information on the different modes of supply are available in the technical annex.

In 2022, 57.1% of the UK’s services imports were delivered remotely (mode 1), while 42.9% were delivered via the movement of people (modes 2 and 4). (ONS imports and exports of services by modes of supply UK: 2022 statistics).

Table 20: percentage of UK services imports delivered by each mode of supply 2022

Region	Mode 1	Mode 2	Mode 4
World	57.1%	31.7%	11.3%
EU	51.0%	40.4%	8.7%
Non-EU	62.0%	24.6%	13.4%

Source: ONS imports and exports of services by modes of supply UK: 2022 statistics.

4. Other trade statistics

This chapter comprises 7 sections:

4.1 Total trade (exports plus imports)

Total trade is the sum of exports and imports of goods and services.

UK total trade in 2024 amounted to £1.78 trillion (a 0.9% increase from 2023), comprising £813.2 billion with the EU and £966.1 billion with non-EU countries. (ONS Balance of Payments: Quarter 4 (October to December) 2024).

More timely data shows that in the 12 months ending March 2025 UK total trade amounted to £1.8 trillion (a 2.6% increase on the previous 12 months). (ONS UK trade: March 2025).

Top UK trading partners

In 2024, the United States was the UK’s largest trading partner, accounting for 17.7% (or £314.6 billion) of total UK trade. (ONS UK trade, quarterly trade in goods and services tables: October to December 2024).

Table 21: top 10 UK trading partners in 2024 (exports plus imports of goods and services)

Rank	Partner country	Total trade (£ billion)	% of total trade	% change compared to previous year
1	United States	314.6	17.7%	3.9%
2	Germany	146.4	8.2%	-2.1%
3	Netherlands	110.5	6.2%	-5.9%
4	France	104.2	5.9%	-2.3%
5	China	98.4	5.5%	-4.2%
6	Ireland	82.0	4.6%	-5.8%
7	Spain	64.6	3.6%	5.6%
8	Belgium	60.7	3.4%	4.8%
9	Italy	52.8	3.0%	4.4%
10	Switzerland	45.4	2.6%	-9.1%

Source: ONS UK trade, quarterly trade in goods and services tables: October to December 2024.

4.2 Trade balance (exports minus imports)

In 2024 the UK trade deficit was £32.3 billion (from £29.1 billion in 2023). More timely data shows that the deficit was £41.9 billion in the 12 months ending March 2025 (from £20.5 billion in the 12 months ending March 2024). (ONS UK trade: March 2025).

Other than a trade surplus in 2020, the UK has run a trade deficit in each year since 1998. (ONS GDP first quarterly estimate, UK: January to March 2025).

The UK has run a trade in goods deficit each year since 1983 and a trade in services surplus each year since 1966. (ONS GDP first quarterly estimate, UK: January to March 2025).

Chart 11: trade balance in goods and services, 2014 to 2024 plus latest 12 months (current prices)

Source: ONS UK trade: March 2025.

In 2024, the UK had a trade in goods deficit of £226.0 billion (from £208.6 billion in 2023) and a trade in services surplus of £193.7 billion (from £179.5 billion in 2023). (ONS UK trade: March 2025).

In the 12 months ending March 2025 the UK had a trade in goods deficit of £237.6 billion (from £200.7 billion in the 12 months ending March 2024) and a trade in services surplus of £195.7 billion (from £180.2 billion in the 12 months ending March 2024). (ONS UK trade: March 2025).

In 2024, the UK had a trade deficit with the EU of £96.9 billion (from £97.2 billion in 2023) and a trade surplus of £64.6 billion with non-EU countries (from £68.1 billion in 2023). (ONS Balance of Payments: Quarter 4 (October to December) 2024).

4.3 Trade asymmetries

Trade asymmetries are the differences between the published trade data of a given country and that of its partner countries. Each country collects their own data on international trade. In theory, each country’s exports to a partner country should match the partner country’s imports from them, and vice versa. In reality, it is often the case that figures do not match exactly. We refer to these differences as trade asymmetries.

Full details on trade asymmetries are available in the technical annex.

4.4 Trade to GDP ratio

The trade-to-GDP ratio is used to measure the importance of international transactions relative to domestic transactions. This indicator is calculated as exports and/or imports relative to GDP. This ratio is often called the trade openness ratio, and can be used as a measure of the extent to which a country is engaged in the global trading system.

UK exports were equivalent to 30.6% of UK GDP in 2024, down from 32.0% in 2023. In the 12 months ending March 2025, exports were equivalent to 30.5% of UK GDP, down from 31.7% in the 12 months prior. (ONS UK trade: March 2025 and ONS GDP first quarterly estimate, UK: January to March 2025).

UK imports were equivalent to 31.8% of GDP in 2024, down from 33.1% in 2023. In the 12 months ending March 2025, imports were equivalent to 31.9% of UK GDP, down from 32.4% in the 12 months prior. (ONS UK trade: March 2025 and ONS GDP first quarterly estimate, UK: January to March 2025).

4.5 Trade in real terms

UK trade statistics are typically reported in current (or nominal) prices, which measures the market prices during the reported period and are not adjusted for inflation. Statistics are also available in Chained Volume measures (CVM), which are a ‘real’ measure in that they have had the effect of inflation removed to measure the change in volume between consecutive periods, fixing the prices of goods and services in one period (known as the base year, which is currently 2022 for UK trade).

Full details on the methodology used to compile the trade figures in Chained Volume Measures are available in the technical annex.

UK exports in real terms

In real terms, UK exports decreased by 1.2% to £834.7 billion in 2024. The decrease consisted of a 4.7% (£21.2 billion) increase in services exports and a 7.9% (£31.0 billion) decrease in goods exports. (ONS UK trade: March 2025).

More timely data shows that in the 12 months ending March 2025, UK exports decreased by 1.4% to £834.1 billion in real terms, comprising a 3.8% (£17.4 billion) increase in services exports and a 7.5% (£29.2 billion) decrease in goods exports. (ONS UK trade: March 2025).

Chart 12: UK exports of goods and services, 2014 to 2024 plus latest 12 months (chained volume measures)

Source: ONS UK trade: March 2025.

Table 22: UK exports of goods and services, 2014 to 2024 plus latest 12 months (chained volume measures)

Year	Goods exports (£ billion)	Services exports (£ billion)	Total exports (£ billion)
2014	384.3	309.2	691.1
2015	397.8	321.7	717.2
2016	401.2	337.5	737.0
2017	429.5	359.3	786.9
2018	431.5	380.9	811.1
2019	440.6	388.1	827.4
2020	385.3	345.5	729.8
2021	389.1	364.5	753.4
2022	434.1	413.9	848.1
2023	393.7	450.8	844.5
2024	362.7	472.0	834.7

Year	Goods exports (£ billion)	Services exports (£ billion)	Total exports (£ billion)
12 months to March 2025	357.9	476.2	834.1

Source: ONS UK trade: March 2025.

UK imports in real terms

In real terms, UK imports increased by 2.7% to £904.9 billion in 2024. The increase consisted of a 6.7% (£18.4 billion) increase in services imports and a 0.9% (£5.3 billion) increase in goods imports. (ONS UK trade: March 2025).

More timely data shows that in the 12 months ending March 2025, UK imports decreased by 1.4% to £834.1 billion in real terms, comprising a 3.8% (£17.4 billion) increase in services imports and a 7.5% (£29.2 billion) decrease in goods imports. (ONS UK trade: March 2025).

Chart 13: UK imports of goods and services, 2014 to 2024 plus latest 12 months (chained volume measures)

Source: ONS UK trade: March 2025.

Table 23: UK imports of goods and services, 2014 to 2024 plus latest 12 months (chained volume measures)

Year	Goods imports (£ billion)	Services imports (£ billion)	Total imports (£ billion)
2014	555.5	189.6	744.1
2015	574.9	206.8	781.0
2016	597.5	215.3	812.1
2017	612.1	226.0	837.8
2018	615.4	247.5	863.7
2019	631.3	255.0	887.2
2020	554.5	192.8	746.3
2021	592.6	198.8	789.6
2022	640.7	251.5	892.2
2023	606.4	274.8	881.2
2024	611.7	293.2	904.9

Year	Goods imports (£ billion)	Services imports (£ billion)	Total imports (£ billion)
12 months to March 2025	623.2	298.4	921.6

Source: ONS UK trade: March 2025.

4.6 Trade forecasts

UK trade forecasts are estimates based on a range of assumptions, using historical data and all known information at the time of calculation, taking into account the latest UK and global policies and events. Forecasts are typically recalculated on a 6-month basis in order to capture new information and reflect any changes in assumptions.

Forecasts of UK real export growth

The OBR forecast the volume of UK exports of goods and services to fall by 0.1% in 2025, and then grow at 1.4% in 2026. (OBR Economic and fiscal outlook - March 2025).

The IMF forecast the volume of UK exports of goods and services to decrease by 0.4% in 2025, and then grow at 1.0% in 2026. (IMF World Economic Outlook - April 2025).

The OECD forecast the volume of UK exports of goods and services to grow by 0.2% in 2025, and then grow by 1.3% in 2026. (OECD Economic Outlook - December 2024).

Table 24: UK export volume growth forecasts (%)

International organisation	2025	2026
OBR (goods and services)	-0.1%	1.4%
IMF (goods and services)	-0.4%	1.0%
OECD (goods and services)	0.2%	1.3%

Forecasts of UK real import growth

The OBR forecast the volume of UK imports of goods and services to grow by 0.1% in 2025, and then grow at 0.9% in 2026. (OBR Economic and fiscal outlook - March 2025).

The IMF forecast the volume of UK imports of goods and services to increase by 1.8% in 2025, and then grow at 1.2% in 2026. (IMF World Economic Outlook - April 2025).

The OECD forecast the volume of UK imports of goods and services to grow by 0.7% in 2025, and then grow by 1.2% in 2026. (OECD Economic Outlook - December 2024).

Table 25: UK import volume growth forecasts (%)

International organisation	2025	2026
OBR (goods and services)	0.1%	0.9%
IMF (goods and services)	1.8%	1.2%
OECD (goods and services)	0.7%	1.2%

4.7 Global trade rankings

Global export rankings

In 2023* the UK ranked:

• fourth in the world for exports of goods and services (no change from 2022)
• second in Europe for exports of goods and services, behind Germany (no change from 2022)
• second in the world for services exports (no change from 2022)
• 13^th in the world for exports of goods (up from 14^th in 2022)
  
  *Much of the 2023 data on which these rankings are based are modelled or estimated.

Source: UNCTAD Goods and Services (BPM6): Exports and imports of goods and services, annual

Global import rankings

In 2023* the UK ranked:

• fourth in the world for imports of goods and services (no change from 2022)
• sixth in the world for goods imports (no change from 2022)
• fourth in the world for services imports (up from fifth in 2022)
  
  *Much of the 2023 data on which these rankings are based are modelled or estimated.

Source: UNCTAD Goods and Services (BPM6): Exports and imports of goods and services, annual

5. UK regional trade

This chapter comprises 3 sections:

5.1 UK regional total trade (goods and services)

Regional trade statistics in this section are published by the ONS. Full details on how the data are sourced and the statistics are compiled is available in our technical annex.

Of all the UK nations and regions London and the South East were the 2 regions that exported and imported the highest value of goods and services in 2022. Northern Ireland and the North East were the 2 regions that exported and imported the lowest value of goods and services in 2022. (ONS International trade in UK nations, regions and cities: 2022 statistics).

Table 26: exports and imports (goods and services) by region, 2022

Region	Exports (£ billion)	% of total exports	Imports (£ billion)	% of total imports
North East	19.1	2.3%	18.4	2.1%
North West	68.5	8.1%	71.2	8.0%
Yorkshire and The Humber	38.4	4.5%	51.6	5.8%
East Midlands	36.2	4.3%	44.0	4.9%
West Midlands	52.9	6.2%	59.5	6.7%
East of England	58.7	6.9%	73.7	8.3%
London	235.6	27.8%	179.6	20.1%
South East	102.7	12.1%	157.8	17.7%
South West	44.7	5.3%	41.0	4.6%
England	656.6	77.4%	696.9	78.1%
Wales	31.7	3.7%	30.4	3.4%
Scotland	64.6	7.6%	43.4	4.9%
Northern Ireland	17.8	2.1%	15.7	1.8%

Source: ONS International trade in UK nations, regions and cities: 2022 statistics.

5.2 UK regional services trade

Regional trade statistics in this section are published by the ONS. Full details on how the data are sourced and the statistics are compiled is available in our technical annex.

In 2022, London and the South East were the highest exporters of services, with 44.9% and 12.7% of total UK service exports respectively. London and the South East were the highest importers of services, with 35.8% and 12.8% of total UK service imports respectively. (ONS International trade in UK nations, regions and cities: 2022 statistics).

Table 27: services exports and imports by region, 2022

Region	Exports (£ billion)	% of total exports	Imports (£ billion)	% of total imports
North East	7.1	1.7%	5.3	2.1%
North West	31.2	7.5%	22.3	8.9%
Yorkshire and The Humber	17.2	4.2%	12.0	4.8%
East Midlands	9.7	2.3%	8.5	3.4%
West Midlands	17.4	4.2%	13.3	5.3%
East of England	27.4	6.6%	22.7	9.0%
London	185.9	44.9%	90.1	35.8%
South East	52.5	12.7%	32.3	12.8%
South West	19.1	4.6%	12.2	4.8%
England	367.5	88.8%	218.7	87.0%
Wales	9.4	2.3%	5.5	2.2%
Scotland	30.2	7.3%	17.7	7.0%
Northern Ireland	6.9	1.7%	3.4	1.4%

Source: ONS International trade in UK nations, regions and cities: 2022 statistics

5.3 UK regional goods trade

Regional trade statistics in this section are published by HMRC. Full details on how the data are sourced and the statistics are compiled is available in our technical annex.

Of all the UK nations and regions the South East and London were the 2 regions that exported and imported the highest value of goods in 2024. Northern Ireland and the North East were the 2 regions that exported and imported the lowest value of goods in 2024. (HMRC regional trade in goods statistics Q4 2024).

Table 28: goods exports and imports by region, 2024

Region	Exports (£ billion)	% of total exports	Imports (£ billion)	% of total imports
North East	13.7	3.9%	15.4	2.7%
North West	30.7	8.8%	46.1	8.0%
Yorkshire and The Humber	17.8	5.1%	39.1	6.8%
East Midlands	26.5	7.6%	30.8	5.3%
West Midlands	35.3	10.1%	42.7	7.4%
East of England	30.9	8.9%	47.4	8.2%
London	36.1	10.4%	75.1	13.0%
South East	39.5	11.3%	107.2	18.6%
South West	23.8	6.8%	27.8	4.8%
England	254.4	73.0%	431.7	74.8%
Wales	16.5	4.7%	20.7	3.6%
Scotland	32.3	9.3%	27.0	4.7%
Northern Ireland	11.1	3.2%	9.9	1.7%

Source: HMRC regional trade in goods statistics Q4 2024.

6. Number of businesses exporting and importing

This chapter comprises 5 sections:

6.1 Number and percentage of registered GB businesses exporting and importing

Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022.

For details on the data sources and methods used, plus full guidance on using these statistics, see the technical annex.

Exporters in 2022

• 285,100 registered Great Britain businesses (11.6%) exported either goods or services or both.
• 115,800 registered Great Britain businesses (4.7%) are estimated to have exported goods.
• 196,900 registered Great Britain businesses (8.0%) are estimated to have exported services.
• 98.8% of GB exporting businesses were businesses with fewer than 250 employees.

Importers in 2022

• 301,300 registered Great Britain businesses (12.2%) imported either goods or services or both.
• 181,400 registered Great Britain businesses (7.4%) are estimated to have imported goods.
• 164,700 registered Great Britain businesses (6.7%) are estimated to have imported services.
• 98.6% of GB importing businesses were businesses with fewer than 250 employees.

Table 29: number and proportion of registered GB businesses, 2022

Type	Exporting	% Exporting	Importing	% Importing	Exporting and/or importing	% Exporting and/or importing
Goods and/or services	285,100	11.6	301,300	12.2	422,800	17.2
Goods	115,800	4.7	181,400	7.4	216,600	8.8
Services	196,900	8.0	164,700	6.7	271,500	11.0

Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022.

6.2 Number of businesses exporting and importing (goods and services) by region

In 2022, London and the South East had the highest number of exporters with 27.9% and 15.9% of the total for Great Britain. The North East and Wales had the fewest exporters of all English regions and GB nations. (ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022).

In 2022, London and the South East had the highest number of importers with 26.5% and 17.3% of the total for Great Britain. The North East and Wales had the fewest importers of all English regions and GB nations. (ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022).

Table 30: number of GB exporters and importers (goods and services) by region, 2022

Region	Number of exporters	% of exporters	Number of importers	% of importers
Great Britain	285,100	100.0%	301,300	100.0%
North East	5,100	1.8%	3,800	1.3%
North West	20,200	7.1%	24,600	8.2%
Yorkshire and The Humber	19,100	6.7%	22,500	7.5%
East Midlands	21,500	7.5%	18,100	6.0%
West Midlands	18,400	6.5%	20,900	6.9%
East of England	27,700	9.7%	25,100	8.3%
London	79,600	27.9%	79,900	26.5%
South East	45,400	15.9%	52,000	17.3%
South West	24,200	8.5%	30,500	10.1%
England	261,400	91.7%	277,400	92.1%
Wales	10,400	3.6%	9,500	3.2%
Scotland	13,300	4.7%	14,500	4.8%

Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022.

6.3 Number of GB businesses exporting and importing services by region

In 2022, London and the South East had the highest number of service exporters with 32.1% and 17.4% of the total for Great Britain. The North East and Wales had the fewest service exporters of all English regions and GB nations. (ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022).

In 2022, London and the South East had the highest number of service importers with 34.9% and 18.2% of the total for Great Britain. The North East and Wales had the fewest service importers of all English regions and GB nations. (ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022).

Table 31: number of GB exporters and importers of services by region, 2022

Region	Number of exporters	% of exporters	Number of importers	% of importers
Great Britain	196,900	100.0%	164,700	100.0%
North East	3,900	2.0%	1,200	0.7%
North West	13,600	6.9%	11,000	6.7%
Yorkshire and The Humber	10,900	5.5%	7,100	4.3%
East Midlands	14,200	7.2%	8,800	5.3%
West Midlands	10,400	5.3%	10,300	6.3%
East of England	15,800	8.0%	11,900	7.2%
London	63,200	32.1%	57,400	34.9%
South East	34,300	17.4%	30,000	18.2%
South West	16,700	8.5%	15,400	9.4%
England	182,900	92.9%	153,100	93.0%
Wales	4,800	2.4%	4,900	3.0%
Scotland	9,100	4.6%	6,800	4.1%

Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022.

6.4 Number of UK businesses exporting and importing goods by region

In 2024, London and the South East had the highest number of goods exporters with 17.5% and 14.8% of the total for the United Kingdom. The North East and Wales had the fewest goods exporters of all English regions and UK nations. (HMRC regional trade in goods statistics Q4 2024).

In 2024, London and the South East had the highest number of goods importers with 19.6% and 12.4% of the total for the United Kingdom. The North East and Scotland had the fewest goods importers of all English regions and UK nations. (HMRC regional trade in goods statistics Q4 2024).

Table 32: number of UK exporters and importers of goods by region, 2024

Region	Number of exporters	% of exporters	Number of importers	% of importers
United Kingdom	122,042	100.0%	256,438	100.0%
North East	2,370	1.9%	4,742	1.8%
North West	10,867	8.9%	22,314	8.7%
Yorkshire and The Humber	8,260	6.8%	13,917	5.4%
East Midlands	8,669	7.1%	13,770	5.4%
West Midlands	10,485	8.6%	17,033	6.6%
East of England	11,599	9.5%	20,098	7.8%
London	21,298	17.5%	50,191	19.6%
South East	18,016	14.8%	31,701	12.4%
South West	9,043	7.4%	15,347	6.0%
England	100,607	82.4%	189,113	73.7%
Wales	3,188	2.6%	11,693	4.6%
Scotland	5,569	4.6%	10,747	4.2%
Northern Ireland	7,666	6.3%	15,465	6.0%

Source: HMRC regional trade in goods statistics Q4 2024.

6.5 Attitudes of UK businesses to exporting

Source: National Survey of Registered Businesses’ Exporting Behaviours, Attitudes and Needs 2023.

In 2023, a total of 3,004 responses were collected from businesses between February and November. Any private sector business registered in the UK and operating above the VAT threshold is eligible to be interviewed as part of the National Survey of Registered Businesses’ Exporting Behaviours, Attitudes and Needs (NSRB). The primary focus of the survey is on businesses with an annual turnover of £500,000 or more on the premise that they can potentially generate higher-value exports. In 2023, there were 2,181 businesses interviewed with a turnover of £500,000 or more.

The NSRB is weighted to be nationally representative. The £500,000 or more turnover dataset is representative of businesses with a turnover of £500,000 or more and the full dataset is representative of all businesses across the UK operating above the VAT threshold.

The NSRB results may vary from similar insights found in ONS surveys, such as the Annual Business Survey and the fortnightly Business Insights and Conditions Survey (BICS), due to a differing methodological approach and survey objectives. Differences between the ONS Annual Business Survey and the NSRB are explained in the NSRB technical report.

The NSRB allocates businesses into 4 segments that reflect their exporting behaviour. In 2023, the proportions of businesses falling into each segment were similar to previous waves.

In 2023:

• just under a third (31%) had exported either goods or services in the past 12 months
• 8% were either lapsed or intermittent exporters, who had not exported in the past 12 months but had done previously
• 18% had never exported but had goods or services which they self-identified as being either suitable, or could be developed to be suitable, for export
• 42% had never exported and did not see their goods or services as suitable for export
• a remaining 1% of businesses fell outside of these segment definitions, as they were unsure of their exporting potential or history

The proportion of businesses that had exported in the last 12 months was 31%, down from 34% in 2022, and 35% in 2021. Overall, the proportion of businesses that have ever exported (39%) has decreased compared to previous years (43% in 2022 and 45% in 2021).

22% of businesses exported goods in the last 12 months, down from 25% in 2022, and 14% exported services, in line with 2022.

As in 2022, those who had exported goods in the previous 12 months were more likely to report a reduction (39%) than an increase in these exports (21%). Among those that had exported services in the previous 12 months, the same share reported a reduction as reported an increase in these exports (both 25%).Of those that had exported before, 88% had exported to the EU in the last 5 years, making it the most common export destination. 94% of businesses that had ever exported said they had exported to at least one of the following markets: the EU, the United States, the Gulf States, Australia, or India (designated as core markets in the 2023 NSRB survey).

In 2023, 62% of businesses reported that they had ever experienced supply chain issues. 72% of those that reported having had experienced supply chain issues in the last 3 years cited COVID-19 as a cause, while 65% mentioned EU Exit and 58% said general economic or inflationary pressure.

Exporting behaviour differs across the UK’s nations and regions. In England, London was the region with the highest proportion of exporters who had done so in the past 12 months (42%), with all other UK regions having a share of around 25% to 35%. The percentage of current exporters in Wales and Scotland were 25% and 27% respectively. The proportion of current exporters in Northern Ireland remained high (52%) in comparison to other UK regions, however a considerable proportion of Northern Irish businesses (31%) had only exported to the Republic of Ireland in the past 12 months.

In 2023, 71% of those who had exported before said they were ‘passive’ in their exporting behaviour. This means that they responded to orders from other countries but did not actively target these customers. Conversely, 27% said they did actively target customers abroad. The proportions of businesses that actively and passively export have remained stable since 2022.

Businesses that had exported only to non-EU countries over the past 5 years were more likely to be active exporters (35%) than those that exported only to EU countries (20%). The proportion of active exporters was similar across exporters to all core markets in 2023 (around 26% to 33%). Regarding business location, those in the East Midlands were the most likely to report being active exporters (43%), with most other regions falling within 20% to 30%. By business size, those with at least 20 employees (38%) were more likely to be active exporters than those with up to 19 employees (23%). There were no significant differences by sector.

Around two-in-five businesses stated that they had imported in the last 12 months (41%).

When asked about free trade agreements (FTAs), 45% of respondents agreed that FTAs between the UK and other countries will benefit their business, with 24% disagreeing. 23% agreed they would be confident in knowing how to trade through an FTA.

Agreement that there is a lot of demand for UK products or services around the world continued to decline in 2023, with 52% in agreement, down from a high of 73% in 2017.

In 2023, 18% of businesses had a high level of knowledge of how to export, a decline from 2022 (24%). A greater proportion (28%) reported poor knowledge, an increase from 2022 (23%).

Of businesses that have exported or could export, 77% were aware of any UK government trade support services, in line with 2022 (78%).

7. Trade in value added (TiVA)

This chapter comprises 5 sections:

Source: OECD Trade in Value Added: 1995 to 2020, experimental statistics, 2023 edition.

7.1 Introduction

The OECD updated its Trade in Value Added (TiVA) estimates for 1995-2020 due to errors discovered in the previous release published in November 2023.

TiVA is an innovative dataset that makes it possible to examine aspects of international trade, such as Global Value Chains (GVCs), that are not possible with conventional (‘gross’) measures of trade. The novelty of this dataset is that it regards international trade as flows of value added rather than gross flows of final goods and services, enabling users to track the origin of value added in a country’s exports and final demand by source country and sector.

It is important to note that, while TiVA offers many advantages over traditional ways of measuring trade, it has limitations in its current form. The estimates are based on a number of strong assumptions, imputations and modelling and offer only broad insights into supply chain interactions. In addition, the estimates for the most recent years, particularly 2020, should be interpreted with caution as they are based on extrapolated Supply Use Tables. The OECD advises that over-interpretation of the results should be avoided and the estimates should be considered as complements to traditional trade statistics. The UK left the EU at the end of 2020, so was a member state for this time period.

7.2 Backward linkages for exports

Backward linkages for exports measure how dependent UK exporters are on imported inputs for the production of their exports. A headline measure of backward linkages, and a gauge of the extent of a country’s participation in GVCs, is the share of foreign value added embodied in a country’s gross exports (or ‘import content of exports’).

The TiVA data suggests that the UK has relatively weak backward linkages meaning it is not heavily dependent on imported intermediate inputs for the production of its exports. The import content of the UK’s exports has fallen gradually in recent years, from a peak of 18.1% in 2011 to 14.3% in 2020, in line with the global trend. Other major developed economies, such as the United States, France, Germany and Japan, have also experienced a decline in GVC participation in recent years, partly reflecting the impact of the pandemic.

Between 2019 and 2020, the import content of the UK’s exports has declined significantly by 1.4 percentage points. Additional years’ worth of data alongside improved or updated underlying estimates published by national statistical agencies are required to provide a more accurate picture of the effect of the pandemic on GVCs.

In 2020, the UK’s import content of exports was well below the OECD average of 27%, with the UK ranking 58th out of 76 economies in the TiVA dataset on this measure. However, this should not be interpreted as a sign of lack of integration in GVCs or lack of competitiveness. Several factors affect a country’s participation in GVCs, including the size of the economy, patterns of specialisation, trade openness and location. Care is therefore needed when interpreting the TiVA data.

Participation in GVCs should be evaluated in terms of each country’s economic context; the UK’s relatively low backward participation partly reflects its specialisation in services exports which tend to have lower import content relative to manufacturing exports. Large and successful economies, such as the US, rank even lower (74th) than the UK in terms of GVC participation.

In proportional terms, the UK sectors that were most reliant on foreign value added for their exports in 2020 were coke and refined petroleum (with foreign value added accounting for 52.7% of this sector’s gross exports), motor vehicles (33.0%) and basic metals (29.0%).

The UK is more reliant on non-EU countries than EU suppliers of intermediate goods and services for the production of its exports. In 2020, 57% of all foreign inputs used in UK exports originated from non-EU countries (43% originated from the EU). The largest suppliers of inputs for UK exporters in 2020 were the United States (supplying 16.8% of all foreign inputs used in UK exports), Germany (10.5%), China (8.4%), France (6.3%) and Ireland (4.2%).

The majority of UK exporting sectors are more dependent on imported inputs from non-EU countries than the EU. The only UK sectors that depend more on inputs from the EU than non-EU countries for their export production are motor vehicles; food, beverages and tobacco; accommodation and food service activities; wood products; and paper and printing.

7.3 Forward linkages for exports

Forward linkages measure the contribution of UK exporters as suppliers of inputs to exports of other countries. They provide a measure of how dependent UK suppliers of goods and services can be on export prospects abroad.

The UK has stronger forward linkages than backward linkages, indicating its more prominent role as a supplier of inputs rather than a user of inputs. In 2020, the UK ranked as the 13th most forward integrated country (out of the 76 countries in the TiVA database), with the headline measure (UK value added embodied in exports of other countries as % of UK exports) at 24.8%. This share has increased from 16.5% in 1995, suggesting a greater degree of integration of UK exporters in ‘downstream’ supply chains over time.

The UK has stronger forward linkages with EU countries (especially Ireland, Germany, Luxembourg, the Netherlands and France), with the EU accounting for around two-thirds (66%) of all UK valued added embodied in foreign (world) exports in 2020. Outside of the EU, the UK has strong forward linkages with the United States, Singapore and China.

In the UK, the main suppliers of inputs to exporters are services sectors such as financial and insurance (accounting for 19.1% of total UK value added embodied in exports in 2020), professional, scientific and technical services (17.2%), administrative and support services (11.6%) and wholesale and retail trade services (10.4%). The contribution from the UK manufacturing sector is around 13%, with the chemicals, machinery and equipment, and fabricated metals sectors being the largest sources of inputs for exporters. The UK mining and quarrying energy producing sector is also a significant supplier, contributing around 4% to the total UK value added embodied in exports.

The UK source sectors that are most dependent on supplying inputs to EU exporters (and hence demand conditions in this bloc) in 2020 were agriculture, hunting and forestry; mining and quarrying, energy producing; and food, beverages and tobacco. The only UK source sectors that supply more inputs to non-EU than EU exporters were water transport, and other transport equipment.

7.4 Importance of services

Services are traded not only directly across borders, but also indirectly embodied in goods exports. For example, UK engineering services that are part of the production of a car are exported indirectly embodied in the export of the car. This indirect trade in services is reflected in TiVA statistics but not in traditional trade statistics. As a result, TiVA provides a more accurate estimate of the services sector contribution to exports. As services are increasingly embedded in manufacturing exports, policies to encourage services trade liberalisation can improve the export competitiveness of not just services industries but also manufacturing industries.

Accounting for the value added of services in the production of goods, the TiVA data reveals that services are more important to UK exports than they appear in traditional trade statistics. In value added terms, the share of services in total UK exports was 78.8% in 2020, significantly above the OECD average of 58.9.%, and around 4.5 percentage points higher than in traditional terms (74.3%). The difference is driven partly by the contribution of services inputs to UK manufacturing exports; the share of services value added in UK manufacturing gross exports was 35.2% in 2020.

7.5 Bilateral trade balances

Measuring trade in value added terms does not affect the overall trade balance of a country. However, bilateral trade balances with individual trading partners can look different when measured on a value added basis. Compared to gross terms, the UK’s trade surplus with non-EU countries is bigger when measured in value added terms. Correspondingly the UK’s trade deficit with EU countries is bigger in value added terms.

In gross terms, the United States (15.7% market share) Ireland (8.3%), Germany (7.6%,) France (6.3%) and China (4.9%) ranked as the UK’s top 5 export destinations in 2020. In value added terms (meaning as final consumers of UK value added exports) these countries remain in the top 5 UK export destinations with the United States ranked top with a 18.0% market share followed by Germany (7.0%), China (6.2%), France (6.2%) and Ireland (4.8%). In value added terms the importance of non-EU export markets such as the United States, China and Japan is amplified while the market share of EU countries such as Germany, France, Ireland and the Netherlands is reduced.

The smaller importance of EU countries in value added terms should not be taken as an indication of a lower reliance of the UK on demand and supply from EU countries. These countries act as conduits for a sizeable amount of UK value added exported to non-EU countries. Similarly non-EU countries access the UK market via the EU.

8. Foreign Direct Investment (FDI) statistics

This chapter comprises 4 sections:

To note: the ONS implemented several improvements to their FDI survey methodology for the 2020 release. Changes to stratification methods and sampling population increases affected the results for 2020 and led to an increase in reported FDI figures, particularly for inward FDI. As a result of these improvements, we advise caution when interpreting changes over time, as some increases since 2019 may be due to the methodology changes.

For more information on the ONS FDI data sources and methods, see the technical annex.

8.1 Inward FDI

The UK’s inward FDI stock was £2.1 trillion at the end of 2023, up 0.5% on 2022. (ONS Foreign direct investment involving UK companies: 2023).

Table 33: inward FDI stock: directional basis (current prices)

Year	Total (£ billion)	EU (£ billion)	Non-EU (£ billion)
2013	918.5	462.3	456.1
2014	1,013.3	490.2	523.0
2015	1,032.5	440.8	591.7
2016	1,187.3	551.8	635.5
2017	1,392.5	591.3	801.2
2018	1,572.8	616.6	956.2
2019	1,640.6	655.8	984.9
2020	1,919.2	705.4	1,213.8
2021	1,941.3	599.6	1,341.7
2022	2,068.0	597.2	1,470.8
2023	2,079.1	650.6	1,428.5

Source: ONS Foreign direct investment involving UK companies: 2023.

Top investors in the UK

The United States is the largest investor in the UK, with an inward FDI stock of £708.1 billion at the end of 2023. (ONS Foreign Direct Investment totals for inwards and outward flows, positions and earnings, 2022 to 2023).

Table 34: top 10 investors in the UK, 2023 (inward FDI stock)^1,2,3

Rank	FDI partner	Inward FDI (£ billion)	% of total inward FDI stock
1	United States	708.1	34.1
2	Luxembourg	188.4	9.1
3	Jersey	164.3	7.9
4	France	117.5	5.6
5	Netherlands	94.5	4.5
6	Japan	86.5	4.2
7	Ireland	82.9	4.0
8	Switzerland	61.8	3.0
9	Bermuda	57.0	2.7
10	Belgium	49.8	2.4

Source: ONS Foreign Direct Investment totals for inwards and outward flows, positions and earnings, 2022 to 2023.

Notes:

1. Data are on a directional basis.
2. Data are on a net basis meaning investments minus disinvestments.
3. FDI rankings are compiled on the basis of immediate, rather than ultimate, partner country. This often leads to an overstatement of investments in or from big financial centres (such as Luxembourg and the Netherlands) or countries offering favourable tax terms to investors.

Global rankings (inward FDI stock)

In 2023, the UK was:

• the third highest destination for investment in the world (up from fourth in 2022, overtaking the Netherlands who were third in 2022). The United States remained first, holding the highest inward FDI stock in the world with China second.

• the highest destination for investment in Europe.

Source: UNCTAD World Investment Report 2024.

8.2 Outward FDI

The UK’s outward FDI stock was £1.9 trillion at the end of 2023, down 2.7% on 2022. (ONS Foreign direct investment involving UK companies: 2023).

Table 35: outward FDI stock: directional basis (current prices)

Year	Total (£ billion)	EU (£ billion)	Non-EU (£ billion)
2013	1,090.6	454.9	635.7
2014	1,078.7	445.0	633.6
2015	1,084.0	456.2	627.8
2016	1,274.6	578.3	696.3
2017	1,369.1	596.6	772.6
2018	1,453.1	607.2	845.9
2019	1,651.8	669.1	982.6
2020	1,753.3	703.3	1,050.0
2021	1,728.3	689.4	1,038.9
2022	1,904.8	793.5	1,111.3
2023	1,853.6	796.8	1,056.8

Source: ONS Foreign direct investment involving UK companies: 2023.

Top destinations for UK FDI

The United States is the top destination for UK FDI, with an outward FDI stock of £494.1 billion at the end of 2023. (ONS Foreign Direct Investment totals for inwards and outward flows, positions and earnings, 2022 to 2023).

Table 36: top 10 destinations for UK FDI, 2023 (outward FDI stock)^1,2,3

Rank	FDI partner	Outward FDI (£ billion)	% of total outward FDI stock
1	United States	494.1	26.7
2	Netherlands	273.5	14.8
3	Luxembourg	141.0	7.6
4	Hong Kong	105.4	5.7
5	France	101.2	5.5
6	Spain	94.1	5.1
7	Switzerland	46.6	2.5
8	Sweden	41.1	2.2
9	Canada	37.8	2.0
10	Jersey	35.6	1.9

Source: ONS Foreign Direct Investment totals for inwards and outward flows, positions and earnings, 2022 to 2023.

Notes:

1. Data are on a directional basis.
2. Data are on a net basis meaning investments minus disinvestments.
3. Rankings are affected by the fact that FDI statistics are compiled on the basis of immediate, rather than ultimate, partner country. This often leads to an overstatement of investments in or from big financial centres (such as Luxembourg and the Netherlands) or countries offering favourable tax terms to investors.

Global rankings (outward FDI stock)

In 2023, the UK was:

• the seventh largest global investor (down from fifth in 2022), behind the United States, Netherlands, China, Canada, Germany and Japan.

• the third largest European investor, behind the Netherlands and Germany (down from second in 2022).

Source: UNCTAD World Investment Report 2024.

8.3 Regional FDI

All regional FDI statistics in this section are published by the ONS. Full details on how the data are sourced and the statistics are compiled is available in the technical annex.

At the end of 2021, London had the highest amount of inward FDI stock at 45.3% of UK total and Northern Ireland had the lowest amount of inward FDI at 1.0% of UK total. London had the highest amount of outward FDI stock at 45.5% of UK total while Northern Ireland had the lowest amount of outward FDI stock at 0.6% of UK total. (Foreign direct investment, UK subnational estimates: 2021).

Table 37: value of inward and outward FDI stock by region, 2021

Region	Inward FDI stock (£ billion)	Share of inward stock (%)	Outward FDI stock (£ billion)	Share of outward stock (%)
North East	27.9	1.4%	26.9	1.5%
North West	122.9	6.1%	92.1	5.2%
Yorkshire and The Humber	80.9	4.0%	61.4	3.5%
East Midlands	56.7	2.8%	37.6	2.1%
West Midlands	91.4	4.6%	107.1	6.1%
East	84.8	4.2%	98.7	5.6%
London	907.4	45.3%	805.3	45.5%
South East	340.5	17.0%	348.0	19.7%
South West	83.5	4.2%	68.1	3.8%
Wales	41.9	2.1%	19.6	1.1%
Scotland	57.7	2.9%	91.3	5.2%
Northern Ireland	19.2	1.0%	10.7	0.6%

Source: Foreign direct investment, UK subnational estimates: 2021.

8.4 Inward investment project statistics

All FDI project statistics in this section are published by DBT. Full details on how the data are sourced and the statistics are compiled is available in the technical annex.

Source: DBT Inward investment results 2023 to 2024.

DBT recorded 1,555 investment projects coming into the UK in 2023 to 2024, down 6.0% from 1,654 in 2022 to 2023.

Out of 1,555 investment projects coming into UK in 2023 to 2024, 1,018 were supported by DBT, down 6.0% from 1,083 in 2022 to 2023.

Out of all investment projects in 2023 to 2024, 611 (39.3%) were made by new investors to the UK, and 944 (60.7%) by existing investors in the UK.

Inward investments projects coming into the UK are estimated to have created 71,478 new jobs and safeguarded 11,613 jobs in 2023 to 2024, down 10.1% and up 74.7% respectively.

Total estimated jobs created/safeguarded by inward investment projects was 83,091 in 2023 to 2024, down 3.6% from 86,195 in 2022 to 2023.

London was the UK region with the highest number of new jobs created by inward investment (19,736 new jobs) in 2023 to 2024. The highest growth of new created jobs was in the East of England, an increase of 93.1% in 2023 to 2024.

The estimated economic impact of foreign direct investment projects involving DBT decreased by 0.2% to £5.8 billion in 2023 to 2024.

Table 38: regional breakdown for all FDI projects in 2023 to 2024^{1, 2}

Region	FDI projects	New jobs from all FDI projects
Multiple UK sites2	58	9,184
North East	67	4,296
North West	128	5,097
Yorkshire and The Humber	107	3,732
East Midlands	73	2,701
West Midlands	133	7,581
East of England	79	5,045
London	503	19,736
South East	133	4,405
South West	72	2,190
Scotland	125	4,035
Wales	53	1,904
Northern Ireland	24	1,572
Total	1,555	71,478

Source: DBT Inward investment results 2023 to 2024.

Notes:

1. FDI projects are investment projects where investment transactions take 3 main forms: new investment projects, expansions on existing investment projects, and merger and acquisition (M&A) projects.
2. Multiple UK site projects represent those investments which span more than one region.