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:
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:
- Total trade (exports plus imports)
- Trade balance (exports minus imports)
- Trade asymmetries
- Trade to GDP ratio
- Trade in real terms
- Trade forecasts
- Global trade rankings
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)
- 13th in the world for exports of goods (up from 14th 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:
- Number and percentage of registered GB businesses exporting and importing
- Number of GB businesses exporting and importing by region
- Number of GB businesses exporting and importing services by region
- Number of UK businesses exporting and importing goods by region
- Attitudes of UK businesses to exporting
6.1 Number and percentage of registered GB businesses exporting and importing
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 |
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% |
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% |
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:
- Introduction
- Backward linkages for exports
- Forward linkages for exports
- Importance of services
- Bilateral trade balances
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 |
Notes:
- Data are on a directional basis.
- Data are on a net basis meaning investments minus disinvestments.
- 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 |
Notes:
- Data are on a directional basis.
- Data are on a net basis meaning investments minus disinvestments.
- 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 20241, 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:
- 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.
- Multiple UK site projects represent those investments which span more than one region.