UK overseas trade in goods statistics December 2023: commentary
Published 15 February 2024
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Trade in Goods Summary
From 31 December 2020, the free movement of people and goods and services between the UK and the European Union (EU) ended. This meant HMRC has changed sources and methodologies of the trade in goods statistics. Users must refer to the accompanying methodology document, which details these changes and the impact on the statistics.
Total exports of goods for December 2023
£29.0 billion down £8.1 billion (22%) on November 2023, and down £11.6 billion (29%) on December 2022
Total imports of goods for December 2023
£50.3 billion down £5.9 billion (11%) on November 2023, and down £7.2 billion (13%) on December 2022
Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional
The UK was a net importer this month, with imports exceeding exports by £21.3 billion, widening the trade gap by £2.1 billion on November 2023.
Figure 1: Total UK monthly trade in goods, July 2022 to December 2023
Download detailed December 2023 trade gap data (ODS 11KB)
Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional
Figure 1 shows that exports and imports fell sharply in December 2023, with the trade gap continuing to widen. The large decline in exports was mainly influenced by Precious metals. These commodities are highly volatile, with irregular trading patterns, impacted by price fluctuations. Non-Monetary Gold (NMG) can form a substantial part of the non-EU Overseas Trade Statistics (OTS). For further information, see Inclusion of non-Monetary Gold in OTS. Data relating to monthly non-EU and EU import and export totals for January 2008 onwards with a breakdown of non-monetary gold and other trade is available in an OTS time series spreadsheet.
EU and non-EU Trade in Goods
- Exports to the EU accounted for 48% of the total value of exports
- Imports from the EU accounted for 51% of the total value of imports
Table 1: Total UK trade in goods with EU and non-EU, December 2023 (£ billion)
| Flow | EU | non-EU | Total |
|---|---|---|---|
| Exports | 14.0 | 15.0 | 29.0 |
| Imports | 25.6 | 24.8 | 50.3 |
Download Total UK trade in goods with EU and non-EU, December 2023 (ODS 9KB)
Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional
Table 1 shows the share of EU and non-EU exports and imports.
EU exports for December 2023 were £14.0 billion. This was a decrease of £2.5 billion (15%) on November 2023, and a decrease of £2.3 billion (14%) compared with December 2022.
Non-EU exports for December 2023 were £15.0 billion. This was a decrease of £5.5 billion (27%) on November 2023, and a decrease of £9.3 billion (38%) compared with December 2022.
EU imports for December 2023 were £25.6 billion. This was a decrease of £3.7 billion (13%) on November 2023, and a decrease of £0.9 billion (3%) compared with December 2022.
Non-EU imports for December 2023 were £24.8 billion. This was a decrease of £2.2 billion (8%) on November 2023, and a decrease of £6.3 billion (20%) compared with December 2022.
Exports: Country Analysis
- Exports to China down 77% in value on November 2023
- Exports to Hong Kong down 89% in value on December 2022
These decreases were influenced by precious metals.
Table 2: UK exports of goods to the top 5 countries, main commodity and total value, December 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| USA | 4,925 | Mechanical appliances | 1,118 |
| Germany | 2,535 | Mechanical appliances | 559 |
| Netherlands | 2,031 | Mineral fuels | 632 |
| France | 1,973 | Mechanical appliances | 346 |
| Ireland | 1,840 | Mineral fuels | 252 |
Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional
Table 2 shows the top 5 export partner countries by value:
- USA
- Germany
- Netherlands
- France
- Ireland
Exports of Mechanical appliances accounted for 23% of UK exports to the USA, 22% of UK exports to Germany, and 18% of UK exports to France. Exports of Mineral fuels accounted for 31% of UK exports to the Netherlands and 14% of UK exports to Ireland.
Exports: Commodity Analysis
- Precious metals down 87% in value on November 2023
- Precious metals down 92% in value on December 2022
Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, December 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Mechanical appliances | 5,791 | USA | 1,118 |
| Motor vehicles | 3,528 | USA | 680 |
| Mineral fuels | 2,648 | Netherlands | 632 |
| Electronic equipment | 1,902 | USA | 311 |
| Pharmaceutical products | 1,808 | USA | 668 |
Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional
Table 3 shows the top 5 export commodities by value:
- Mechanical appliances
- Motor vehicles
- Mineral fuels
- Electronic equipment
- Pharmaceutical products
Exports to the USA accounted for 19% of UK exports of Mechanical appliances, 19% of UK exports of Motor vehicles, 16% of Electronic equipment, and 37% of UK exports of Pharmaceutical products. Exports to the Netherlands accounted for 24% of UK exports of Mineral fuels.
Imports: Country Analysis
- Imports from China down 20% in value on November 2023
- Imports from Norway down 63% in value on December 2022
Table 4: UK imports of goods from the top 5 countries, main commodity and total value, December 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| Germany | 6,807 | Motor vehicles | 1,966 |
| USA | 5,537 | Mineral fuels | 1,378 |
| China | 4,614 | Electronic equipment | 1,139 |
| Netherlands | 3,677 | Mechanical appliances | 637 |
| France | 3,318 | Motor vehicles | 491 |
Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional
Table 4 shows the top 5 import partner countries by value:
- Germany
- USA
- China
- Netherlands
- France
Motor vehicles accounted for 29% of UK imports from Germany and 15% of UK imports from France. Mineral fuels accounted for 25% of UK imports from the USA. Electronic equipment accounted for 25% of UK imports from China. Mechanical appliances accounted for 17% of UK imports from the Netherlands.
Imports: Commodity Analysis
- Imports of Electronic equipment down 24% in value on November 2023
- Imports of Mineral fuels down 56% in value on December 2022
Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, December 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Precious metals | 6,729 | Germany | 1,229 |
| Mechanical appliances | 6,096 | Germany | 844 |
| Motor vehicles | 5,849 | Germany | 1,966 |
| Mineral fuels | 5,523 | Norway | 1,802 |
| Electronic equipment | 4,348 | China | 1,139 |
Source: HM Revenue & Customs, UK overseas trade in goods statistics
Note: 2023 data is provisional
Table 5 shows the top 5 import commodities by value:
- Precious metals
- Mechanical appliances
- Motor vehicles
- Mineral fuels
- Electronic equipment
Imports from Germany accounted for 18% of UK imports of Precious metals, 14% of UK imports of Mechanical appliances, and 34% of UK imports of Motor vehicles. Imports from Norway accounted for 33% of UK imports of Mineral fuels. Imports from China accounted for 26% of UK imports of Electronic equipment.
Focus
Precious metals
Precious metals are high-value volatile commodities, with irregular trading patterns and impacted by price fluctuations.
Exports
Exports of Precious metals decreased by £5,196 million (87%) on November 2023, led by:
- £2,600 million (99%) decrease in exports to China
- £768 million (95%) decrease in exports to Hong Kong
- £627 million (91%) decrease in exports to Switzerland
- £575 million (96%) decrease in exports to India
- £245 million (68%) decrease in exports to USA
Exports of Precious metals decreased by £9,087 million (92%) on December 2022, led by:
- £4,854 million (99%) decrease in exports to Hong Kong
- £2,129 million (97%) decrease in exports to Switzerland
- £1,684 million (99%) decrease in exports to China
Imports
Imports of Precious metals increased by £2,017 million (43%) on November 2023, led by:
- £578 million (98%) increase in imports from USA
- £568 million increase in imports from Switzerland (to double the value)
- £475 million increase in imports from Canada (to double the value)
- £416 million (51%) increase in imports from Germany
- A further 4 countries (South Africa, France, Australia and Austria) with increases over £100 million
This was offset by a £1,032 million (100%) decrease in imports from Uzbekistan.
Imports of Precious metals increased by £3,466 million on December 2022 (to double the value), led by:
- £988 million increase in imports from Germany (to 5 times the value)
- £816 million increase in imports from Switzerland (to 3.5 times the value)
- £503 million increase in imports from Kazakhstan (from £20 million)
- £464 million (66%) increase in imports from USA
- A further 4 countries (Canada, France, Australia and South Africa) with increases over £100 million
China
Exports
Exports to China decreased by £3,031 million (77%) on November 2023, led by:
- £2,600 million (99%) decrease in exports of Precious metals
- £229 million (99%) decrease in exports of Mineral fuels
- £108 million (30%) decrease in exports of Motor vehicles
Similarly, exports to China decreased by £1,886 million (67%) on December 2022, led by a £1,684 million (99%) decrease in exports of Precious metals.
Imports
Imports from China decreased by £1,128 million (20%) on November 2023, led by:
- £705 million (38%) decrease in imports of Electronic equipment
- £293 million (30%) decrease in imports of Mechanical appliances
This was offset by a £402 million increase in imports of Motor vehicles (to double the value).
Similarly, imports from China decreased by £833 million (15%) on December 2022, led by:
- £345 million (23%) decrease in imports of Electronic equipment
- £115 million (63%) decrease in imports of Mineral fuels
- £94 million (12%) decrease in imports of Mechanical appliances