UK overseas trade in goods statistics June 2023: commentary
Published 11 August 2023
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Trade in Goods Summary
From 31 December 2020, the free movement of people and goods and services between the UK and the European Union (EU) ended. This meant HMRC has changed sources and methodologies of the trade in goods statistics. Users must refer to the accompanying methodology document, which details these changes and the impact on the statistics.
Total exports of goods for June 2023
£34.5 billion down £3.0 billion (8%) on May 2023, but up £1.4 billion (4%) on June 2022
Total imports of goods for June 2023
£52.7 billion down £3.0 billion (5%) on May 2023, and down £2.6 billion (5%) on June 2022
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
The UK was a net importer this month, with imports exceeding exports by £18.2 billion, narrowing the trade gap by less than £0.1 billion on May 2023.
Figure 1: Total UK monthly Trade in Goods, January 2022 to June 2023
Download detailed June 2023 trade gap data (ODS 12KB)
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Exports and imports have fluctuated since rising in March 2023, with imports rising sharply, causing a widening of the trade gap but falling below February 2023 levels in April 2023. Both exports and imports rose in May 2023, and have fallen in June 2023, leaving the trade gap at a similar level.
EU and Non-EU Trade in Goods
- Exports to the EU accounted for 45% of the total value of exports.
- Imports from the EU accounted for 56% of the total value of imports.
Table 1: Total UK Trade in Goods with EU and Non-EU, June 2023 (£ billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 15.5 | 19.0 | 34.5 |
| Imports | 29.4 | 23.3 | 52.7 |
Download total UK trade in goods with EU and non-EU, June 2023 data (ODS 10KB)
Source: HM Revenue & Customs 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 June 2023 were £15.5 billion. This was an increase of £0.1 billion (1%) on May 2023, but a decrease of £1.1 billion (7%) compared with June 2022.
- Non-EU exports for June 2023 were £19.0 billion. This was a decrease of £3.1 billion (14%) on May 2023, but an increase of £2.5 billion (15%) compared with June 2022.
- EU imports for June 2023 were £29.4 billion. This was an increase of £1.1 billion (4%) on May 2023, and an increase of £2.2 billion (8%) compared with June 2022.
- Non-EU imports for June 2023 were £23.3 billion. This was a decrease of £4.1 billion (15%) on May 2023, and a decrease of £4.7 billion (17%) compared with June 2022.
Exports: Country Analysis
- Exports to Switzerland down 60% in value on May 2023.
- Exports to USA up 20% in value on June 2022.
Table 2: UK exports of goods to the top 5 countries, main commodity and total value, June 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| USA | 4,929 | Mechanical appliances | 1,005 |
| Netherlands | 2,565 | Mineral fuels | 899 |
| Germany | 2,560 | Mechanical appliances | 591 |
| Ireland | 2,552 | Organic chemicals | 620 |
| Switzerland | 2,208 | Precious metals | 1,822 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 2 shows the top 5 export partner countries by value:
- USA
- Netherlands
- Germany
- Ireland
- Switzerland
Exports of Mechanical appliances accounted for 20% of UK exports to the USA, and 23% of UK exports to Germany. Exports of Mineral fuels accounted for 35% of UK exports to the Netherlands. Exports of Organic chemicals accounted for 24% of UK exports to Ireland. Exports of Precious metals accounted for 83% of UK exports to Switzerland.
Exports: Commodity Analysis
- Precious metals down 46% in value on May 2023.
- Mechanical appliances up by 22% on May 2022.
Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, June 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Mechanical appliances | 6,193 | USA | 1,005 |
| Precious metals | 4,228 | Switzerland | 1,822 |
| Motor vehicles | 3,461 | USA | 623 |
| Mineral fuels | 2,377 | Netherlands | 899 |
| Electronic equipment | 1,983 | USA | 297 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 3 shows the top 5 export commodities by value:
- Mechanical appliances
- Precious metals
- Motor vehicles
- Mineral fuels
- Electronic equipment
Exports to the USA accounted for 16% of UK exports of Mechanical appliances, 18% of UK exports of Motor vehicles, and 15% of UK exports of Electronic equipment. Exports to Switzerland accounted for 43% of UK exports of Precious metals. Exports to the Netherlands accounted for 38% of UK exports of Mineral fuels.
Imports: Country Analysis
- Imports from the USA down 29% on May 2023
- Imports from Norway down 52% on June 2022
Table 4: UK imports of goods from the top 5 countries, main commodity and total value, June 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| Germany | 6,816 | Motor vehicles | 2,556 |
| China | 5,165 | Electronic equipment | 1,059 |
| Netherlands | 4,540 | Electronic equipment | 667 |
| USA | 4,132 | Mineral fuels | 872 |
| France | 3,638 | Mechanical appliances | 560 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 4 shows the top 5 import partner countries by value:
- Germany
- China
- Netherlands
- USA
- France
Motor vehicles accounted for 37% of UK imports from Germany. Electronic equipment accounted for 21% of UK imports from China and 15% of UK imports from the Netherlands. Mineral fuels accounted for 21% of UK imports from the USA. Mechanical appliances accounted for 15% of UK imports from France.
Imports: Commodity Analysis
- Imports of Precious metals down 35% on May 2023
- Imports of Mineral fuels down 49% on June 2022
Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, June 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Mechanical appliances | 6,909 | Germany | 1,022 |
| Motor vehicles | 6,611 | Germany | 2,556 |
| Electronic equipment | 4,961 | China | 1,059 |
| Mineral fuels | 4,130 | Norway | 1,083 |
| Precious metals | 3,310 | Kazakhstan | 1,054 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 5 shows the top 5 import commodities by value:
- Mechanical appliances
- Motor vehicles
- Electronic equipment
- Mineral fuels
- Precious metals
Imports from Germany accounted for 15% of UK imports of Mechanical appliances and 39% of UK imports of Motor vehicles. Imports from China accounted for 21% of UK imports of Electronic equipment. Imports from Norway accounted for 26% of UK imports of Mineral fuels. Imports from Kazakhstan accounted for 32% of UK imports of Precious metals.
Focus
Mechanical appliances
Exports of Mechanical appliances increased by £558 million (10%) on May 2023, led by:
- £154 million (63%) increase in exports to Singapore
- £143 million (97%) increase in exports to the UAE
- £100 million (61%) increase in exports to Turkey.
Exports of Mechanical appliances also increased by £1,098 million (22%) on June 2022, led by:
- £174 million (78%) increase in exports to Singapore
- £164 million (39%) increase in exports to Germany
- £158 million (19%) increase in exports to the USA,
- £153 million increase in exports to the UAE (to more than double the value).
Imports of Mechanical appliances decreased by £59 million (1%) on May 2023, led by:
- £86 million (10%) decrease in imports from the USA
- £71 million (40%) decrease in imports from Singapore
- £65 million (60%) decrease in imports from the UAE.
This was offset by a £104 million (23%) increase in imports from France.
Imports of Mechanical appliances increased by £489 million (8%) on June 2022, led by:
- £205 million (58%) increase in imports from France
- £188 million (23%) increase in imports from Germany
- £77 million (99%) increase in imports from Taiwan.
USA
Exports to the USA decreased by £347 million (7%) on May 2023, driven by:
- £140 million (18%) decrease in exports of Motor vehicles
- £140 million (92%) decrease in exports of Inorganic chemicals
- £123 million (29%) decrease in exports of Organic chemicals.
This was offset by a £183 million (45%) increase in exports of Precious metals.
Exports to the USA increased by £833 million (20%) on June 2022, led by:
- £466 million increase in exports of Precious metals (up to almost 5 times the value)
- £158 million (19%) increase in exports of Mechanical appliances
- £148 million (31%) increase in exports of Motor vehicles.
This was offset by a £225 million (57%) decrease in exports of Mineral fuels.
Imports from the USA decreased by £1,711 million (29%) on May 2023, driven by:
- £801 million (48%) decrease in imports of Mineral fuels
- £431 million (69%) decrease in imports of Precious metals
- £241 million (45%) decrease in imports of Aircraft.
Imports from the USA decreased by £536 million (11%) on June 2022, led by:
- £518 million (73%) decrease in imports of Precious metals
- £386 million (31%) decrease in imports of Mineral fuels.
This was offset by a £183 million increase in imports of Aircraft (to more than 1.5 times the value).