UK overseas trade in goods statistics July 2023: commentary
Published 13 September 2023
© Crown copyright 2023
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected].
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at https://www.gov.uk/government/statistics/uk-overseas-trade-in-goods-statistics-july-2023/uk-overseas-trade-in-goods-statistics-july-2023-commentary
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 July 2023
£34.3 billion down £0.2 billion (less than 1%) on June 2023, and down £2.8 billion (8%) on July 2022
Total imports of goods for July 2023
£52.6 billion down £0.1 billion (less than 1%) on June 2023, and down £3.7 billion (7%) on July 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, widening the trade gap by less than £0.1 billion on June 2023.
Figure 1: Total UK monthly Trade in Goods, February 2022 to July 2023
Download detailed July 2023 trade gap data (ODS 11KB)
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Figure 1 shows that after a steady increase between April and September 2022 and a decline in January 2023, exports have fluctuated in the most recent months. Imports rose steadily to November 2022 and began to fall in December 2022. In March 2023, imports rose sharply, causing a widening of the trade gap but fell below February 2023 levels in April 2023. Both exports and imports have fallen slightly in July 2023, with the trade gap remaining level since May 2023.
EU and Non-EU Trade in Goods
-
Exports to the EU accounted for 44% of the total value of exports.
-
Imports from the EU accounted for 52% of the total value of imports.
Table 1: Total UK Trade in Goods with EU and Non-EU, July 2023 (£ billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 14.9 | 19.4 | 34.3 |
| Imports | 27.2 | 25.3 | 52.6 |
Download total UK trade in goods with EU and non-EU, July 2023 data (ODS 9KB)
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 July 2023 were £14.9 billion. This was a decrease of £0.5 billion (3%) on June 2023, and a decrease of £2.7 billion (15%) compared with July 2022.
- Non-EU exports for July 2023 were £19.4 billion. This was an increase of £0.4 billion (2%) on June 2023, but a decrease of £0.1 billion (less than 1%) compared with July 2022.
- EU imports for July 2023 were £27.2 billion. This was a decrease of £2.2 billion (7%) on June 2023, but an increase of £0.2 billion (1%) compared with July 2022.
- Non-EU imports for July 2023 were £25.3 billion. This was an increase of £2.0 billion (9%) on June 2023, but a decrease of £3.9 billion (13%) compared with July 2022.
Exports: Country Analysis
- Exports to Ireland down 15% in value on June 2023.
- Exports to Hong Kong down 64% in value on July 2022.
Table 2: UK exports of goods to the top 5 countries, main commodity and total value, July 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| USA | 4,799 | Mechanical appliances | 916 |
| China | 3,226 | Precious metals | 1,994 |
| Netherlands | 2,640 | Mineral fuels | 1,078 |
| Germany | 2,537 | Mechanical appliances | 518 |
| Switzerland | 2,329 | Precious metals | 2,010 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 2 shows the top 5 export partner countries by value:
- USA
- China
- Netherlands
- Germany
- Switzerland
Exports of Mechanical appliances accounted for 19% of UK exports to the USA and 20% of UK exports to Germany. Exports of Precious metals accounted for 62% of UK exports to China and 86% of UK exports to Switzerland. Exports of Mineral fuels accounted for 41% of UK exports to the Netherlands.
Exports: Commodity Analysis
- Mechanical appliances down 4% in value on June 2023.
- Mineral fuels down by 50% on July 2022.
Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, July 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Mechanical appliances | 5,926 | USA | 916 |
| Precious metals | 4,932 | Switzerland | 2,010 |
| Motor vehicles | 3,556 | USA | 530 |
| Mineral fuels | 2,451 | Netherlands | 1,078 |
| Electronic equipment | 1,878 | USA | 309 |
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 15% of UK exports of Mechanical appliances, 15% of UK exports of Motor vehicles, and 16% of UK exports of Electronic equipment. Exports to Switzerland accounted for 41% of UK exports of Precious metals. Exports to the Netherlands accounted for 44% of UK exports of Mineral fuels.
Imports: Country Analysis
- Imports from Ireland down 26% on June 2023
- Imports from Norway down 50% on July 2022
Table 4: UK imports of goods from the top 5 countries, main commodity and total value, July 2023
| Main partner country | Total country value (£ million) | Main commodity | Partner commodity value (£ million) |
|---|---|---|---|
| Germany | 6,477 | Motor vehicles | 2,349 |
| China | 4,739 | Electronic equipment | 1,120 |
| USA | 4,199 | Mineral fuels | 863 |
| Netherlands | 4,061 | Electronic equipment | 567 |
| France | 3,235 | Mechanical appliances | 436 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics Note: 2023 data is provisional
Table 4 shows the top 5 import partner countries by value:
- Germany
- China
- USA
- Netherlands
- France
Motor vehicles accounted for 36% of UK imports from Germany. Electronic equipment accounted for 24% of UK imports from China and 14% of UK imports from the Netherlands. Mineral fuels accounted for 21% of UK imports from the USA. Mechanical appliances accounted for 13% of UK imports from France.
Imports: Commodity Analysis
- Imports of Motor vehicles down 9% on June 2023
- Imports of Mineral fuels down 47% on July 2022
Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, July 2023
| Commodity | Total commodity value (£ million) | Main partner country | Partner country value (£ million) |
|---|---|---|---|
| Mechanical appliances | 6,395 | Germany | 969 |
| Precious metals | 6,136 | Kazakhstan | 1,502 |
| Motor vehicles | 6,046 | Germany | 2,349 |
| Electronic equipment | 4,614 | China | 1,120 |
| Mineral fuels | 4,607 | Norway | 1,717 |
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
- Precious metals
- Motor vehicles
- Electronic equipment
- Mineral fuels
Imports from Germany accounted for 15% of UK imports of Mechanical appliances and 39% of UK imports of Motor vehicles. Imports from Kazakhstan accounted for 24% of UK imports of Precious metals. Imports from China accounted for 24% of UK imports of Electronic equipment. Imports from Norway accounted for 37% of UK imports of Mineral fuels.
Focus
Mineral fuels
Exports of Mineral fuels increased by £83 million (3%) on June 2023, led by:
- £339 million (46%) increase in exports to the Netherlands
- £107 million increase in exports to France (to more than 2.5 times the value)
This was offset by:
- £151 million (54%) decrease in exports to China
- £94 million (98%) decrease in exports to Sweden
In contrast, exports of Mineral fuels decreased by £2,422 million (50%) on July 2022, led by:
- £620 million (37%) decrease in exports to the Netherlands
- £440 million (64%) decrease in exports to Ireland
- £397 million (70%) decrease in exports to France
Imports of Mineral fuels increased by £484 million (12%) on June 2023, led by:
- £641 million (60%) increase in imports from Norway
- £122 million increase in imports from Kuwait (to more than double the value)
In contrast, imports of Mineral fuels decreased by £4,095 million (47%) on July 2022, led by:
- £1,925 million (53%) decrease on imports from Norway
- £352 million (87%) decrease on imports from Qatar
Netherlands
Exports to the Netherlands increased by £237 million (10%) on June 2023, led by:
- £339 million (46%) increase in exports of Mineral fuels
- £78 million (33%) increase in exports of Mechanical appliances
In contrast, exports to the Netherlands decreased by £783 million (23%) on July 2022, led by:
- £620 million (37%) decrease in exports of Mineral fuels
- £46 million (91%) decrease in exports of Mineral fuels
Imports from the Netherlands decreased by £480 million (11%) on June 2023, led by:
- £126 million (20%) decrease in imports of Mechanical appliances
- £99 million (15%) decrease in imports of Electronic equipment
Imports from the Netherlands also decreased by £648 million (14%) on July 2022, led by:
- £142 million (66%) decrease in imports of Organic chemicals
- £123 million (21%) decrease in imports of Mineral fuels