UK overseas trade in goods statistics October 2024: commentary
Published 13 December 2024
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Trade in goods summary
Data behind this bulletin is available through the UK Trade Info web site, where users can build their own tables according to the countries, chapters, and ports selected.
For more information on how we compile the trade in goods statistics, users must refer to the accompanying methodology notes. Further information about trade in non-monetary gold (NMG) can be found in the monthly gold table.
Total exports of goods for October 2024
£34.3 billion up £2.5 billion (8%) on September 2024, down £7.3 billion (18%) on October 2023.
Total imports of goods for October 2024
£64.4 billion up £14.1 billion (28%) on September 2024, up £8.1 billion (14%) on October 2023
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2024 data is provisional
The UK was a net importer this month, with imports exceeding exports by £30.1 billion, widening the trade gap by £11.6 billion compared with September 2024.
Figure 1: Total UK monthly trade in goods, May 2023 to October 2024
Figure 1 shows total exports, imports and the trade gap for the period from May 2023 to October 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 1: Total UK monthly trade in goods (ODS 11.2 KB)
Note: 2024 data is provisional
In October 2024, total exports rose for the third consecutive month. Total imports rose sharply following three consecutive monthly decreases, reaching the highest value over the period from May 2023. The increase in imports was driven by a large rise in imports of Precious metals, contributing to a sharp increase in the trade gap, the widest in the period shown from May 2023.
Impact of non-monetary gold (NMG)
A large component of Precious metals is non-monetary gold (NMG). Movements in NMG can be large and highly volatile, impacting underlying trends in trade figures. More information can be found in the accompanying methodology notes.
Figure 2: Total UK monthly trade in goods including and excluding NMG, May 2023 to October 2024
Figure 2 shows exports and imports including and excluding non-monetary gold.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 2: Total UK monthly trade in goods including and excluding NMG (ODS 12.7 KB)
Note: 2024 data is provisional
For most of 2023, exports of NMG were a main driver of trade fluctuations. In October 2024, exports of NMG decreased slightly but remained relatively high at £4.3 billion. Imports of NMG were £11.5 billion in October 2024, the highest in the period shown. This was an increase of £6.5 billion on September 2024.
EU and non-EU trade in goods
Exports to the EU accounted for 45% of the total value of exports, or 51% when excluding NMG.
Imports from the EU accounted for 45% of the total value of imports, or 53% when excluding NMG.
Table 1: Total UK trade in goods with EU and non-EU, October 2024 (£ billion)
| Flow | EU | EU excl NMG | Non-EU | Non-EU excl NMG | Total | Total excl NMG |
|---|---|---|---|---|---|---|
| Exports | 15.4 | 15.2 | 18.9 | 14.7 | 34.3 | 30.0 |
| Imports | 28.8 | 28.2 | 35.5 | 24.6 | 64.4 | 52.9 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 1: Total UK trade in goods with EU and non-EU (ODS 10.1 KB)
Note: 2024 data is provisional
EU exports for October 2024 were £15.4 billion. This was an increase of £1.6 billion (12%) on September 2024, but a decrease of £0.7 billion (5%) compared with October 2023.
Non-EU exports for October 2024 were £18.9 billion. This was an increase of £0.9 billion (5%) on September 2024, but a decrease of £6.6 billion (26%) compared with October 2023.
EU imports for October 2024 were £28.8 billion. This was an increase of £3.5 billion (14%) on September 2024, but a decrease of £0.4 billion (1%) compared with October 2023.
Non-EU imports for October 2024 were £35.5 billion. This was an increase of £10.6 billion (42%) on September 2024, and an increase of £8.5 billion (31%) compared with October 2023.
Figure 3: Total UK monthly trade in goods with EU and non-EU, May 2023 to October 2024
Figure 3 shows total exports and imports for EU and non-EU trade for the period from May 2023 to October 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 3: Total UK monthly trade in goods with EU and non-EU (ODS 11.8 KB)
Note: 2024 data is provisional
EU exports remained relatively stable throughout the period from May 2023 to October 2024. Non-EU exports fluctuated throughout the period shown, having increased for three consecutive months since July 2024. Both EU and non-EU imports increased in October 2024, with the large increase in non-EU imports driven by imports of NMG.
Exports: Country analysis
You can explore more UK export country data in the interactive data tables.
USA had the largest value increase in exports on September 2024, up 9%.
Switzerland (ranked 16) had the largest value decrease in exports on October 2023, down 86%.
Table 2: UK exports of goods to the top 5 countries, value comparison with September 2024 and October 2023 (£ million)
| Partner country | October 2024 | September 2024 | October 2023 |
|---|---|---|---|
| China | 4,781 | 4,826 | 3,892 |
| United States | 4,655 | 4,269 | 5,248 |
| Germany | 2,605 | 2,552 | 2,794 |
| Netherlands | 2,352 | 2,133 | 2,121 |
| France | 2,155 | 1,874 | 2,290 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 2: UK exports of goods to the top 5 countries, total value (ODS 9.7 KB)
Note: 2024 data is provisional
China was the largest export partner country by value, despite falling slightly, down 1%. The USA had the largest value increase on September 2024, up 9%, led by Inorganic chemicals and Pharmaceutical products. Switzerland had the largest value decrease on October 2023, down from third place in October 2023 to sixteenth place. This was driven by Precious metals.
Figure 4: Historical export values for the top 3 export partner countries in October 2024
Figure 4 shows the values for the top 3 export partner countries in October 2024 for the period from May 2023 to October 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 4: Historical export values for the top 3 export partner countries (ODS 11.3 KB)
Note: 2024 data is provisional
China remained the top export partner in October 2024, accounting for 14% of the UK’s total exports, following a peak last month at the highest value over the period from May 2023. The USA remained the second largest export partner, accounting for 14% of total exports. Exports to the USA increased for the second consecutive month, up by £386m on September 2024 to reach the highest value since June 2024. Exports to Germany increased by 2% on September 2024, with Germany accounting for 8% of total exports.
Exports: Chapter analysis
You can explore more UK export chapter data in the interactive data tables.
Mechanical appliances had the largest value increase on September 2024, up 9%.
Precious metals had the largest value decrease on October 2023, down 54%.
Table 3: UK exports of goods of the top 5 chapters, value comparison with September 2024 and October 2023 (£ million)
| Chapter | October 2024 | September 2024 | October 2023 |
|---|---|---|---|
| Mechanical appliances | 5,402 | 4,948 | 6,046 |
| Precious metals | 4,906 | 5,382 | 10,556 |
| Motor vehicles | 3,388 | 2,941 | 3,880 |
| Electronic equipment | 2,188 | 1,938 | 2,033 |
| Pharmaceutical products | 2,119 | 1,779 | 1,987 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 3: UK exports of goods of the top 5 chapters, total value (ODS 9.53 KB)
Note: 2024 data is provisional
Mechanical appliances replaced Precious metals as the top export chapter in October 2024, with the largest value increase on September 2024, up 9%. In contrast, exports of Mechanical appliances had the third largest decrease in value on October 2023, down 11%. Precious metals fell to second place from first, having the largest value decrease on September 2024, down 9%, and the largest value decrease on October 2023, down 54%. Motor vehicles had the second largest value increase on September 2024, up 15%, but the fourth largest decrease on October 2023, down 13%. Mineral fuels had the second largest value decrease on October 2023, down 38% to sixth place.
Figure 5: Historical export values for the top 3 export chapters in October 2024
Figure 5 shows the values for the top 3 export chapters for the period from May 2023 to October 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 5: Historical export values for the top 3 export chapters (ODS 11.3 KB)
Note: 2024 data is provisional
Exports of Mechanical appliances increased by £455 million, following three consecutive monthly falls, accounting for 16% of the UK’s total exports in October 2024. Exports of Precious metals fell after two consecutive monthly increases, accounting for 14% of the UK’s total exports in October 2024. Motor vehicles accounted for 10%, remaining the third largest export chapter this month.
Imports: Country analysis
You can explore more UK import country data in the interactive data tables.
Switzerland had the largest value increase in imports on September 2024, up to almost 3.5 times the value, and the largest value increase in imports on October 2023, up to 4 times the value.
Table 4: UK imports of goods from the top 5 countries, value comparison with September 2024 and October 2023 (£ million)
| Partner country | October 2024 | September 2024 | October 2023 |
|---|---|---|---|
| Germany | 6,569 | 6,020 | 7,035 |
| China | 6,259 | 5,071 | 6,217 |
| USA | 5,685 | 4,728 | 5,003 |
| Netherlands | 4,351 | 3,637 | 4,451 |
| Switzerland | 3,514 | 1,034 | 894 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 4: UK imports of goods from the top 5 countries, total value (ODS 9.45 KB)
Note: 2024 data is provisional
Germany remained the largest import partner country by value, increasing by 9% on September 2024, driven by an increase in Aircraft. In contrast, Germany experienced the largest value decrease on October 2023, down 7% led by Motor vehicles. Switzerland had the largest value increase on September 2024, rising to fifth place from thirteenth, dominated by Precious metals. China experienced the third largest value increase on September 2024, up 23%, led by Electronic equipment.
Figure 6: Historical import values for the top 3 import partner countries in October 2024
Figure 6 shows the values for the top 3 import partner countries for the period from May 2023 to October 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 6: Historical import values for the top 3 import partner countries (ODS 11.2 KB)
Note: 2024 data is provisional
Germany has remained the UK’s top import partner for 13 consecutive months, accounting for 10% of the UK’s total imports in October 2024, with the value of imports rising by £549 million on September 2024. China remained the UK’s second ranked import partner with an increase of £1,189 million on September 2024 to the highest level for the period shown. Imports from the USA increased by £957 million on September 2024 to the highest level since January 2024.
Imports: Chapter analysis
You can explore more UK import chapter data in the interactive data tables.
Precious metals, driven by NMG, had the largest value increase on September 2024, up to double the value, and the largest value increase on October 2023, up to 3.5 times the value.
Table 5: UK imports of goods of the top 5 chapters, value comparison with September 2024 and October 2023 (£ million)
| Chapter | October 2024 | September 2024 | October 2023 |
|---|---|---|---|
| Precious metals | 12,451 | 5,971 | 3,552 |
| Mechanical appliances | 6,563 | 5,486 | 6,773 |
| Motor vehicles | 6,199 | 5,839 | 7,094 |
| Electronic equipment | 5,509 | 4,228 | 5,936 |
| Mineral fuels | 5,312 | 4,371 | 6,276 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 5: UK imports of goods of the top 5 chapters, total value (ODS 9.54 KB)
Note: 2024 data is provisional
Precious metals remained the top import chapter in October 2024 and had the largest value increase on September 2024, up to double the value. It also had the largest value increase on October 2023, up to 3.5 times the value. Mechanical appliances rose to second place from third, having the third largest value increase on September 2024, up 20%. Electronic equipment rose to fourth place from fifth, having the second largest value increase on September 2024, up 30%. Mineral fuels fell to fifth place from fourth, and had the largest value decrease on October 2023, down 15%.
Figure 7: Historical import values for the top 3 import chapters in October 2024
Figure 7 shows the values for the top 3 import chapters for the period from May 2023 to October 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download figure 7: Historical import values for the top 3 import chapters (ODS 11.4 KB)
Note: 2024 data is provisional
In October 2024, Precious metals accounted for 19% of the UK’s total imports, up from 12% in September 2024. Imports of Mechanical appliances rose to second place following an increase of £1,078 million on September 2024, accounting for 10% of total imports. Imports of Motor vehicles increased by £360 million on September 2024, accounting for 10% of total imports.
Focus
Table 6: Exports to USA, value comparison with September 2024 and October 2024
| Chapter | October 2024 (£m) | September 2024 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Inorganic chemicals | 204 | 10 | 194 | 1,891 |
| Pharmaceutical products | 475 | 310 | 164 | 53 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 6: October 2024 USA export data (ODS 9.51 KB)
Note: 2024 data is provisional
Exports to the USA had the largest value increase of all partner countries on September 2024, a £386 million (9%) increase. Between September 2024 and October 2024, exports of Inorganic chemicals to the USA rose by £194 million (from £10 million), and exports of Pharmaceutical products rose by £164 million (53%) over the same period.
Table 7: Imports of Precious metals, value comparison with September 2024 and October 2024
| Import partner | October 24 (£m) | September 24 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Switzerland | 2,772 | 491 | 2,281 | 465 |
| Kazakhstan | 1,953 | 16 | 1,937 | 12,378 |
| Canada | 1,671 | 882 | 789 | 89 |
| USA | 1,275 | 741 | 533 | 72 |
| Australia | 901 | 449 | 452 | 101 |
| Singapore | 412 | 5 | 407 | 7,400 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Download table 7: October 2024 Precious metals import data (ODS 9.82 KB)
Note: 2024 data is provisional
Imports of Precious metals, driven largely by NMG, had the largest value increase of all chapters in September 2024, a £6,480 million increase (to double the value). Between September 2024 and October 2024, imports of Precious metals from Switzerland rose by £2,281 million (to more than 5.5 times the value), imports from Kazakhstan rose by £1,937 million (from £16 million), imports from Canada rose by £789 million (89%), imports from the USA rose by £533 million (72%), imports from Australia rose by £452 million (to double the value), and imports from Singapore rose by £407 million (from £5 million) over the same period.