UK trade: August 2024

• The value of goods imports decreased by £0.1 billion (0.2%) in August 2024, with EU imports falling and non-EU imports rising.
• The value of goods exports rose by £2.9 billion (10.2%) in August 2024; exports to both EU and non-EU countries increased, after a large fall the previous month.
• The total goods and services trade deficit widened by £3.0 billion to a deficit of £10.0 billion in the three months to August 2024, because of increased imports of goods.
• The trade in goods deficit widened by £2.6 billion to £52.4 billion in the three months to August 2024, while the trade in services surplus is estimated to have narrowed by £0.4 billion to £42.4 billion.

The value of total imports of goods in "current prices", which are not adjusted for inflation (as explained in Section 9: Glossary), fell by £0.1 billion (0.2%) in August 2024. Imports from the EU decreased by £0.4 billion (1.7%), while imports from non-EU countries increased by £0.3 billion (1.6%) (Table 1 and Figure 1).

Total exports of goods rose by £2.9 billion (10.2%) in August 2024, following a decrease in the previous month. Exports to non-EU countries increased by £1.5 billion (10.4%) and exports to the EU increased by £1.4 billion (10.1%).

Imports from the EU were £3.5 billion higher than from non-EU countries in August 2024, while exports to the EU were £1.0 billion lower than exports to non-EU countries.

Figure 1: Exports to both EU and non-EU countries increased in August 2024

EU and non-EU goods imports and exports, excluding precious metals, current prices, seasonally adjusted, August 2021 to August 2024

After removing the effect of inflation by calculating "chained volume measures" (explained in Section 9: Glossary), total goods imports increased by £0.1 billion (0.2%) in August 2024 (Figure 2). Imports from non-EU countries rose by £0.7 billion (2.8%), while imports to the EU fell by £0.6 billion (2.4%).

Total goods exports increased by £3.1 billion (10.8%) in August 2024, after the effect of inflation was removed. This was because exports to the EU increased by £1.9 billion (13.2%), while exports to non-EU countries rose by £1.2 billion (8.4%).

Figure 2: Exports to both EU and non-EU countries rose substantially in both value and inflation adjusted terms in August 2024, following a large fall in July

Imports and exports of goods, excluding precious metals, current prices (CP) and chained volume measures (CVM), seasonally adjusted, EU and non-EU, August 2021 to August 2024

Notes:

1. The base year used to calculate the chained volume measures (CVMs) has been updated from 2019 to 2022.

Goods imports

Imports from the EU decreased by £0.4 billion (1.7%) in August 2024. This was because of a £0.4 billion fall in imports of machinery and transport equipment, and a £0.3 billion fall in fuel imports (Figure 3). These decreases were partially offset by a £0.2 billion rise in imports of food and live animals.

The fall in imports of machinery and transport equipment from the EU was caused by a decrease in imports of cars from Germany, while the fall in fuels was caused by a decrease in imports of refined oil from Belgium. The rise in imports of food and live animals was caused by small changes across multiple countries and commodities.

Imports from non-EU countries increased by £0.3 billion (1.6%) in August 2024. This was mainly because of a £0.5 billion rise in fuel imports, and a £0.2 billion rise in imports of machinery and transport equipment. These increases were partially offset by a £0.4 billion fall in imports of material manufactures.

The rise in fuel imports was because of increased imports of gas and crude oil from Norway, and the rise in imports of machinery and transport equipment was because of increased imports of electrical machinery and telecoms, and sound equipment from China. The fall in imports of material manufactures was caused by reduced imports of non-ferrous metals from China.

Figure 3: Imports from the EU fell in August 2024, while imports from non-EU countries rose

EU and non-EU goods imports by commodity, current prices, seasonally adjusted, August 2022 to August 2024

Goods exports

Exports to the EU increased by £1.4 billion (10.1%) in August 2024, following a large fall the previous month. This increase was because of a £0.6 billion rise in machinery and transport equipment exports and a £0.4 billion rise in chemical exports (Figure 4).

The rise in exports of machinery and transport equipment was because of increased exports of aircraft to Germany. The rise in chemical exports was because of increased exports of medicinal and pharmaceutical products to Belgium and Germany.

Exports to non-EU countries increased by £1.5 billion (10.4%) in August 2024. This was because of a £0.8 billion rise in exports of material manufactures, a £0.6 billion rise in exports of machinery and transport equipment, and a £0.3 billion rise in chemical exports. These increases were partially offset by a £0.3 billion fall in exports of fuels.

The rise in exports of material manufactures was because of increased exports to India. The rise in exports of machinery and transport equipment was because of increased exports of mechanical machinery to China. The rise in chemical exports was because of increased exports of inorganic chemicals to the United States. The fall in fuel exports was because of reduced exports of crude oil to South Korea and Canada.

Figure 4: Exports to both EU and non-EU countries rose in August 2024, with increases seen across most categories

EU and non-EU goods exports by commodity, current prices, seasonally adjusted, August 2022 to August 2024

Early estimates suggest imports of services increased by £0.1 billion (0.5%) in value terms in August 2024, while exports of services increased by around £0.1 billion (0.2%) (Figure 5). There was little difference between trade in services trends in value and inflation-adjusted terms in August 2024, though relatively high prices continue to affect trade in services in recent months.

Monthly figures for trade in services for August 2024 are estimated from Quarter 2 (Apr to June) 2024 data, using additional data sources. Our UK Trade Quality and Methodology Information (QMI) has more detail on how our trade in services statistics are compiled.

The S&P Global Purchasing Manager’s Index Bulletin: August 2024 reported growth in service sector activity, although at a slower rate than recent months. Indicators suggest a further slowing of rates in the months ahead. Demand for business services improved, although growth in financial services was slower with inflationary pressures easing.

Figure 5: Imports and exports increased slightly in both value and inflation adjusted terms in August 2024

Imports and exports of services, current prices (CP) and chained volume measures (CVM), seasonally adjusted, August 2021 to August 2024

Notes:

1. The base year used to calculate the chained volume measures (CVMs) has been updated from 2019 to 2022.

Total imports of goods increased by £5.1 billion (3.7%) in the three months to August 2024, compared with the three months to May 2024 (Table 2). Goods imports from non-EU countries increased by £3.5 billion (5.6%), while goods imports from the EU rose by £1.6 billion (2.1%).

Exports of goods increased by £2.5 billion (2.8%) in the three months to August 2024. Goods exports to non-EU countries increased by £1.3 billion (2.9%), while goods exports to the EU increased by £1.2 billion (2.6%).

Early estimates indicate that imports of services increased by around £1.6 billion (2.0%) in the three months to August 2024, compared with the three months to May 2024, while exports of services rose by an estimated £1.2 billion (1.0%).

The total goods and services trade balance, excluding precious metals, widened by £3.0 billion to a deficit of £10.0 billion in the three months to August 2024, compared with the three months to May 2024. This was because of an increase in imports of goods (Figure 6). Total imports increased by £6.7 billion over this period, and exports rose by £3.7 billion. When removing the effect of inflation, the total trade deficit, excluding precious metals, widened by £4.1 billion to £17.4 billion.

The trade in goods deficit in value terms, excluding precious metals, widened by £2.6 billion to £52.4 billion in the three months to August 2024, because of a rise in imports. The trade in services surplus is estimated to have narrowed by around £0.4 billion to £42.4 billion, because of a larger increase in services imports than exports.

Explore the 2023 trade in goods data using our interactive tools. Our data break down UK trade in goods with 234 countries by 125 commodities.

Use our map to get a better understanding of what goods the UK traded with a country. Select a country by hovering over it (desktop only) or use the drop-down menu.

Notes:

1. For more information about our methods and how we compile these statistics, see our Trade in goods, country-by-commodity experimental data: 2011 to 2016 article. Users should note that the data published alongside this release are official statistics and no longer in development.
2. These data are our best estimate of these bilateral UK trade flows. Users should note that alternative estimates are available, in some cases, through the statistical agencies for bilateral countries or through central databases, such as United Nations (UN) Comtrade.
3. This interactive map denotes country boundaries in accordance with statistical classifications set out in Appendix 4 of the Balance of Payments (BoP) Vademecum (PDF, 2.9MB) and do not represent the UK policy on disputed territories.

You can also explore the 2023 trade in goods data by commodity, such as car exports to the EU, and UK tea or coffee imports.

Select a commodity from the drop-down menu or select the levels with your digit or cursor to explore the data.

Notes:

1. For more information about our methods and how we compile these statistics, see our Trade in goods, country-by-commodity experimental data: 2011 to 2016 article. Users should note that the data published alongside this release are no longer in development.
2. These data are our best estimate of these bilateral UK trade flows. Users should note that alternative estimates are available, in some cases, through the statistical agencies for bilateral countries or through central databases, such as UN Comtrade.
3. These interactive charts denote country boundaries in accordance with statistical classifications set out within Appendix 4 of the Balance of Payments (BoP) Vademecum (PDF, 2.9MB) and does not represent the UK policy on disputed territories.

In accordance with our National Accounts Revisions Policy, the current prices data in this release have been revised back to January 2020, when compared with trade figures published in our previous UK trade: July 2024 bulletin on 11 September 2024. The base year used to calculate the chained volume measures (CVMs) has been updated to 2022, after holding this fixed since the start of the coronavirus (COVID-19) pandemic. The CVM data in this release have been revised back to January 1997, as a result of updating the base year.

We published our Blue Book 2024: advanced aggregate estimates article on 7 August 2024, to give users details of the impact of the 2024 UK national accounts update, which includes details of our implementation of improvements to the UK trade gas exports deflator.

Data in this release are consistent with estimates published on 30 September 2024 in our Gross domestic product (GDP) quarterly national accounts, UK bulletin, Quarterly sector accounts, UK bulletin and Balance of payments, UK bulletin. These data are consistent with our UK National Accounts, The Blue Book: 2024 bulletin and our UK Balance of Payments, The Pink Book: 2024 bulletin, which will be published 31 October 2024.

Chained volume measures

Chained volume measures (CVMs) 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 2022 for trade).

Current price measures

Current price estimates (CPs) measure the actual price paid for goods or services and are not adjusted for inflation. Unless otherwise stated, all current price data are provided in £ million and are seasonally adjusted.

Inflation

Inflation is the change in the average price level of goods and services over a period of time.

Implied deflators

An implied deflator (IDEF) shows the implied change in average prices for the respective components of the trade balance, for example, the IDEF for imports will show the average price movement for imports.

Precious metals and non-monetary gold

Precious metals include non-monetary gold, silver, platinum and palladium. The category forms part of the commodity group “unspecified goods”. Non-monetary gold comprises the majority of this group and is the technical term for gold bullion not owned by central banks.

Trade balance

The trade balance is the difference between exports and imports or exports minus imports. When the value of exports is greater than the value of imports, the trade balance is in surplus. When the value of imports is greater than the value of exports, the trade balance is in deficit. The balance is sometimes referred to as “net exports”.

A full Glossary of economic terms is available.

The UK leaving the EU and the subsequent transition period, along with the impact of the coronavirus (COVID-19) pandemic, supply chain disruption and global recession, have caused higher levels of volatility in trade statistics in recent years. The monthly analysis shows short-term trade movements, but it is important to note that monthly data can be erratic, so movements should be treated with caution.

Data collection changes

Since the UK left the EU on 31 January 2020, the arrangements for how the UK trades with the EU changed.

HM Revenue and Customs (HMRC) implemented some data collection changes following Brexit, which affected statistics on UK trade in goods with the EU. We have made adjustments to our estimates of goods imports from the EU in 2021 and 2022 to account for these changes, however a structural break remains in the full time series for goods imports from and exports to the EU from January 2021.

We advise caution when interpreting and drawing conclusions from these statistics. Our article, Impact of trade in goods data collection changes on UK trade statistics: summary of adjustments and the structural break from 2021, provides more detail.

Data sources

Data from HMRC make up over 90% of trade in goods value and are the main source for this release. Data from the quarterly International Trade in Services (ITIS) Survey make up over 50% of trade in services data. View our UK Trade Quality and Methodology Information (QMI) for more detail.

Data from the International Passenger Survey (IPS) are the main source for travel services, historically making up around 8% of total imports. The survey has now fully resumed following the suspension in 2020.

Unless otherwise specified, data within this bulletin are in current prices and have not been adjusted to remove the effects of inflation. In line with international standards, our headline trade statistics contain the UK's exports and imports of non-monetary gold. More information can be found in our National Accounts article: A brief explanation of non-monetary gold in national accounts.

Method

Trade is measured through both exports and imports of goods and services. Data are supplied by over 30 sources, including several administrative sources, with HMRC being the largest for trade in goods.

Our UK trade figures are produced using country of dispatch, which records imports as coming from the country dispatching the shipments. However, trade figures can also be produced using country of origin, as is used by the Department for Energy Security and Net Zero (DESNZ). Users should be aware of the different accounting methods used and the resulting differences across trade figures.

Monthly trade in services data are taken from quarterly trade in services data and split across the months within that quarter through estimation. In months where we have a full quarter's data, we revise previous estimates of monthly values within that quarter.

View more detailed information about the methods used to produce UK trade statistics in our UK Trade methodology.

Strengths and limitations

National Statistics designation status

The UK Statistics Authority suspended the National Statistics designation of UK trade (PDF, 72.9KB) on 14 November 2014. We have now responded to all of the specific requirements of the Office for Statistics Regulation's (OSR’s) reassessment of UK trade. As part of our engagement with the OSR team, we are sharing our continuous improvement and development plans to support UK trade statistics regaining Accredited official statistics status. We welcome feedback on our new trade statistics, developments, and future plans by email to trade@ons.gov.uk.

Trade asymmetries

Asymmetries can be caused by a range of conceptual and measurement variations between the estimation practices of different countries. Statistical agencies are likely to have different source data, estimation methods, and methodological, geographical, and definitional differences. HM Revenue and Customs (HMRC) publishes more information on UK trade asymmetries. We publish analysis on trade in services asymmetries in our Asymmetries in trade data articles.

More quality and methodology information (QMI) on strengths, limitations, appropriate uses, and how the data were created is available in our UK Trade QMI.