UK trade: June 2024

• The value of goods imports increased by £3.3 billion (7.1%) in June 2024, with a rise in imports from both EU and non-EU countries.
• The value of goods exports rose by £2.3 billion (7.6%) in June 2024, with an increase in exports to both EU and non-EU countries.
• The total goods and services trade deficit widened by £7.1 billion to £13.3 billion in Quarter 2 (Apr to June) 2024, because of an increase in imports of goods.
• The trade in goods deficit widened by £7.8 billion to £52.4 billion in Quarter 2 2024, as imports of goods rose by more than exports.
• The increase in imports of goods in Quarter 2 2024 was driven by a rise in imports of machinery and transport equipment from both EU and non-EU countries, as well as a rise in fuel imports from non-EU countries.
• The trade in services surplus is estimated to have widened by £0.7 billion to £39.1 billion, with a large increase in both exports and imports of services.

Total imports of goods in "current prices", which are not adjusted for inflation (explained in Section 12: Glossary), increased by £3.3 billion (7.1%) in June 2024. Imports from the EU rose by £2.1 billion (8.4%), and imports from non-EU countries increased by £1.2 billion (5.6%) (Table 1 and Figure 1).

Total exports of goods rose by £2.3 billion (7.6%) in June 2024, as exports to the EU increased by £1.4 billion (9.6%) and exports to non-EU countries increased by £0.9 billion (5.7%).

Imports from the EU were £4.2 billion higher than from non-EU countries in June 2024, while exports to the EU were £0.9 billion lower than exports to non-EU countries.

Figure 1: Imports from and exports to both EU and non-EU countries increased in June 2024

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

After removing the effect of inflation by calculating "chained volume measures" (explained in Section 12: Glossary), total goods imports increased by £3.0 billion (7.8%) in June 2024 (Figure 2). Imports from the EU rose by £2.1 billion (9.9%) and imports from non-EU countries rose by £0.9 billion (5.3%).

Total goods exports increased by £2.7 billion (11.0%) in June 2024, after the effect of inflation was removed. This was because exports to the EU increased by £1.5 billion (12.7%), and exports to non-EU countries increased by £1.2 billion (9.4%).

Figure 2: Imports from the EU increased substantially in both value and inflation adjusted terms in June 2024

Imports and exports of goods, excluding precious metals, current prices and chained volume measures, seasonally adjusted, EU and non-EU, June 2021 to June 2024

Goods imports

Imports from the EU increased by £2.1 billion (8.4%) in June 2024, primarily because of a £1.1 billion rise in imports of machinery and transport equipment (Figure 3). Imports of food and live animals and miscellaneous manufactures each increased by £0.3 billion and there was also a £0.2 billion rise in chemical imports.

The increase in imports of machinery and transport equipment was primarily because of increased imports of mechanical machinery and aircraft from France. The rise in imports of miscellaneous manufactures was linked to increases in other manufactures from Germany.

Imports from non-EU countries increased by £1.2 billion (5.6%) in June 2024. This was mainly because of a £0.6 billion rise in imports of machinery and transport equipment, as well as a £0.2 billion rise in imports of material manufactures.

The rise in imports of machinery and transport equipment was because of an increase in imports of aircraft from the United States and cars from China.

Figure 3: Imports of goods increased in June 2024, because of a rise in imports of machinery and transport equipment from both EU and non-EU countries

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

Goods exports

Exports to the EU increased by £1.4 billion (9.6%) in June 2024. This was primarily because of a £0.8 billion increase in exports of machinery and transport equipment, a £0.3 billion increase in chemical exports, and a £0.2 billion increase in exports of material manufactures and fuels (Figure 4).

The increase in machinery and transport equipment exports was linked to an increase in exports of aircraft and electrical machinery to Germany, and mechanical machinery to France. The rise in chemical exports was linked to a rise in exports of medicinal and pharmaceutical products to Ireland.

Exports to non-EU countries increased by £0.9 billion (5.7%) in June 2024. This was because of a £0.9 billion increase in exports of chemicals, linked to a rise in inorganic chemicals, medicinal and pharmaceutical products and organic chemicals to the United States. Miscellaneous manufactures also increased by £0.3 billion, driven by small rises across multiple countries and commodities.

Figure 4: Exports to non-EU countries rose in June 2024 because of a rise in chemicals exports

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

Early estimates suggest imports of services decreased by around £0.5 billion (1.9%) in value terms in June 2024, while exports rose by £0.2 billion (0.5%) (Figure 5). Although price rises have affected trade in services in recent months, in June 2024 there was little difference between trade in services trends in value and inflation-adjusted terms. Imports in inflation-adjusted terms decreased by £0.6 billion (2.6%) while exports increased by £0.2 billion (0.5%).

Monthly figures for trade in services for June 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 Managers' Index for June 2024 reported slowing growth in service sector activity, with business activity growing at the slowest rate for seven months. Demand for business services weakened domestically, but foreign spending on services increased.

Figure 5: Imports of services fell, while exports rose in both value and inflation-adjusted terms in June 2024

Imports and exports of services, current prices and chained volume measures, seasonally adjusted, June 2021 to June 2024

Total imports of goods increased by £9.0 billion (6.6%) in Quarter 2 (Apr to June) 2024, compared with Quarter 1 (Jan to Mar) 2024 (Table 2). Goods imports from the EU increased by £2.8 billion (3.6%), while goods imports from non-EU countries rose by £6.2 billion (10.4%).

Exports of goods increased by £1.2 billion (1.3%) in Quarter 2 2024. Goods exports to the EU increased by £0.5 billion (1.1%), while goods exports to non-EU countries increased by £0.7 billion (1.5%).

Early estimates indicate that imports of services increased by £2.6 billion (3.3%) in Quarter 2 2024 compared with Quarter 1 2024 and exports of services rose by an estimated £3.3 billion (2.8%).

Goods imports

Imports of goods from the EU increased by £2.8 billion (3.6%) in Quarter 2 (Apr to June) 2024 compared with Quarter 1 (Jan to Mar) 2024, mainly because of a £1.4 billion increase in imports of machinery and transport equipment (Figure 6). There was also a £0.5 billion rise in imports of material manufactures and a £0.4 billion rise in imports of food and live animals.

The rise in imports of machinery and transport equipment was because of increased imports of cars from Belgium, ships from Italy, and mechanical machinery from Germany. The rise in imports of material manufactures was because of increased imports of non-ferrous metals from Switzerland.

Imports from non-EU countries increased by £6.2 billion (10.4%) in Quarter 2 2024, because of a £2.0 billion rise in imports of fuels and a £1.7 billion rise in machinery and transport equipment. Additionally, imports of material manufactures rose by £0.9 billion, and imports of miscellaneous manufactures increased by £0.7 billion.

The rise in imports of fuels was mainly driven by increased imports of refined oil from India following the decrease seen in Quarter 1 2024. The rise in imports of machinery and transport equipment was linked to increased imports of aircraft from the United States and ships from China.

Goods exports

Exports to the EU increased by £0.5 billion (1.1%) in Quarter 2 2024, because of a £0.3 billion rise in chemicals exports and a £0.2 billion rise in material manufactures exports. These increases were partially offset by £0.2 billion falls in exports of both fuels and machinery and transport equipment.

The increase in chemical exports was mainly because of a rise in organic chemicals to Belgium, while the decreases in exports of fuels and machinery and transport equipment were driven by a fall in crude oil exports to Poland and reduced cars to Belgium.

Exports to non-EU countries increased by £0.7 billion (1.5%) in Quarter 2 2024, because of a £0.7 billion rise in exports of machinery and transport equipment and a £0.6 billion rise in chemical exports. This was partially offset by a £0.8 billion fall in exports of material manufactures.

The rise in machinery and transport equipment exports was because of an increase in exports of mechanical machinery to Hong Kong, and the rise in chemicals exports was because of increased exports of medicinal and pharmaceutical products to the United States.

Figure 6: Imports of machinery and transport equipment from both EU and non-EU countries rose in Quarter 2 2024

Changes in imports and exports by goods commodity group, excluding unspecified goods, current prices, seasonally adjusted, Quarter 2 (Apr to June) 2024 compared with Quarter 1 (Jan to Mar) 2024

Early estimates indicate that imports of services increased by £2.6 billion (3.3%) in Quarter 2 (Apr to June) 2024 compared with Quarter 1 (Jan to Mar) 2024. The largest rises in imports were a £1.4 billion increase in other business services, a £0.7 billion increase in intellectual property services, and a £0.5 billion increase in construction services (Figure 7). These rises were partially offset by a £0.6 billion decrease in travel services and a £0.2 billion decrease in insurance and pension services.

Exports of services increased by £3.3 billion (2.8%) in Quarter 2 2024, because of rises in several service types including a £1.8 billion rise in other business services, a £0.9 billion rise in travel and a £0.7 billion rise in telecoms, computer, and information services. These increases were partially offset by a £0.4 billion fall in financial services.

The total goods and services trade balance, excluding precious metals, widened by £7.1 billion to a deficit of £13.3 billion in Quarter 2 (Apr to June) 2024 (Figure 8), as imports of goods increased by more than exports. Imports rose by £11.6 billion over this period, and exports increased by £4.5 billion. When removing the effect of inflation, the total trade deficit, excluding precious metals, widened by £6.3 billion to £13.3 billion.

The trade in goods deficit in value terms, excluding precious metals, widened by £7.8 billion to £52.4 billion in Quarter 2 (Apr to June) 2024, as both goods exports and imports increased. The trade in services surplus is estimated to have widened by £0.7 billion to £39.1 billion, driven by an increase in exports of services.

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 experimental.

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 experimental.
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 the National Accounts Revisions Policy, the data in this release have been revised from April 2024 to May 2024 for both goods and services.

Blue Book 2024 publication update

The 2024 UK annual national accounts, also known as Blue Book 2024, will incorporate a number of methodological changes focused on data pertaining to recent years, along with the addition of more recent survey and administrative information.

On 7 August we published our Blue Book 2024: advanced aggregate estimates article to give users details of the impact of the 2024 UK national accounts update on current price and chained volumes measure estimates of GDP from 1997 to 2022.

This estimates 2022 for the first time using the supply and use tables (SUTs) framework, as well as improving the estimates of 2020 and 2021 with more recent data. We have also implemented outstanding classification decisions affecting the public sector, as well as improvements to the UK trade gas exports deflator. Additionally, we have updated the base year to 2022 after holding this fixed since the start of the coronavirus (COVID-19) pandemic.

The next Quarterly National Accounts release on 30 September 2024 will incorporate these revisions, and any updates to 2023 onwards, in our official estimates in line with our National Accounts Revision Policy.

These revisions will be included in our UK trade: August 2024 bulletin publication on 11 October 2024.

Until the Blue Book 2024 data are incorporated into our monthly UK trade estimates on 11 October 2024, our UK trade estimates will continue to have a reference and base year of 2019.

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 2019 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 precious metals, silver, platinum and palladium, and it 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 National Accounts articles: 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.