UK trade: December 2024

• The value of goods imports decreased by £1.2 billion (2.6%) in December 2024, because of a fall in both EU and non-EU imports.

• The value of goods exports remained stable in December 2024, with a rise in exports to non-EU countries offset by a fall in exports to the EU.

• The total goods and services trade deficit widened by £4.2 billion to £10.0 billion in Quarter 4 (Oct to Dec) 2024, because imports increased while exports decreased.

• The trade in goods deficit widened by £3.7 billion to £53.8 billion in Quarter 4 (Oct to Dec) 2024, while the trade in services surplus is estimated to have narrowed by around £0.5 billion to £43.8 billion.

• Total imports of goods and services fell by £7.9 billion (0.9%) in 2024, while annual total exports rose by £6.1 billion (0.7%), which saw the total annual trade balance narrow by £14.0 billion to a deficit of £25.1 billion.

HMRC data feed notice

His Majesty's Revenue and Customs (HMRC) is an important supplier for detailed trade data. There are differences in scope and coverage of trade data between HMRC and Office for National Statistics (ONS) publications.

During our routine quality assurance, an error was identified in the data that HMRC delivered to us relating to the January 2023 reference period onwards. HMRC has identified and resolved the cause of the error in the data feed and we have worked together to investigate its impact, with the extraction error predominantly affecting non-EU countries, particularly goods imports from China and Japan. There is minimal impact to United States goods imports data.

We are currently undertaking further processing and working towards correcting the data feeding into UK trade estimates in the Balance of Payments and Quarterly National Accounts releases publishing on 28 March 2025 and the UK Trade release publishing on 11 April 2025. This is the earliest practical opportunity in line with the National Accounts Revision Policy.

Preliminary investigations suggest that when the correction is made, there will be a level shift in trade in goods imports data. It is expected that this will have minimal impact on quarterly GDP growth rates but needs to be considered alongside any standard revisions to other components of GDP.

Caution is advised when using imports data. Preliminary indicative estimates of this impact are available in Table 4 in Section 14: Data sources and quality. As these are indicative impacts, which we are still working through our systems, we would recommend users continue to use the headline trade figures included in this release.

The value of total imports of goods in "current prices", which are not adjusted for inflation (as explained in Section 13: Glossary), fell by £1.2 billion (2.6%) in December 2024. Imports from the EU decreased by £0.8 billion (3.3%), while imports from non-EU countries fell by £0.4 billion (1.8%) (Table 1 and Figure 1).

Total exports of goods remained stable in December 2024, as a £0.5 billion (3.5%) rise in exports to non-EU countries was offset by a £0.5 billion (3.6%) fall in exports to the EU.

Imports from the EU were £4.2 billion higher than from non-EU countries in December 2024, while exports to the EU were £1.5 billion lower than to non-EU countries.

Figure 1: The increase in exports to non-EU countries was offset by a decrease in exports to the EU

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

After removing the effect of inflation by calculating "chained volume measures" (explained in Section 13: Glossary), total goods imports decreased by £1.5 billion (3.0%) in December 2024 (Figure 2). This decrease was primarily because of a £0.9 billion (3.5%) fall in imports from the EU, while imports from non-EU countries fell by £0.6 billion (2.5%).

Total goods exports decreased by £0.1 billion (0.3%) in December 2024, after the effect of inflation was removed. This was because exports to the EU decreased by £0.6 billion (3.9%), mostly offset by a £0.5 billion (3.3%) increase in exports to non-EU countries.

Figure 2: Imports of goods from both EU and non-EU countries fell in value and inflation adjusted terms in December 2024

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

Goods imports

The value of imports from the EU decreased by £0.8 billion (3.3%) in December 2024. This was because of a £0.5 billion fall in imports of machinery and transport equipment, and £0.2 billion falls in imports of both material manufactures and miscellaneous manufactures (Figure 3). The fall in imports of machinery and transport equipment was because of reduced imports of cars from Germany, and the falls in material manufactures and miscellaneous manufactures were because of small falls from multiple countries and commodities.

The value of imports from non-EU countries decreased by £0.4 billion (1.8%) in December 2024. This fall was primarily because of a £0.4 billion decrease in imports of material manufactures, with reduced imports from China and Switzerland. There were also small falls of £0.1 billion in imports of both food and live animals and miscellaneous manufactures. These falls were partially offset by a £0.2 billion rise in fuel imports, driven by increased imports of gas, refined oil and crude oil from the United States.

Figure 3: Imports of machinery and transport equipment from the EU fell in December 2024, following an increase the previous month

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

Goods exports

The value of exports to the EU decreased by £0.5 billion (3.6%) in December 2024. This was the result of a £0.4 billion fall in exports of machinery and transport equipment and small falls in exports of most other commodities. The decrease in machinery and transport equipment was because of reduced exports of mechanical power generators to Germany and France (Figure 4).

The value of exports to non-EU countries increased by £0.5 billion (3.5%) in December 2024, because of a £0.4 billion rise in exports of material manufactures and a £0.3 billion rise in chemicals exports. These rises were both linked to increased exports to the United States, with the rise in chemical exports the results of increased exports of medicinal and pharmaceutical products and organic chemicals. These rises were partially offset by a £0.2 billion fall in exports of machinery and transport equipment, driven by reduced exports of cars to the United States.

Following the United States presidential election in November 2024, President Donald Trump has announced plans to apply tariffs on goods imports to the United States. Exports of goods to the United States rose by £0.5 billion (10.7%) in December 2024, the first full month of trade data following the election. This could potentially be an indicator of traders adapting their behaviour ahead of any tariffs being implemented, however it is important to note that monthly data can be erratic, so movements should be treated with caution. We published our UK trade with the United States article in January 2025, and will continue to monitor trends in future releases.

Figure 4: Exports to the EU fell while exports to non-EU countries rose in December 2024

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

Early estimates suggest that imports of services increased by £0.4 billion (1.5%) in value terms in December 2024, while exports of services increased by around £0.5 billion (1.2%) (Figure 5). There was little difference between trade in services trends in value and inflation-adjusted terms in December 2024. After removing the effect of inflation, imports of services increased by £0.4 billion (1.5%), while exports of services increased by £0.4 billion (1.2%).

Monthly figures for trade in services for December 2024 are estimated from Quarter 4 (Oct to Dec) 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 UK Services PMI for December recorded marginal rises in business activity across the services sector. However, business confidence fell to a two-year low, because of concerns over the outlook for sales alongside rising costs, specifically the increase in staffing costs associated with the policy changes announced in the budget. There was a notable increase in inflationary pressures in services, with the latest rise in prices noted as the steepest recorded since March 2024.

Figure 5: Imports and exports of services are estimated to have increased in both value and inflation adjusted terms in December 2024

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

Notes:

1. Monthly figures for trade in services for December 2024 are estimated from Quarter 4 (Oct to Dec) 2024 data, using additional data sources. Early estimates of trade in services are revised in line with the National Accounts Revisions Policy.

Total imports of goods increased by £0.5 billion (0.4%) in Quarter 4 (Oct to Dec) 2024, compared with Quarter 3 (July to Sept) 2024 (Table 2). Goods imports from the EU increased by £0.3 billion (0.3%), and goods imports from non-EU countries rose by £0.2 billion (0.4%).

Exports of goods decreased by £3.2 billion (3.5%) in Quarter 4 2024. This fall was primarily because goods exports to non-EU countries decreased by £2.1 billion (4.5%), while goods exports to the EU decreased by £1.1 billion (2.5%).

Early estimates indicate that imports of services increased by around £2.3 billion (3.2%) in Quarter 4 2024, compared with Quarter 3 2024, while exports of services rose by an estimated £1.8 billion (1.5%).

Goods imports

Imports of goods from the EU increased by £0.3 billion (0.3%) in Quarter 4 (Oct to Dec) 2024 compared with Quarter 3 (July to Sept) 2024. This increase was because of £0.4 billion rise in chemicals, and small increases of £0.1 billion in imports of food and live animals and crude materials. This was partially offset by a £0.3 billion fall in fuel imports. (Figure 6).

The rise in chemicals was because of increased imports of medicinal and pharmaceutical products from Italy, while the fall in fuels was because of reduced imports of refined oil from the Netherlands.

Imports from non-EU countries increased by £0.2 billion (0.4%) in Quarter 4 2024, because of rises of £0.5 billion in imports of miscellaneous manufactures and fuels, and a £0.3 billion rise in food and live animals. This was offset by a £1.1 billion fall in imports of machinery and transport equipment.

The rise in miscellaneous manufactures was because of small changes across multiple countries and commodities and the rise in fuels was mainly because of increased imports of gas from Norway and the United States. The fall in machinery and transport equipment was because of decreased imports of aircraft from the United States.

Goods exports

Exports to the EU decreased by £1.1 billion (2.5%) in Quarter 4 2024, because of a £0.7 billion fall in exports of machinery and transport equipment, a £0.3 billion fall in fuel exports and a £0.2 billion fall in chemical exports.

The decrease in machinery and transport equipment was because of small changes across multiple countries and commodities, and the decrease in fuels was because of reduced exports of gas to Belgium.

Exports to non-EU countries decreased by £2.1 billion (4.5%) in Quarter 4 2024, largely because of a £1.2 billion fall in exports of machinery and transport equipment and a £0.7 billion fall in material manufactures. There were also falls of £0.2 billion in fuel and chemical exports.

The fall in machinery and transport equipment was because of reduced exports of cars to China, and the fall in material manufactures was because of reduced exports to India.

Figure 6: Exports of machinery and transport equipment from both the EU and non-EU countries fell in Quarter 4 2024

Changes in imports and exports by goods commodity group, excluding unspecified goods, current prices, seasonally adjusted, Quarter 4 (Oct to Dec) 2024 compared with Quarter 3 (July to Sept) 2024

Early estimates indicate that imports of services increased by £2.3 billion (3.2%) in Quarter 4 (Oct to Dec) 2024 compared with Quarter 3 (July to Sept) 2024. The largest rises in imports were a £2.0 billion increase in travel services, a £0.6 billion increase in insurance and pension services, and a £0.4 billion increase in transport services. These rises were partially offset by a £0.5 billion decrease in other business services, and £0.2 billion falls in both financial services and intellectual property services.

Exports of services increased by £1.8 billion (1.5%) in Quarter 4 2024, because of a rise in several service types including a £2.3 billion rise in other business services, a £0.6 billion rise in financial services, a £0.5 billion rise in exports of travel services and a £0.3 billion rise in exports of telecoms, information and computer services. These increases were partially offset by a £2.2 billion fall in exports of intellectual property services.

Quarterly figures for trade in services for Quarter 4 2024 are forecast using time series data and additional data sources.

More detailed estimates on trade in services for Quarter 4 2024 will be published in our UK trade in services by partner country: October to December 2024 release in April 2025.

The total goods and services trade balance, excluding precious metals, widened by £4.2 billion to a deficit of £10.0 billion in Quarter 4 (Oct to Dec) 2024, compared with Quarter 3 (July to Sept) 2024 (Figure 7). This was because exports decreased while imports increased. Total exports decreased by £1.3 billion over this period, and imports rose by £2.8 billion. When removing the effect of inflation, the total trade deficit, excluding precious metals, widened by £6.2 billion to £22.7 billion.

The trade in goods deficit in value terms, excluding precious metals, widened by £3.7 billion to £53.8 billion in Quarter 4 2024 compared with Quarter 3 2024, because of a decrease in exports and a small rise in imports. The trade in services surplus is estimated to have narrowed by around £0.5 billion to £43.8 billion, because services imports increased more than services exports.

Total annual imports in goods and services fell by £7.9 billion (0.9%) to £857.6 billion, while total annual exports increased by £6.1 billion (0.7%) to £832.6 billion in 2024 (Table 3). The total annual trade in goods and services balance, excluding precious metals, narrowed by £14.0 billion to a deficit of £25.1 billion in 2024.

When removing the effect of inflation, total annual imports increased by £5.8 billion (0.7%) to £858.2 billion and total annual exports decreased by £4.5 billion (0.6%) to £798.6 billion in 2024.

Explore the 2024 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 2024 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 the National Accounts Revisions Policy, the data in this release have been revised from January 2024 to November 2024 for both goods and services.

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. The survey has now resumed following the suspension in 2020, with data for Northern Ireland not currently being recorded.

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.

HMRC data feed