UK trade: May 2024

• The value of goods imports decreased by £2.3 billion (4.7%) in May 2024, primarily driven by a fall in imports from the EU.

• The substantial fall in imports from the EU was because of a fall in imports of machinery and transport equipment, following a rise seen the previous month.

• The value of goods exports fell by £0.8 billion (2.5%) in May 2024, because of a notable fall in exports of machinery and transport equipment to the EU, and a fall in fuel exports to non-EU countries.

• The total goods and services trade deficit widened by £1.6 billion to £9.2 billion in the three months to May 2024; this was driven by increased imports and decreased exports of goods.

• The trade in goods deficit widened by £3.3 billion to £48.2 billion in the three months to May 2024, while the trade in services surplus is estimated to have widened by £1.7 billion to £39.0 billion.

Total imports of goods in "current prices", which are not adjusted for inflation (explained in Section 9: Glossary), decreased by £2.3 billion (4.7%) in May 2024. Imports from the EU fell by £1.9 billion (7.1%), and imports from non-EU countries decreased by £0.4 billion (1.8%) (Table 1 and Figure 1).

Total exports of goods fell by £0.8 billion (2.5%) in May 2024, as exports to the EU decreased by £0.5 billion (3.3%) and exports to non-EU countries decreased by £0.3 billion (1.8%).

Imports from the EU were £3.6 billion higher than from non-EU countries in May 2024, while exports to the EU were £1.5 billion lower than exports to non-EU countries.

Figure 1: Imports from and exports to both EU and non-EU countries decreased in May 2024

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

After removing the effect of inflation by calculating "chained volume measures" (explained in Section 9: Glossary), total goods imports decreased by £2.1 billion (5.2%) in May 2024 (Figure 2). Imports from the EU fell by £1.7 billion (7.6%) and imports from non-EU countries fell by £0.4 billion (2.2%).

Total goods exports decreased by £0.7 billion (2.8%) in May 2024, after the effect of inflation was removed. This was because exports to the EU decreased by £0.6 billion (4.7%), and exports to non-EU countries decreased by £0.1 billion (1.0%).

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

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

Goods imports

Imports from the EU decreased by £1.9 billion (7.1%) in May 2024. This was mainly because of a £1.0 billion fall in imports of machinery and transport equipment, following an increase seen in the previous month. There were also falls of £0.3 billion in imports of food and live animals, and chemicals (Figure 3).

The decrease in imports of machinery and transport equipment was primarily because of decreased imports of aircraft and mechanical machinery from France, and road vehicles from Germany. The fall in imports of chemicals was driven by decreases in organic chemicals from Ireland, while the decrease in imports of food and live animals was spread across small falls across multiple countries and commodities.

Imports from non-EU countries decreased by £0.4 billion (1.8%) in May 2024. This was mainly because of a £0.3 billion fall in imports of miscellaneous manufactures, linked to reduced clothing imports from Bangladesh.

Figure 3: Imports from the EU fell in May 2024, because of a fall in imports of machinery and transport equipment

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

Goods exports

Exports to the EU decreased by £0.5 billion (3.3%) in May 2024. This was primarily because of a £0.6 billion decrease in machinery and transport equipment, which was partially offset by a £0.2 billion increase in fuel imports and a £0.1 billion rise in imports of miscellaneous manufactures (Figure 4).

The decrease in machinery and transport equipment exports was linked to a decrease in exports of aircraft to Germany, while the rise in fuel exports was mainly because of a rise in exports of crude oil to the Netherlands.

Exports to non-EU countries decreased by £0.3 billion (1.8%) in May 2024. This was mainly driven by a £0.5 billion decrease in exports of fuels, which was partially offset by a £0.2 billion increase in exports of machinery and transport equipment.

The fall in exports of fuels was because of a fall in crude oil exports to China, while the rise in exports of machinery and transport was primarily because of a rise in exports of cars to the United States and China.

Figure 4: Exports to the EU fell in May 2024 because of a fall in machinery and transport equipment, while exports to non-EU countries fell because of a fall in fuel exports

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

Early estimates suggest imports of services increased by around £0.1 billion (0.4%) in value terms in May 2024, while exports rose by £0.1 billion (0.3%) (Figure 5). Although price rises have affected trade in services in recent months, in May 2024 there was little difference between trade in services trends in value and inflation-adjusted terms.

Monthly figures for trade in services for May 2024 are estimated from Quarter 1 (Jan to Mar) 2024 data, using additional data sources. View our UK Trade Quality and Methodology Information (QMI) for more detail on how our trade in services statistics are compiled.

The S&P Global Purchasing Managers' Index for May 2024 reported growth in service sector activity, albeit at a slower rate than recent months. Demand for business services improved though growth in financial services was slower. Consumer-facing services saw weaker activity and demand in May.

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

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

Total imports of goods increased by £2.5 billion (1.9%) in the three months to May 2024, compared with the three months to February 2024 (Table 2). Goods imports from the EU decreased by £0.7 billion (0.9%), while goods imports from non-EU countries rose by £3.2 billion (5.5%).

Exports of goods decreased by £0.8 billion (0.9%) in the three months to May 2024. Goods exports to the EU decreased by £0.8 billion (1.7%), while goods exports to non-EU countries remained stable.

Early estimates indicate that imports of services increased by £0.3 billion (0.3%) in the three months to May 2024, compared with the three months to February 2024; exports of services rose by an estimated £1.9 billion (1.6%).

The total goods and services trade balance, excluding precious metals, widened by £1.6 billion to a deficit of £9.2 billion in the three months to May 2024 (Figure 6). Exports rose by £1.2 billion over this period, and imports increased by £2.8 billion. When removing the effect of inflation, the total trade deficit, excluding precious metals, widened by £1.8 billion to £10.4 billion.

The trade in goods deficit in value terms, excluding precious metals, widened by £3.3 billion to £48.2 billion in the three months to May 2024, as goods exports decreased while imports increased. The trade in services surplus is estimated to have widened by £1.7 billion to £39.0 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.

Download the data

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.

Download the data

In accordance with the National Accounts Revisions Policy, the data in this release have been revised from January 2024 to April 2024 for goods and services.

Blue Book 2024 publication update

The UK National Accounts, The Blue Book 2024 scheduled publication on 31 July 2024 has now been moved to the more usual timetable of 31 October 2024 to allow us further time to update the base year from 2019 to 2022 and assure the quality of these granular data. The UK Balance of Payments, The Pink Book: 2024 has also been moved.

This means that Blue Book 2024 consistent data will be included for the first time in our GDP quarterly national accounts, UK: April to June 2024 bulletin, published on 30 September 2024. Additionally, a new publication that focuses on Blue Book aggregates up to the end of 2022 will be published at 7.00am on 7 August 2024. This will give top-level GDP for years and quarters up to 2022 including expenditure and income components. The dataset will be re-referenced and re-based to 2022 equals 100.

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

The revision period for the June 2024 quarterly national accounts will now be for Quarter 1 (Jan to Mar) 2024 only, in line with our standard National Accounts Revisions Policy.

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 Impact of trade in goods data collection changes on UK trade statistics: summary of adjustments and the structural break from 2021 article 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. View our National Accounts articles: A brief explanation of non-monetary gold in national accounts for more information.

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 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.

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 can be found in our UK Trade QMI.