UK trade: September 2024

• The value of goods imports decreased by £3.0 billion (6.3%) in September 2024, with both EU and non-EU imports falling.
• The value of goods exports fell by £3.4 billion (10.6%) in September 2024, following a rise in August.
• Imports and exports of machinery and transport equipment fell substantially in both EU and non-EU countries.
• The total goods and services trade deficit widened by £1.5 billion to £11.4 billion in Quarter 3 (July to Sept) 2024, because of a larger fall in exports than imports.
• The trade in goods deficit narrowed by £1.9 billion to £51.1 billion in Quarter 3 2024, while the trade in services surplus is estimated to have narrowed by £3.5 billion to £39.6 billion.

The value of total imports of goods in "current prices", which are not adjusted for inflation (as explained in Section 12: Glossary), fell by £3.0 billion (6.3%) in September 2024. Imports from non-EU countries decreased by £2.1 billion (9.3%), while imports from the EU decreased by £0.9 billion (3.7%) (Table 1 and Figure 1).

Total exports of goods fell by £3.4 billion (10.6%) in September 2024, following an increase in the previous month. Exports to non-EU countries decreased by £1.8 billion (10.9%) and exports to the EU decreased by £1.6 billion (10.3%).

Imports from the EU were £4.6 billion higher than from non-EU countries in September 2024, while exports to the EU were £1.1 billion lower than exports to non-EU countries.

Figure 1: Exports fell substantially in September 2024, following an increase in August

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

After removing the effect of inflation by calculating "chained volume measures", as explained in Section 12: Glossary, total goods imports decreased by £1.6 billion (3.1%) in September 2024 (Figure 2). Imports from non-EU countries fell by £1.2 billion (4.7%), while imports from the EU fell by £0.4 billion (1.4%).

Total goods exports decreased by £3.1 billion (9.8%) in September 2024, after the effect of inflation was removed. This was because exports to the EU decreased by £1.7 billion (10.9%), while exports to non-EU countries fell by £1.4 billion (8.7%).

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

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

Goods imports

Imports from the EU decreased by £0.9 billion (3.7%) in September 2024. This was because of a £0.8 billion fall in imports of machinery and transport equipment (Figure 3), mainly caused by reduced imports of ships from Germany and aircraft from France.

Imports from non-EU countries decreased by £2.1 billion (9.3%) in September 2024. This was mainly because of a £1.1 billion fall in imports of machinery and transport equipment imports, and a £0.7 billion fall in fuel imports. The fall in machinery and transport equipment was because of reduced imports of ships and electrical machinery from China. The fall in fuels was because of reduced imports of crude oil from Norway and refined oil from the United Arab Emirates.

Figure 3: Imports of machinery and transport equipment from both EU and non-EU countries fell in September 2024

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

Goods exports

Exports to the EU decreased by £1.6 billion (10.3%) in September 2024, following a large rise the previous month. This decrease was because of a £0.9 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 (Figure 4). The decrease in machinery and transport equipment exports was because of lower exports of aircraft to Germany. The fall in fuels was because of a decrease in exports of gas to Belgium. The fall in chemicals was because of a decrease in exports of medicinal and pharmaceutical products to Belgium.

Exports to non-EU countries decreased by £1.8 billion (10.9%) in September 2024. This was because of a £1.3 billion fall in exports of machinery and transport equipment, a £0.6 billion fall in exports of material manufactures, and a £0.3 billion fall in chemical exports. These decreases were offset by a £0.4 billion rise in exports of beverages and tobacco, and a £0.2 billion rise in fuel exports. The decrease in machinery and transport equipment was because of a fall in exports of mechanical machinery to the United States. The fall in chemicals was because of reduced exports of inorganic chemicals to the United States.

Figure 4: Exports of machinery and transport equipment to both EU and non-EU countries fell in September 2024, following a rise in August

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

Early estimates suggest imports of services increased by £0.2 billion (0.8%) in value terms in September 2024, while exports of services decreased by around £0.1 billion (0.3%) (Figure 5). After removing the effect of inflation, imports of services increased by £0.1 billion (0.5%) and exports of services remained stable.

Monthly figures for trade in services for September 2024 are estimated from Quarter 3 (July to Sept) 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 reported further service sector growth in September. However, growth was uneven, with output falling in consumer facing services, transportation, and business services. Export orders continued to rise at a slower pace than total new work. Survey respondents commented on challenging market conditions and the adverse impact of EU trade frictions. Output was rising in IT and financial services. However, this growth was uneven, with output falling in consumer facing services, transportation, and business services.

Figure 5: Imports increased slightly in both value and inflation-adjusted terms in September 2024

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

Total imports of goods decreased by £4.3 billion (3.0%) in Quarter 3 (July to Sept) 2024, compared with Quarter 2 (Apr to June) 2024 (Table 2). Goods imports from the EU decreased by £2.5 billion (3.1%), and goods imports from non-EU countries fell by £1.8 billion (2.7%).

Exports of goods decreased by £2.3 billion (2.5%) in Quarter 3 2024. Goods exports to the EU decreased by £1.7 billion (3.7%), while goods exports to non-EU countries decreased by £0.7 billion (1.4%).

Early estimates indicate that imports of services increased by around £0.7 billion (0.8%) in Quarter 3 2024, compared with Quarter 2 2024, while exports of services fell by an estimated £2.8 billion (2.3%).

Goods imports

Imports of goods from the EU decreased by £2.5 billion (3.1%) in Quarter 3 (July to Sept) 2024, compared with Quarter 2 (Apr to June) 2024. This decrease was because of a £0.9 billion fall in imports of machinery and transport equipment, a £0.5 billion fall in fuel imports, and a £0.4 billion fall in chemical imports (Figure 6).

The fall in machinery and transport equipment was because of decreased imports of ships from Italy and mechanical machinery from Germany. The fall in fuels was because of reduced imports of refined oil from Belgium. The fall in chemicals was because of reduced imports of medicinal and pharmaceutical products from Italy.

Imports from non-EU countries decreased by £1.8 billion (2.7%) in Quarter 3 2024. This was because of a £1.4 billion fall in fuel imports, a £0.4 billion fall in chemical imports, and a £0.2 billion fall in imports of crude materials. These falls were partially offset by £0.2 billion rises in imports of machinery and transport equipment, and material manufactures.

The large fall in fuels was mainly because of decreased imports of crude oil from the United States and refined oil from Saudi Arabia. The fall in chemicals was because of decreased imports of medicinal and pharmaceutical products from the United States.

Goods exports

Exports to the EU decreased by £1.7 billion (3.7%) in Quarter 3 2024. This was because of a £0.7 billion fall in fuel exports, a £0.5 billion fall in chemical exports, and a £0.3 billion fall in exports of miscellaneous manufactures. These falls were partially offset by a £0.3 billion rise in exports of machinery and transport equipment.

The decrease in fuels was because of reduced exports of crude oil to the Netherlands. The decrease in chemicals was because of reduced exports of organic chemicals to Belgium. The small rise in machinery and transport equipment was because of increased exports of aircraft to Germany.

Exports to non-EU countries decreased by £0.7 billion (1.4%) in Quarter 3 2024. This was because of a £0.5 billion fall in chemical exports, and £0.4 billion falls in exports of beverages and tobacco, machinery and transport equipment, and miscellaneous manufactures. These falls were offset by a £1.2 billion rise in exports of material manufactures.

The fall in chemicals and machinery and transport equipment was because of reduced exports of medicinal and pharmaceutical products to the United States and aircraft to Qatar, respectively. The fall in miscellaneous manufactures was because of reduced exports of other manufactures to Switzerland. The rise in exports of material manufactures was because of increased exports to India.

Figure 6: Imports of fuels from non-EU countries and imports of machinery and transport equipment from the EU both fell in Quarter 3 2024

Changes in imports and exports by goods commodity group, excluding unspecified goods, current prices, seasonally adjusted, Quarter 3 (July to Sept) 2024 compared with Quarter 2 (Apr to June) 2024

Early estimates indicate that imports of services increased by £0.7 billion (0.8%) in Quarter 3 (July to Sept) 2024, compared with Quarter 2 (Apr to June) 2024. The largest rises in imports were a £0.7 billion increase in intellectual property services, and a £0.3 billion increase in telecoms, computer and information services (Figure 7). This was among smaller increases across several other account types. These rises were partially offset by a £0.7 billion decrease in other business services, a £0.3 billion decrease in travel services, and a £0.2 billion decrease in transport services.

Exports of services decreased by £2.8 billion (2.3%) in Quarter 3 2024, because of falls in several service types. This included a £1.9 billion fall in other business services, a £0.4 billion fall in telecom, computer and information services, and a £0.3 billion fall in exports of travel services, transport services, and intellectual property services. These increases were partially offset by a £0.3 billion rise in exports of financial services, and a £0.2 billion rise in insurance and pension services.

More detailed estimates on trade in services for Quarter 3 2024 will be published in our UK trade in services by partner country: July to Sept 2024 dataset on 24 January 2025.

The total goods and services trade balance, excluding precious metals, widened by £1.5 billion to a deficit of £11.4 billion in Quarter 3 (July to Sept) 2024, compared with Quarter 2 (Apr to June) 2024 (Figure 8). This was because of a larger decrease in exports than imports. Total exports decreased by £5.1 billion over this period, and imports fell by £3.6 billion. When removing the effect of inflation, the total trade deficit, excluding precious metals, widened by £4.0 billion to £20.3 billion.

The trade in goods deficit in value terms, excluding precious metals, narrowed by £1.9 billion to £51.1 billion in Quarter 3 2024, compared with Quarter 2 2024. This was because of a larger fall in goods imports than exports. The trade in services surplus is estimated to have narrowed by around £3.5 billion to £39.6 billion, because of a decrease in services exports and a small rise in services imports.

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 data in this release have been revised from July 2024 to August 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.