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1. Things you need to know about this publication
We welcome feedback on our statistics. Please get in touch with us at [email protected] if you have any comments or questions.
Our statistical practice is regulated by the Office for Statistics Regulation (OSR). The OSR sets the standards of trustworthiness, quality and value in the Code of Practice for Statistics that all producers of official statistics should adhere to. You are welcome to contact us directly with any comments about how we meet these standards. Alternatively, you can contact OSR by emailing [email protected] or via the OSR website.
This publication covers and summarises the wide range of statistics produced by the Office for National Statistics (ONS), HM Revenue and Customs (HMRC), Department for Business and Trade (DBT), the Organisation for Economic Co-operation and Development (OECD) and others into a single product.
The compendium brings together these statistics in a user-friendly publication with the aim of helping users to quickly find the most relevant and up-to-date trade and investment statistics. It provides the latest available statistics from a number of UK and international sources on a consistent basis and, where inconsistencies exist, explains the differences between the sources. The publication of the Trade and Investment Core Statistics Book improves the accessibility of trade and investment statistics by helping both the professional and newcomers to trade and investment statistics navigate the various sources to identify the most relevant statistics and to present them in a consistent manner.
Since the previous update, the Core Statistics Book has been updated with figures from:
UK trade statistics saw higher levels of volatility between 2019 and 2022 because of the impact of the coronavirus (COVID-19) pandemic, global recession, supply chain disruption, EU Exit, Russia’s invasion of Ukraine, and price inflation. It is challenging to disentangle the driving factors, and it is difficult to assess the extent to which recent changes reflect short-term trade disruption or longer-term supply chain adjustments. The latest ONS release UK Trade: June 2024 covers trade up to the end of June 2024.
The ONS have published a number of articles setting out the impact of changes to data collection since the UK left the EU. Caution is advised when making comparisons over this time period because of the discontinuity in the data.
Unless otherwise stated, all figures are reported in nominal (current prices) and have not been adjusted for inflation. Real estimates (Chained Volume Measures) take account of inflation.
For the latest statistics on trade and investment between the UK and all individual trading and investment partners please see the trade and investment factsheets.
For a summary of the latest headline statistics, in a simple visual format, please see the UK trade in numbers.
The Core Statistics Book is designated as Official Statistics under the Statistics and Registration Service Act 2007. From August 2018 these statistics have been produced to fully comply with the Code of Practice for Official Statistics.
Due to the large number of data sources available it can be difficult to determine which is the best source of information for a particular statistic. Therefore DBT have produced this technical annex to provide more information about the different sources, including some information on the strengths and weaknesses of the statistics.
Additionally, more information is available from the relevant data supplier which can be found by following the source link below the statistic of interest.
All figures are correct as of the date of release and are as reported by their data producer. The publication will be updated in line with the update schedule.
In some instances, figures in the main commentary may differ to those in the trade and investment statistics summary sheet. This is because more up-to-date figures on goods and services by partner country, consistent with the aggregate figures in the statistics summary sheet, are not available. This means that some tables and charts within the commentary, such as country ranking tables, use older data to provide these breakdowns.
For terms and definitions please see the glossary in the technical annex.
Totals may not exactly match the sum of their parts due to rounding.
All data is seasonally adjusted unless otherwise specified. The exception to this is data sources that only provide annual data, such as the ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022 or Department for Business and Trade inward investment results 2023 to 2024, where seasonal adjustment is not needed. Seasonally adjusted data available on a more frequent basis (for example, quarterly) is often constrained so that when it is summed to get data for a calendar year it will match non-seasonally adjusted data for the same calendar year.
In data tables:
values may not sum to totals due to rounding
divisions are as reported by ONS, derived from Standard International Trade Classifications (SITC)
unspecified goods include precious metals, parcel post, low value trade, coins, and defence equipment
precious metals include non-monetary gold, silver, platinum and palladium, and it forms part of the commodity group 'unspecified goods'; non-monetary gold comprises the majority of this group
United States includes Puerto Rico
Other business services include professional, management consulting, technical and trade related services.
The average growth rate referenced in total (goods and services) exports uses a Compound Annual Growth Rate (CAGR). Prior to 21 June 2023, we presented a simple average growth rate.
2. Top and emerging partner countries
2.1 Top 10 UK export markets for goods and services in 20231
Rank | Export market | £ billion | % of total |
---|---|---|---|
1 | United States | 191.5 | 22.1% |
2 | Germany | 60.8 | 7.0% |
3 | Ireland | 57.4 | 6.6% |
4 | Netherlands | 53.6 | 6.2% |
5 | France | 45.0 | 5.2% |
6 | China | 31.5 | 3.6% |
7 | Switzerland | 31.2 | 3.6% |
8 | Belgium | 25.9 | 3.0% |
9 | Spain | 19.9 | 2.3% |
10 | Italy | 18.5 | 2.1% |
N/A | EU1 | 357.2 | 41.3% |
N/A | Non-EU1 | 507.4 | 58.7% |
N/A | World1 | 864.5 | 100.0% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
2.2 Top 10 UK import markets for goods and services in 20231
Rank | Import market | £ billion | % of total |
---|---|---|---|
1 | United States | 119.4 | 13.3% |
2 | Germany | 89.2 | 9.9% |
3 | Netherlands | 65.1 | 7.2% |
4 | France | 60.2 | 6.7% |
5 | China | 58.8 | 6.5% |
6 | Spain | 44.2 | 4.9% |
7 | Italy | 32.4 | 3.6% |
8 | Ireland | 32.0 | 3.6% |
9 | Belgium | 31.9 | 3.6% |
10 | Norway | 30.2 | 3.4% |
N/A | EU1 | 465.9 | 51.9% |
N/A | Non-EU1 | 432.0 | 48.1% |
N/A | World1 | 897.9 | 100.0% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
2.3 Top 10 UK export markets for goods only in 2023
Rank | Export market | £ billion | % of total |
---|---|---|---|
1 | United States | 61.8 | 15.6% |
2 | Germany | 33.9 | 8.6% |
3 | Netherlands | 31.0 | 7.8% |
4 | Ireland | 28.2 | 7.1% |
5 | France | 24.5 | 6.2% |
6 | China | 21.4 | 5.4% |
7 | Belgium | 17.7 | 4.5% |
8 | Switzerland | 12.9 | 3.3% |
9 | Italy | 10.4 | 2.6% |
10 | Spain | 9.9 | 2.5% |
N/A | EU | 186.1 | 47.1% |
N/A | Non-EU | 208.7 | 52.9% |
N/A | World | 394.8 | 100.0% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
2.4 Top 10 UK import markets for goods only in 2023
Rank | Import market | £ billion | % of total |
---|---|---|---|
1 | Germany | 73.8 | 12.7% |
2 | United States | 57.8 | 9.9% |
3 | China | 55.8 | 9.6% |
4 | Netherlands | 53.4 | 9.2% |
5 | France | 40.7 | 7.0% |
6 | Belgium | 29.2 | 5.0% |
7 | Norway | 27.3 | 4.7% |
8 | Italy | 23.5 | 4.0% |
9 | Spain | 19.7 | 3.4% |
10 | Ireland | 19.6 | 3.4% |
N/A | EU | 319.0 | 54.9% |
N/A | Non-EU | 262.5 | 45.1% |
N/A | World | 581.5 | 100.0% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
2.5 Top 10 UK export markets for services only in 20231
Rank | Export market | £ billion | % of total |
---|---|---|---|
1 | United States | 129.7 | 27.6% |
2 | Ireland | 29.2 | 6.2% |
3 | Germany | 26.9 | 5.7% |
4 | Netherlands | 22.6 | 4.8% |
5 | France | 20.5 | 4.4% |
6 | Switzerland | 18.3 | 3.9% |
7 | Luxembourg | 11.5 | 2.4% |
8 | China | 10.1 | 2.1% |
9 | Spain | 10.0 | 2.1% |
10 | India | 9.7 | 2.1% |
N/A | EU1 | 171.1 | 36.4% |
N/A | Non-EU1 | 298.7 | 63.6% |
N/A | World1 | 469.8 | 100.0% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
2.6 Top 10 UK import markets for services only in 20231
Rank | Import market | £ billion | % of total |
---|---|---|---|
1 | United States | 61.6 | 19.5% |
2 | Spain | 24.5 | 7.7% |
3 | France | 19.5 | 6.2% |
4 | Germany | 15.3 | 4.8% |
5 | India | 13.5 | 4.3% |
6 | Ireland | 12.4 | 3.9% |
7 | Netherlands | 11.7 | 3.7% |
8 | Switzerland | 10.3 | 3.3% |
9 | Italy | 8.9 | 2.8% |
10 | Sweden | 6.8 | 2.1% |
N/A | EU1 | 146.9 | 46.4% |
N/A | Non-EU1 | 169.5 | 53.6% |
N/A | World1 | 316.4 | 100.0% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
2.7 Top 10 UK surpluses in goods and services in 20231
Rank | Partner countries with largest surpluses | £ billion |
---|---|---|
1 | United States | 72.1 |
2 | Ireland | 25.4 |
3 | Switzerland | 11.6 |
4 | Australia | 9.3 |
5 | Saudi Arabia | 8.9 |
6 | Singapore | 7.5 |
7 | Canada | 6.7 |
8 | Hong Kong | 5.9 |
9 | Luxembourg | 4.6 |
10 | United Arab Emirates | 4.5 |
N/A | Non-EU1 | 75.3 |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
2.8 Top 10 UK deficits in goods and services in 20231
Rank | Partner countries with largest deficits | £ billion |
---|---|---|
1 | Germany | -28.4 |
2 | China | -27.3 |
3 | Spain | -24.3 |
4 | Norway | -20.9 |
5 | France | -15.2 |
6 | Italy | -13.8 |
7 | Netherlands | -11.5 |
8 | Poland | -9.8 |
9 | India | -7.3 |
10 | Turkey | -6.1 |
N/A | EU1 | -108.7 |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
2.9 Top 10 UK trading partners in 2023 (exports plus imports of goods and services)1
Rank | Partner country | £ billion | % of total trade |
---|---|---|---|
1 | United States | 310.8 | 17.6% |
2 | Germany | 149.9 | 8.5% |
3 | Netherlands | 118.6 | 6.7% |
4 | France | 105.3 | 6.0% |
5 | China | 90.2 | 5.1% |
6 | Ireland | 89.3 | 5.1% |
7 | Spain | 64.1 | 3.6% |
8 | Belgium | 57.8 | 3.3% |
9 | Italy | 50.9 | 2.9% |
10 | Switzerland | 50.8 | 2.9% |
N/A | EU1 | 823.1 | 46.7% |
N/A | Non-EU1 | 939.4 | 53.3% |
N/A | World1 | 1,762.5 | 100.0% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
2.10 Fastest-growing markets for UK exports of goods and services between 2013 and 2023 (current prices)1
Rank | Export market | Value in 2023 (£ billion) | % change between 2013 and 2023 |
---|---|---|---|
1 | Guyana | 1.4 | 2,150.8% |
2 | North Macedonia | 1.7 | 259.1% |
3 | Gibraltar | 5.0 | 194.3% |
4 | Luxembourg | 12.1 | 170.0% |
5 | Philippines | 1.2 | 112.7% |
6 | United States | 191.5 | 109.5% |
7 | Bermuda | 3.0 | 106.3% |
8 | India | 15.8 | 105.5% |
9 | Hungary | 3.6 | 102.0% |
10 | Qatar | 5.2 | 100.6% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- Only including those with more than £1.0 billion in value in the latest calendar year for which data is available.
3. Top and fastest-growing goods and services
3.1 Top 10 UK goods exports in 2023
Rank | Commodity (SITC division) | Division | £ billion | % of total goods exports |
---|---|---|---|---|
1 | Cars | 78M | 36.5 | 9.2% |
2 | Mechanical power generators (intermediate) | 71MI | 34.4 | 8.7% |
3 | Medicinal and pharmaceutical products | 54 | 26.1 | 6.6% |
4 | Crude oil | 33O | 20.6 | 5.2% |
5 | Precious metals | 97 | 17.7 | 4.5% |
6 | Refined oil | 33R | 13.2 | 3.3% |
7 | Aircraft | 792 | 11.8 | 3.0% |
8 | Scientific instruments (capital) | 87K | 11.7 | 3.0% |
9 | Beverages and tobacco | 1 | 11.3 | 2.9% |
10 | Non-ferrous metals | 68 | 11.1 | 2.8% |
N/A | Total goods exports | N/A | 394.8 | 100.0% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
3.2 Top 10 UK goods imports in 2023
Rank | Commodity (SITC division) | Division | £ billion | % of total goods imports |
---|---|---|---|---|
1 | Cars | 78M | 40.2 | 6.9% |
2 | Refined oil | 33R | 28.2 | 4.9% |
3 | Crude oil | 33O | 26.6 | 4.6% |
4 | Mechanical power generators (intermediate) | 71MI | 26.4 | 4.5% |
5 | Medicinal and pharmaceutical products | 54 | 25.4 | 4.4% |
6 | Gas | 34 | 21.2 | 3.7% |
7 | Miscellaneous electrical goods (intermediate) | 77I | 21.2 | 3.7% |
8 | Telecoms and sound equipment (capital) | 76K | 16.9 | 2.9% |
9 | Clothing | 84 | 15.7 | 2.7% |
10 | Other manufactures (consumer) | 89OC | 14.3 | 2.5% |
N/A | Total goods imports | N/A | 581.5 | 100.0% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
3.3 Top 5 UK services exports in 2023
Rank | Type of service | £ billion | % of total services exports |
---|---|---|---|
1 | Other business services | 184.8 | 39.3% |
2 | Financial services | 77.1 | 16.4% |
3 | Travel services | 59.5 | 12.7% |
4 | Telecommunication, computer and information services | 40.0 | 8.5% |
5 | Transport services | 30.7 | 6.5% |
N/A | Total services exports | 469.8 | 100.0% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
3.4 Top 5 UK services imports in 2023
Rank | Type of service | £ billion | % of total services imports |
---|---|---|---|
1 | Other business services | 112.5 | 35.5% |
2 | Travel services | 88.8 | 28.0% |
3 | Transport services | 33.9 | 10.7% |
4 | Financial services | 17.2 | 5.4% |
5 | Intellectual property services | 16.9 | 5.4% |
N/A | Total services imports | 316.4 | 100.0% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
3.5 Fastest-growing UK exports of goods between 2013 and 2023, not seasonally adjusted (current prices)1
Rank | Product | Commodity (SITC division) | Value in 2023 £ billion | % change between 2013 and 2023 |
---|---|---|---|---|
1 | Unspecified goods | 9 | 19.8 | 571.3% |
2 | Mechanical power generators (intermediate) | 71MI | 34.4 | 82.7% |
3 | General industrial machinery (capital) | 74K | 10.8 | 79.9% |
4 | Miscellaneous electrical goods (capital) | 77K | 5.6 | 63.5% |
5 | Non-ferrous metals | 68 | 11.1 | 56.4% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
Notes:
- Only including those with more than £5.0 billion in value in the latest calendar year for which data is available.
3.6 Fastest-growing UK exports of services between 2022 and 20231
Rank | Type of Service | Value in 2023 £ billion | % growth since previous year |
---|---|---|---|
1 | Insurance and pension services | 30.1 | 26.6% |
2 | Other business services | 184.8 | 19.4% |
3 | Personal, cultural and recreational services | 6.5 | 15.4% |
4 | Telecommunication, computer and information services | 40.0 | 12.5% |
5 | Travel services | 59.5 | 12.1% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
Notes:
- Only including those with more than £5.0 billion in value in the latest calendar year for which data is available.
4. Total (goods and services) exports
- The value of UK exports was £864.5 billion in 2023, up 3.2% on 2022. This reflects a 7.2% decrease of goods exports and a 13.9% increase of services exports. More timely data shows the value of UK exports was £857.3 billion in the 12 months ending June 2024, down 4.2% on the previous 12 months. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
4.1 UK exports of goods and services (current prices)
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
- The 3.2% increase of exports in 2023 followed a 23.9% increase in 2022 and an 8.2% increase in 2021. The 4.2% decrease in the 12 months ending June 2024 followed a 23.0% increase in the 12 months ending June 2023 and a 15.0% increase in the 12 months ending June 2022. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
Between 2013 and 2023 exports have increased by 60.2% (in current prices), around 4.4% per year on average. This change has been calculated using Compound Annual Growth Rate (CAGR). Prior to 21 June 2023, we presented a simple average growth rate. This increase consisted of a 95.9% increase in services exports and a 31.7% increase in goods exports. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
The relative importance of the EU as an export market has declined over the last decade. In 2023 the share of UK exports going to the EU was 41.3% compared with 44.4% in 2013. (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024 next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
- Between 2022 and 2023 exports to non-EU countries increased by 2.9% to £507.4 billion and exports to the EU increased by 3.7% to £357.2 billion. More timely data shows the value of exports to non-EU countries was £504.5 billion in the 12 months ending March 2024, down 2.8% on the previous 12 months while exports to the EU decreased by 0.7% to £355.2 billion over the same time period. (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
4.2 UK exports to the EU and non-EU (current prices)
Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024.
- The UK’s largest export market in 2023 was the United States, accounting for 22.1% of total UK exports, followed by Germany (7.0%), Ireland (6.6%) and the Netherlands (6.2%). (Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024).
4.3 Top 20 UK export markets for goods and services in 20231
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
- See ‘Top and emerging partner countries’ section for Top 10 UK export markets in 2023.
4.4 Top 10 UK export markets (for goods and services) in the 12 months ending March 20241
Rank | Export market | £ billion | % of total exports |
---|---|---|---|
1 | United States | 192.0 | 22.3% |
2 | Germany | 60.4 | 7.0% |
3 | Ireland | 57.0 | 6.6% |
4 | Netherlands | 51.9 | 6.0% |
5 | France | 44.8 | 5.2% |
6 | China | 30.3 | 3.5% |
7 | Switzerland | 28.8 | 3.3% |
8 | Belgium | 26.4 | 3.1% |
9 | Spain | 19.8 | 2.3% |
10 | Italy | 18.5 | 2.2% |
N/A | EU1 | 355.2 | 41.3% |
N/A | Non-EU1 | 504.5 | 58.7% |
N/A | World1 | 859.7 | 100.0% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
- Exports were equivalent to 32.2% of UK GDP in 2023, down from 33.4% in 2022. In the 12 months ending June 2024 exports were equivalent to 31.3% of UK GDP, down from 34.3% in the 12 months ending June 2023. (Sources: ONS UK Trade: June 2024 and GDP first quarterly estimate, UK: April to June 2024, next releases: ONS UK Trade: July 2024 and GDP quarterly national accounts, UK: April to June 2024).
4.5 Global export rankings
(Source: UNCTAD Goods and Services (BPM6): Exports and imports of goods and services, annual, next release: UNCTAD Goods and Services (BPM6): Exports and imports of goods and services, annual).
In 2022* the UK ranked:
- fourth in the world for exports of goods and services (up from seventh in 2021)
- second in Europe for exports of goods and services, behind Germany (up from fourth in 2021)
- second in the world for services exports (no change from 2021)
- due to incomplete data for some countries, it is not possible to provide a goods export ranking for 2022
4.6 World rankings for exports of goods and services
Source: UNCTAD Goods and Services (BPM6): Exports and imports of goods and services, annual, next release: UNCTAD Goods and Services (BPM6): Exports and imports of goods and services, annual.
*Much of the 2022 data on which these rankings are based are modelled or estimated.
4.7 Current estimates and forecasts of real export growth
- In real terms, UK exports decreased by 0.5% in 2023, following a 9.0% increase in 2022. The decrease in 2023 consisted of a 6.7% increase in services exports and a 7.7% decrease in goods exports. In the 12 months ending June 2024, UK exports decreased by 4.4% following a 10.5% increase in the 12 months ending June 2023. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
- The International Monetary Fund (IMF) forecasts the volume of UK exports of goods and services to decrease by 1.2% in 2024 (this is revised down from the 1.8% growth that was forecast in the October 2023 publication), and then growth at 0.7% in 2025. (Source: IMF World Economic Outlook - April 2024).
- The OECD predicts that the volume of UK exports of goods and services are expected to grow by 0.6% in 2024, and grow by 1.9% in 2025. This is different from the November 2023 forecast when the volume of UK exports was forecast to grow by 1.5% in 2024 and grow by 1.6% in 2025. (Source: OECD Economic Outlook - May 2024).
4.8 UK export volume growth forecasts (%)
International Organisation | 2024 | 2025 |
---|---|---|
IMF (goods and services) | -1.2 | 0.7 |
OECD (goods and services) | 0.6 | 1.9 |
Source: IMF World Economic Outlook - April 2024 and OECD Economic Outlook - May 2024.
- For further forecasts on global trade, see the World trade forecast section.
4.9 Number and percentage of registered GB businesses exporting
(Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2023).
-
In 2022, 285,100 registered Great Britain businesses (11.6%) exported either goods or services or both.
-
115,800 registered GB businesses (4.7%) are estimated to have exported goods.
-
196,900 registered GB businesses (8.0%) are estimated to have exported services.
-
99% of GB exporting businesses were small and medium-sized enterprises (SMEs) (businesses with fewer than 250 employees).
-
Response rates for the 2020 and 2021 surveys were impacted by the COVID-19 pandemic. The 2020, 2021 and 2022 results are based on response rates of approximately 56%, 69% and 73%, respectively (compared with 78% for 2018). The lower response rates increase the level of uncertainty around the estimates, and therefore changes over time have an additional degree of uncertainty. Care should be taken when comparing over time, as small increases or decreases could be due to the volatility of the figures.
-
These estimates do not cover all businesses. They only cover registered businesses (for either Value Added Tax (VAT) or PAYE, or both) in the GB non-financial business economy, which accounts for around two-thirds of the economy in terms of gross value added.
-
HMRC publish the UK trade in goods by business characteristics, which provides numbers of UK businesses exporting and importing goods. The HMRC data is not comparable to the ABS data due to differences in coverage and methodology.
4.10 Number and proportion of registered GB businesses, 20221,2,3,4
Exporting | % | Importing | % | Exporting and/or importing | % | |
---|---|---|---|---|---|---|
Goods and/or Services | 285,100 | 11.6% | 301,300 | 12.2% | 422,800 | 17.2% |
Goods | 115,800 | 4.7% | 181,400 | 7.4% | 216,600 | 8.8% |
Services | 196,900 | 8.0% | 164,700 | 6.7% | 271,500 | 11.0% |
(Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2023).
Notes:
- Response rates for the 2020 and 2021 surveys were affected by the COVID-19 pandemic. The 2020, 2021 and 2022 results are based on response rates of approximately 56%, 69% and 73%, respectively (compared with 78% for 2018). The lower response rates increase the level of uncertainty around the estimates, and therefore changes over time have an additional degree of uncertainty. Care should be taken when comparing over time, as small increases or decreases could be due to the volatility of the figures.
- Data is for VAT/PAYE registered enterprises in Great Britain only (excludes Northern Ireland). The data exclude much of finance, agriculture and government.
- Goods and services do not add up to the total for goods and services combined. This is because some businesses will trade in both goods and services. In the same way the number of exporters and importers may not add up to the total number involved in international trade because some businesses will both export and import.
- These estimates cover the Great Britain business economy, excluding insurance and reinsurance industries, which accounts for just under two-thirds of the economy in terms of Gross Value Added. The industries covered are:
- Agriculture (support activities SIC 01.6 and hunting and trapping SIC 01.7 only), forestry and fishing (Section A)
- Production industries (Sections B to E)
- Construction industries (Section F)
- Distribution industries (Section G)
- Non-Financial Service industries (Sections H to J, L to N, P (private provision only), Q (private provision only in SIC 86.1 and 86.9), R and S).
4.11 Attitudes of UK businesses to exporting in 2022
(Source: National Survey of Registered Businesses’ Exporting Behaviours, Attitudes and Needs 2022, next release: National Survey of Registered Businesses’ Exporting Behaviours, Attitudes and Needs 2023):
- In 2022, a total of 3,001 responses were collected from businesses across 3 points in the year. The NSRB interviews businesses of all sizes and in all locations of the UK, however the primary focus is on businesses with an annual turnover of £500,000 or more on the premise that they can potentially generate high-value exports. In 2022, there were 2,485 businesses interviewed with a turnover of £500,000 or more.
- The NSRB is weighted to be nationally representative. The £500,000 or more turnover dataset is representative of businesses with a turnover of £500,000 or more and the full dataset is representative of all businesses across the UK.
- The NSRB results vary from those in ONS surveys, such as the Annual Business Survey and the fortnightly Business insights and impact on the UK economy (BICS), due to a differing methodological approach and survey objectives. Differences between ONS Annual Business Survey and NSRB are explained in the NSRB technical report.
- The NSRB allocates businesses into 4 segments that reflect their exporting behaviour. In 2022, the proportions of businesses falling into each segment were similar to previous waves. In 2022:
- More than a third of businesses (34%) had exported either goods or services in the past 12 months
- 9% were either lapsed or intermittent exporters, who had not exported in the past 12 months but had done previously
- 15% had never exported but had goods or services which they self-identified as being either suitable, or could be developed to be suitable, for export
- 42% had never exported and did not see their goods or services as suitable for export
- The proportion of businesses that had exported in the last 12 months was in line with previous years (2022: 34%, 2021: 35%). Overall, the proportion of businesses which have ever exported (43%) is consistent with previous years (45% in 2021 and 40% in 2020).
- 25% of businesses exported goods in the last 12 months, down from 27% in 2021, and 15% exported services, up from 12% in 2021 (but still down from 17% in 2020).
- As in 2021, more current exporters reported a reduction rather than an increase in their exports over the past 12 months. For exports of goods, 43% of exporters had reduced their exports of goods and 26% had increased, while for exports of services 29% of exporters had reduced their exports of services and 26% had increased. The main reasons given for reducing exports were EU Exit (29%), reduction in demand (26%), and COVID-19 (22%).
- Of those who had exported before, 88% had exported to the EU in the last 5 years, making it the most common export destination. 58% of businesses said they had previously exported to one of the following countries: the United States, United Arab Emirates, Canada, India or Mexico (designated as core markets in the 2022 NSRB survey).
- 66% of current exporters experienced ‘significant’ supply chain issues in 2022, slightly below 2021 (70%), but still markedly above 2020 (44%). 17% of current exporters attributed supply chain issues mainly to COVID-19, while 16% attributed them mainly to the EU Exit. 28% regarded both events as equally causing their supply chain issues.
- Exporting behaviour differs across the UK’s nations and regions. In England, the region with the highest proportion of current exporters were the East Midlands (44%) and North East (43%), while the South East (excluding London) had the lowest, with 28% of the region being current exporters. The proportion of current exporters in Wales and Scotland were 20% and 33%, respectively. Businesses in Northern Ireland (59%) were most likely to be current exporters than those in other UK regions, however a considerable proportion (31%) had only exported to the Republic of Ireland in the past 12 months.
- For exporters and potential exporters, time (36%) and cost (32%) were the factors most likely to be seen as strong barriers to exporting.
- Almost half of businesses stated that they had imported in the last 12 months (43%). Of these, just under half had imported from at least one of the core markets (United States, United Arab Emirates, Canada, India or Mexico) in the last 5 years (47%).
- When asked about free trade agreements, 58% of businesses expected them to have no effect on their business (up from 54% in 2021), while 31% believed that they would have a positive effect (33% in 2021).
- Agreement that there is a lot of demand for UK products or services around the world declined in 2022, with 55% in agreement, down from a high of 73% in 2017.
- In 2022, 24% of businesses had a high level of knowledge of how to export, in line with 2021 (21%). A similar level (23%) reported low knowledge, a significant decrease from 2021 (30%). Knowledge around where to go for information about exporting and where to go for help and support with exporting has remained broadly stable since 2018.
5. Goods exports
- Exports of goods were £394.8 billion in 2023, representing 45.7% of total UK exports. More timely data shows the value of UK goods exports was £380.0 billion in the 12 months ending June 2024, representing 44.3% of total UK exports.(Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
5.1 UK goods exports (current prices)
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
-
Goods exports decreased by 7.2% in 2023, compared with 2022. Since 2013, goods exports have increased by 31.7% (in current prices). More recent data shows that goods exports decreased by 13.4% in the 12 months ending June 2024, following a 22.2% increase in the 12 months ending June 2023 and a 13.1% increase in the 12 months ending June 2022. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
Exports of goods to the EU decreased by 5.4% in 2023, while exports of goods to non-EU countries decreased by 8.7%. This follows a 25.0% increase in goods exports to the EU and a 31.5% increase in goods exports to non-EU countries in 2022. More timely data shows that goods exports to the EU decreased by 7.6% in the 12 months ending June 2024, while exports to non-EU countries decreased by 18.1%. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
In 2023 the UK’s largest export market for goods was the United States, accounting for 15.6% of total UK goods exports, followed by Germany (8.6%) and the Netherlands (7.8%). (Source: ONS UK Trade: June 2024), next release: ONS UK Trade: July 2024).
-
See the ‘Top and emerging partner countries’ section for Top 10 UK export markets for goods in 2023.
5.2 Top 10 UK export markets for goods in the 12 months ending June 2024
Rank | Export market | £ billion | % of total goods exports |
---|---|---|---|
1 | United States | 60.9 | 16.0% |
2 | Germany | 32.5 | 8.6% |
3 | Netherlands | 29.1 | 7.7% |
4 | Ireland | 26.0 | 6.8% |
5 | France | 24.2 | 6.4% |
6 | China | 19.9 | 5.2% |
7 | Belgium | 18.5 | 4.9% |
8 | Italy | 10.0 | 2.6% |
9 | Spain | 9.7 | 2.5% |
10 | Hong Kong | 8.9 | 2.3% |
N/A | EU | 181.4 | 47.7% |
N/A | Non-EU | 198.6 | 52.3% |
N/A | World | 380.0 | 100.0% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
5.3 Fastest-growing markets for UK exports of goods between 2013 and 2023 (current prices)1
Rank | Export market | Value in 2023 (£ billion) | % change between 2013 and 2023 |
---|---|---|---|
1 | North Macedonia | 1.3 | 203.9% |
2 | Qatar | 3.9 | 126.5% |
3 | Switzerland | 12.9 | 90.1% |
4 | Poland | 7.2 | 87.1% |
5 | New Zealand | 1.1 | 82.7% |
6 | Turkey | 7.2 | 81.2% |
7 | Egypt | 1.7 | 79.3% |
8 | Canada | 7.2 | 78.6% |
9 | China | 21.4 | 76.1% |
10 | Hong Kong | 9.9 | 65.3% |
Source:ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
Notes:
- Only including those with more than £1.0 billion in value in the latest calendar year for which data is available.
-
The top 3 commodities exported by the UK in 2023 were cars, mechanical power generators (intermediate) and medicinal and pharmaceutical products. Combined, they accounted for 24.5% of all UK goods exports in 2023. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
See the ‘Top and fastest-growing goods and services’ section for Top 10 UK goods exports in 2023.
5.4 Top 10 UK goods exports in the 12 months ending June 2024, not seasonally adjusted1
Rank | Commodity (SITC division) | Division | £ billion | % of total goods exports |
---|---|---|---|---|
1 | Cars | 78M | 35.9 | 9.5% |
2 | Mechanical power generators (intermediate) | 71MI | 35.0 | 9.2% |
3 | Medicinal and pharmaceutical products | 54 | 25.7 | 6.8% |
4 | Crude oil | 33O | 20.4 | 5.4% |
5 | Aircraft | 792 | 12.3 | 3.2% |
6 | Unspecified goods | 9 | 12.1 | 3.2% |
7 | Refined oil | 33R | 11.9 | 3.1% |
8 | Scientific instruments (capital) | 87K | 11.7 | 3.1% |
9 | Non-ferrous metals | 68 | 10.9 | 2.9% |
10 | Beverages and tobacco | 1 | 10.6 | 2.8% |
N/A | Total goods exports1 | N/A | 379.9 | 100.0% |
Source: ONS UK Trade: June 2024 next release: ONS UK Trade: July 2024.
Notes:
- Total goods exports does not match the figure in the statistical summary sheet. Totals in the statistics summary sheet should be preferred.
- Of all the English regions, the South East and London were the 2 regions that exported the highest values of goods in 2023. The North East was the English region that exported the lowest value of goods in 2023, however the average value of exports per exporter was higher than in any other region. (Source: HMRC Regional Trade Statistics: Q1 (January to March) 2024, next release: HMRC Regional Trade Statistics: Q2 (April to June) 2024).
5.5 Number of goods exporters and export value by region in 2023, not seasonally adjusted1,2,3,4
Country or Region | Goods exports (£ billion) | Number of goods exporters |
---|---|---|
North East | 13.6 | 2,388 |
North West | 31.9 | 11,054 |
Yorkshire and The Humber | 19.2 | 8,418 |
East Midlands | 27.5 | 8,733 |
West Midlands | 34.9 | 10,495 |
East of England | 32.3 | 11,940 |
London | 38.6 | 21,889 |
South East | 41.4 | 18,512 |
South West | 23.7 | 9,310 |
England | 263.0 | 102,739 |
Wales | 19.5 | 3,220 |
Scotland | 33.5 | 5,781 |
Northern Ireland | 10.9 | 7,751 |
Source:HMRC Regional Trade Statistics: Q1 (January to March) 2024, next release: HMRC Regional Trade Statistics: Q2 (April to June) 2024.
Notes:
- £39.1 billion goods exports could not be allocated to a region in 2023.
- Export values for each region may not sum to country totals due to rounding.
- Data on the number of businesses is reported on a proportion basis. This means a business count is subdivided into fractions based on their proportion of trade by value in each region. Each business counts as 1, subdivided across all regions in which they trade.
- A new method for EU business counts has been introduced by HMRC, which results in a break in series from previous EU business counts. EU and total business counts from the 2021 data period onwards are therefore not comparable with business counts published prior to 2021.
6. Services exports
-
In 2023, UK exports of services were £469.8 billion, representing 54.3% of total UK exports. More timely data shows the value of UK services exports was £477.3 billion in the 12 months ending June 2024, representing 55.7% of total UK exports. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
Services exports in 2023 have increased by 95.9% since 2013 and have increased by 13.9% since 2022 (in current prices). In the 12 months ending June 2024 services exports increased by 4.7%, following a 23.7% increase in the 12 months ending June 2023 and a 16.9% increase in the 12 months ending June 2022. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
Exports of services to non-EU countries increased by 12.9% to £298.7 billion between 2022 and 2023, while exports to the EU increased by 15.8% to £171.1 billion. This follows an increase of 17.9% in services exports to non-EU countries, and an increase of 22.7% in services exports to the EU between 2021 and 2022. Between the 12 months ending March 2024 and the same period 12 months prior, services exports to non-EU countries increased by 7.0% to £300.1 billion while services exports to the EU increased by 9.1% to £172.1 billion. (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
6.1 UK services exports (current prices)
Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024.
-
The top destination for UK exports of services in 2023 was the United States, accounting for 27.6% of the total UK services exports, followed by Ireland (6.2%), Germany (5.7%), the Netherlands (4.8%) and France (4.4%). (Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024).
-
See the ‘Top and emerging partner countries’ section for Top 10 UK export markets for services in 2023.
6.2 Top 10 UK export markets for services in 12 months ending March 20241
Rank | Export market | £ billion | % of total services exports |
---|---|---|---|
1 | United States | 130.1 | 27.6% |
2 | Ireland | 29.9 | 6.3% |
3 | Germany | 27.1 | 5.7% |
4 | Netherlands | 22.8 | 4.8% |
5 | France | 20.5 | 4.3% |
6 | Switzerland | 17.9 | 3.8% |
7 | Luxembourg | 11.3 | 2.4% |
8 | China | 10.1 | 2.1% |
9 | Spain | 10.0 | 2.1% |
10 | India | 9.9 | 2.1% |
N/A | EU1 | 172.1 | 36.4% |
N/A | Non-EU1 | 300.1 | 63.6% |
N/A | World1 | 472.2 | 100.0% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
6.3 Fastest-growing markets for UK exports of services between 2013 and 2023 (current prices)1
Rank | Export market | Value in 2023 (£ billion) | % change between 2013 and 2023 |
---|---|---|---|
1 | Guyana | 1.2 | 3,497.1% |
2 | Hungary | 2.1 | 334.9% |
3 | Gibraltar | 4.7 | 275.8% |
4 | India | 9.7 | 254.4% |
5 | Luxembourg | 11.5 | 174.3% |
6 | Guernsey | 3.2 | 160.6% |
7 | Israel | 1.8 | 160.1% |
8 | Singapore | 8.6 | 147.6% |
9 | Malta | 1.2 | 147.0% |
10 | United States | 129.7 | 145.9% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- Only including those with more than £1.0 billion in value in the latest calendar year for which data is available.
-
Exports of other business services and financial services accounted for 55.8% of all the UK’s services exports in 2023 (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
See ‘Top and fastest-growing goods and services’ section for Top 5 UK service exports in 2023.
6.4 Top 5 UK services exports in the 12 months to June 2024
Rank | Type of service | £ billion | % of total services exports |
---|---|---|---|
1 | Other business services | 190.0 | 39.8% |
2 | Financial services | 75.7 | 15.9% |
3 | Travel services | 61.6 | 12.9% |
4 | Telecommunication, computer and information services | 40.8 | 8.6% |
5 | Insurance and pension services | 30.6 | 6.4% |
N/A | Total services exports | 477.3 | 100% |
Source: ONS UK Trade: June 2024 next release: ONS UK Trade: July 2024.
- In 2021, London and the South East were responsible for around 60% of total UK services exports (Source: ONS International trade in UK nations, regions and cities: 2021, experimental statistics, next release: ONS International trade in UK nations, regions and cities: 2022, experimental statistics).
6.5 Value of services exports from the UK by country or region, 20211,2
Country or region | Services exports (£ billion) | Share (%) |
---|---|---|
North East | 5.3 | 1.6% |
North West | 24.5 | 7.4% |
Yorkshire and The Humber | 12.2 | 3.7% |
East Midlands | 7.9 | 2.4% |
West Midlands | 13.9 | 4.2% |
East of England | 22.4 | 6.8% |
London | 152.2 | 46.0% |
South East | 45.2 | 13.7% |
South West | 13.0 | 3.9% |
England | 296.6 | 89.7% |
Wales | 6.8 | 2.1% |
Scotland | 23.2 | 7.0% |
Northern Ireland | 4.1 | 1.2% |
Source: ONS International trade in UK nations, regions and cities: 2021, experimental statistics, next release: ONS International trade in UK nations, regions and cities: 2022, experimental statistics.
Notes:
- These are experimental statistics.
- Value of services exports for each region may not sum to country totals due to rounding.
- In 2022, London and the South East had the highest number of services exporters, over half of the total for Great Britain (49.5%). The North East and Wales had the fewest services exporters of all English regions and GB nations. (Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2023).
6.6 Number of services exporters in Great Britain, 20221,2,3
Country or region | Number of services exporters | Share (%) |
---|---|---|
Great Britain | 196,900 | 100.0% |
North East | 3,900 | 2.0% |
North West | 13,600 | 6.9% |
Yorkshire and The Humber | 10,900 | 5.5% |
East Midlands | 14,200 | 7.2% |
West Midlands | 10,400 | 5.3% |
East of England | 15,800 | 8.0% |
London | 63,200 | 32.1% |
South East | 34,300 | 17.4% |
South West | 16,700 | 8.5% |
England | 182,900 | 92.9% |
Wales | 4,800 | 2.4% |
Scotland | 9,100 | 4.6% |
(Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2023).
Notes:
- These are experimental statistics. Estimates do not cover all businesses. They only cover registered businesses (for VAT/PAYE) in Great Britain’s non-financial economy (meaning they largely exclude financial, agriculture and government activities).
- The number of services exporters may not sum to country totals due to rounding.
- Response rates for the 2020 and 2021 surveys were affected by the COVID-19 pandemic. The 2020, 2021 and 2022 results are based on response rates of approximately 56%, 69% and 73%, respectively (compared with 78% for 2018). The lower response rates increase the level of uncertainty around the estimates, and therefore changes over time have an additional degree of uncertainty. Care should be taken when comparing over time, as small increases or decreases could be due to the volatility of the figures.
7. Total (goods and services) imports
- The value of total UK imports was £897.9 billion in 2023, down 0.7% on 2022. More timely data shows the value of UK imports were £893.4 billion in the 12 months ending June 2024, down 2.9% on the previous 12 months. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
7.1 UK imports of goods and services (current prices)
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
-
Import growth between 2013 and 2023 has been driven by an increase of 61.0% in imports from the EU (in current prices). Over the same period, imports from non-EU countries saw an increase of 56.8% (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
-
Between 2022 and 2023, imports from non-EU countries decreased by 9.5% to £432.0 billion while imports from the EU increased by 9.0% to £465.9 billion. (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
7.2 UK imports from the EU and non-EU (current prices)
Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024.
UK imports were equivalent to 33.4% of GDP in 2023 down from 36.1% in 2022. In the 12 months ending June 2024 imports were equivalent to 32.6% of UK GDP, down from 35.3% in the 12 months prior. (Sources: ONS UK Trade: June 2024 and GDP first quarterly estimate, UK: April to June 2024, next releases: ONS UK Trade: July 2024 and GDP quarterly national accounts, UK: April to June 2024).
In 2023, the share of UK imports coming from the EU was 51.9%, down from a 58.1% peak in 2002. (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
The UK’s largest import market in 2023 was the United States, accounting for 13.3% of total UK imports, followed by Germany (9.9%), the Netherlands (7.2%) and France (6.7%). (Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024).
7.3 Top 20 UK import markets for goods and services in 20231
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
- See the ‘Top and emerging partner countries’ section for Top 10 UK import markets in 2023.
7.4 Top 10 UK import markets (for goods and services) in the 12 months ending March 20241
Rank | Import market | £ billion | % of total imports |
---|---|---|---|
1 | United States | 117.2 | 13.2% |
2 | Germany | 88.6 | 10.0% |
3 | Netherlands | 62.9 | 7.1% |
4 | France | 60.1 | 6.8% |
5 | China | 56.2 | 6.3% |
6 | Spain | 44.8 | 5.1% |
7 | Ireland | 32.3 | 3.6% |
8 | Italy | 31.5 | 3.6% |
9 | Belgium | 31.3 | 3.5% |
10 | Norway | 26.6 | 3.0% |
N/A | EU1 | 463.5 | 52.3% |
N/A | Non-EU1 | 422.9 | 47.7% |
N/A | World1 | 886.4 | 100.0% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024 next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU, and non-EU totals may not always match figures in the statistical summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
7.5 Fastest-growing markets for UK imports of goods and services between 2013 and 2023 (current prices)1
Rank | Import market | Value in 2023 (£ billion) | % change between 2013 and 2023 |
---|---|---|---|
1 | Moldova | 1.4 | 1,168.8% |
2 | Faroe Islands | 1.1 | 414.4% |
3 | Peru | 1.4 | 352.2% |
4 | Luxembourg | 7.5 | 265.3% |
5 | Romania | 7.3 | 265.3% |
6 | Gibraltar | 2.3 | 231.3% |
7 | Croatia | 1.7 | 221.7% |
8 | Bulgaria | 2.4 | 205.1% |
9 | Greece | 7.9 | 175.2% |
10 | India | 23.2 | 156.6% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- Only including those with more than £1.0 billion in value in the latest calendar year for which data is available.
7.6 Global import rankings
(Source: UNCTAD Goods and Services (BPM6): Exports and imports of goods and services, annual, next release: UNCTAD Goods and Services (BPM6): Exports and imports of goods and services, annual).
In 2022* the UK ranked:
- fourth in the world for imports of goods and services (up from sixth in 2021)
- sixth in the world for goods imports (no change from 2021)
- fifth in the world for services imports (no change from 2021)
7.7 World rankings for imports of goods and services
Source: UNCTAD Goods and Services (BPM6): Exports and imports of goods and services, annual, next release: UNCTAD Goods and Services (BPM6): Exports and imports of goods and services, annual.
*Much of the 2022 data on which these rankings are based are modelled or estimated.
7.8 Current estimates and forecasts of real import growth
- In real terms, UK imports decreased by 1.5% in 2023, following an increase of 14.6% in 2022. Comparing the 12 months ending June 2024 with the previous 12 months, UK imports decreased by 0.6%. This followed a 3.5% increase in UK imports in the 12 months ending June 2023. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
- The IMF forecasts the volume of UK imports of goods and services is expected to decrease by 0.7% in 2024 (this is revised down from the 1.2% growth that was forecast in the October 2023 update), and then decrease by 0.2% in 2025. (Source: IMF World Economic Outlook - April 2024).
- The OECD predicts that the volume of UK imports of goods and services are estimated to decrease by 0.01% in 2024, and increase by 1.1% in 2025. (Source: OECD Economic Outlook - May 2024).
7.9 UK import volume growth forecasts (%)
International Organisation | 2024 | 2025 |
---|---|---|
IMF (goods and services) | -0.7 | -0.2 |
OECD (goods and services) | -0.01 | 1.1 |
Source: IMF World Economic Outlook - April 2024 and OECD Economic Outlook - May 2024.
- For further forecasts on global trade, see the World trade forecast section.
8. Goods imports
- In 2023, UK imports of goods were £581.5 billion (accounting for 64.8% of total UK imports), up 36.9% on 2013 and down 9.5% on 2022 (in current prices). More timely data shows the value of UK goods imports was £568.5 billion in the 12 months ending June 2024, down 9.0% on the previous 12 months.(Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
8.1 UK goods imports (current prices)
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
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In 2023, Germany and the United States were the UK’s largest import markets for goods, accounting for 12.7% and 9.9% of total UK goods imports, respectively. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
See the ‘Top and emerging partner countries’ section for Top 10 UK import markets for goods in 2023.
8.2 Top 10 UK import markets for goods in the 12 months ending June 2024
Rank | Import market | £ billion | % of total goods imports |
---|---|---|---|
1 | Germany | 73.2 | 12.9% |
2 | United States | 54.6 | 9.6% |
3 | China | 52.0 | 9.1% |
4 | Netherlands | 50.8 | 8.9% |
5 | France | 38.6 | 6.8% |
6 | Belgium | 29.9 | 5.3% |
7 | Norway | 24.3 | 4.3% |
8 | Italy | 23.2 | 4.1% |
9 | Spain | 20.6 | 3.6% |
10 | Ireland | 18.5 | 3.2% |
N/A | EU | 313.6 | 55.2% |
N/A | Non-EU | 254.9 | 44.8% |
N/A | World | 568.5 | 100.0% |
Source: ONS UK Trade: June 2024 next release: ONS UK Trade: July 2024.
8.3 Fastest-growing markets for UK imports of goods between 2013 and 2023 (current prices)1
Rank | Import market | Value in 2023 (£ billion) | % change between 2013 and 2023 |
---|---|---|---|
1 | Peru | 1.3 | 484.5% |
2 | Romania | 3.9 | 176.6% |
3 | Morocco | 1.4 | 171.0% |
4 | Greece | 1.7 | 138.3% |
5 | United States | 57.8 | 98.9% |
6 | Turkey | 11.3 | 89.5% |
7 | China | 55.8 | 78.2% |
8 | Egypt | 1.3 | 68.6% |
9 | Portugal | 3.3 | 68.0% |
10 | France | 40.7 | 67.5% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
Notes:
- Only including those with more than £1.0 billion in value in the latest calendar year for which data is available.
-
In 2023, the top 3 commodities imported by the UK were cars, refined oil, and crude oil. Combined, their value accounted for 16.3% of all UK goods imports in 2023 (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
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See the ‘Top and fastest-growing goods and services’ section for Top 10 UK goods imports in 2023.
8.4 Top 10 UK goods imports in the 12 months ending June 2024, not seasonally adjusted1
Rank | Commodity (SITC division) | Division | Value (£ billion) | % of total goods imports |
---|---|---|---|---|
1 | Cars | 78M | 40.1 | 7.1% |
2 | Refined oil | 33R | 29.9 | 5.3% |
3 | Medicinal and pharmaceutical products | 54 | 26.1 | 4.6% |
4 | Mechanical power generators (intermediate) | 71MI | 25.5 | 4.5% |
5 | Crude oil | 33O | 25.4 | 4.5% |
6 | Miscellaneous electrical goods (intermediate) | 77I | 20.4 | 3.6% |
7 | Telecoms and sound equipment (capital) | 76K | 16.2 | 2.9% |
8 | Clothing | 84 | 14.7 | 2.6% |
9 | Vegetables and fruit | 05 | 14.4 | 2.5% |
10 | Other manufactures (consumer) | 89OC | 13.9 | 2.5% |
N/A | Total goods imports1 | N/A | 564.7 | 100.0% |
Source: ONS UK Trade: June 2024 next release: ONS UK Trade: July 2024.
Notes:
- Total goods imports does not match the figure in the statistical summary sheet. Totals in the statistics summary sheet should be preferred.
- Of all the English regions, the South East and London were the 2 regions that imported the highest values of goods in 2023. The North East was the English region that imported the lowest value of goods in 2023, however the average value of imports per importer was higher than in any other region. (Source: HMRC Regional Trade Statistics: Q1 (January to March) 2024, next release: HMRC Regional Trade Statistics: Q2 (April to June) 2024).
8.5 Number of goods importers and import value by region in 2023, not seasonally adjusted1,2,3,4
Country or Region | Goods imports (£ billion) | Number of goods importers |
---|---|---|
North East | 15.5 | 4,246 |
North West | 45.7 | 22,730 |
Yorkshire and The Humber | 39.5 | 14,115 |
East Midlands | 33.5 | 14,039 |
West Midlands | 42.5 | 17,286 |
East of England | 50.3 | 20,408 |
London | 82.6 | 52,314 |
South East | 110.8 | 32,934 |
South West | 29.0 | 15,830 |
England | 449.4 | 193,902 |
Wales | 21.3 | 12,061 |
Scotland | 29.9 | 11,013 |
Northern Ireland | 9.7 | 15,673 |
Source: HMRC Regional Trade Statistics: Q1 (January to March) 2024, next release: HMRC Regional Trade Statistics: Q2 (April to June) 2024.
Notes:
- £87.6 billion goods imports could not be allocated to a region in 2023.
- Values of imports for each region may not sum to country totals due to rounding.
- Data on the number of businesses is reported on a proportion basis. This means a business count is subdivided into fractions based on their proportion of trade by value in each region. Each business counts as 1, subdivided across all regions in which they trade.
- A new method for EU business counts has been introduced by HMRC, which results in a break in series from previous EU business counts. EU and total business counts from the 2021 data period onwards are therefore not comparable with business counts published prior to 2021.
9. Services imports
- UK imports of services were £316.4 billion in 2023 (accounting for 35.2% of total UK imports), up 125.7% on 2013 and up 20.7% on 2022 (in current prices). More timely data shows the value of UK services imports was £324.9 billion in the 12 months ending June 2024, up 10.1% on the previous 12 months. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
9.1 UK services imports (current prices)
Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024.
- See the ‘Top and emerging partner countries’ section for Top 10 UK import markets for services in 2023.
9.2 Top 10 UK import markets for services in 12 months ending March 20241
Rank | Import market | £ billion | % of total services imports |
---|---|---|---|
1 | United States | 62.9 | 19.6% |
2 | Spain | 24.7 | 7.7% |
3 | France | 19.9 | 6.2% |
4 | Germany | 15.3 | 4.8% |
5 | India | 13.8 | 4.3% |
6 | Ireland | 12.9 | 4.0% |
7 | Netherlands | 11.2 | 3.5% |
8 | Switzerland | 10.5 | 3.3% |
9 | Italy | 9.0 | 2.8% |
10 | Sweden | 7.4 | 2.3% |
N/A | EU1 | 148.9 | 46.5% |
N/A | Non-EU1 | 171.6 | 53.5% |
N/A | World1 | 320.5 | 100.0% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- World, EU and non-EU totals may not match the figure in the statistical summary sheet. Totals in the statistics summary sheet should be preferred.
9.3 Fastest-growing markets for UK imports of services between 2013 and 2023 (current prices)1
Rank | Import market | Value in 2023 (£ billion) | % change between 2013 and 2023 |
---|---|---|---|
1 | Moldova | 1.4 | 2,127.4% |
2 | Romania | 3.4 | 471.3% |
3 | India | 13.5 | 395.0% |
4 | Slovakia | 1.1 | 381.4% |
5 | Bulgaria | 1.8 | 320.4% |
6 | Luxembourg | 6.8 | 299.5% |
7 | Sweden | 6.8 | 278.4% |
8 | Croatia | 1.3 | 267.4% |
9 | Philippines | 1.1 | 255.8% |
10 | Mexico | 2.0 | 245.9% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- Only including those with more than £1.0 billion in value in the latest calendar year for which data is available.
-
Imports of other business services and travel services accounted for 63.6% of all the UK’s services imports in 2023 (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
See the ‘Top and fastest-growing goods and services’ section for Top 5 UK service imports in 2023.
9.4 Top 5 UK services imports in the 12 months to June 2024
Rank | Type of service | £ billion | % of total services imports |
---|---|---|---|
1 | Other business services | 118.2 | 36.4% |
2 | Travel services | 88.1 | 27.1% |
3 | Transport services | 34.8 | 10.7% |
4 | Intellectual property services | 17.8 | 5.5% |
5 | Financial services | 17.2 | 5.3% |
N/A | Total services imports | 324.9 | 100.0% |
Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024.
- In 2021, London and the South East were responsible for around 53% of total UK services imports. (Source: ONS International trade in UK nations, regions and cities: 2021, experimental statistics, next release: ONS International trade in UK nations, regions and cities: 2022, experimental statistics).
9.5 Value of services imports to the UK by country or region, 20211,2
Country or Region | Services imports (£ billion) | Share (%) |
---|---|---|
North East | 3.2 | 1.7% |
North West | 16.4 | 8.7% |
Yorkshire and The Humber | 7.6 | 4.0% |
East Midlands | 5.8 | 3.1% |
West Midlands | 8.4 | 4.4% |
East of England | 15.9 | 8.4% |
London | 75.9 | 40.0% |
South East | 24.6 | 13.0% |
South West | 8.5 | 4.5% |
England | 166.2 | 87.7% |
Wales | 3.8 | 2.0% |
Scotland | 11.4 | 6.0% |
Northern Ireland | 1.6 | 0.8% |
Source: ONS International trade in UK nations, regions and cities: 2021, experimental statistics, next release: ONS International trade in UK nations, regions and cities: 2022, experimental statistics.
Notes:
- These are experimental statistics.
- Value of services imports for each region may not sum to country totals due to rounding.
- In 2022, London and the South East had the highest number of services importers, over half of the total for Great Britain (53.1%). The North East and Wales had the fewest services exporters of all English regions and GB nations. (Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2023).
9.6 Number of services importers in Great Britain, 20221,2,3
Country or region | Number of services importers | Share (%) |
---|---|---|
Great Britain | 164,700 | 100.0% |
North East | 1,200 | 0.7% |
North West | 11,000 | 6.7% |
Yorkshire and The Humber | 7,100 | 4.3% |
East Midlands | 8,800 | 5.3% |
West Midlands | 10,300 | 6.3% |
East of England | 11,900 | 7.2% |
London | 57,400 | 34.8% |
South East | 30,000 | 18.2% |
South West | 15,400 | 9.4% |
England | 153,100 | 92.9% |
Wales | 4,900 | 3.0% |
Scotland | 6,800 | 4.1% |
(Source: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2022, next release: ONS Non-financial business economy, exporters and importers in Great Britain (Annual Business Survey): 2023).
Notes:
- These are experimental statistics. Estimates do not cover all businesses. They only cover registered businesses (for VAT/PAYE) in Great Britain non-financial economy (meaning they largely exclude financial, agriculture and government activities).
- The number of services importers may not sum to country totals due to rounding.
- Response rates for the 2020 and 2021 surveys were affected by the COVID-19 pandemic. The 2020, 2021 and 2022 results are based on response rates of approximately 56%, 69% and 73%, respectively (compared with 78% for 2018). The lower response rates increase the level of uncertainty around the estimates, and therefore changes over time have an additional degree of uncertainty. Care should be taken when comparing over time, as small increases or decreases could be due to the volatility of the figures.
10. UK trade in services by modes of supply
The different modes of supply:
Mode 1 – Remote trade is where a supplier in one country sells a service to a customer in another, but without the movement of people.
Mode 2 – Consumption abroad is where the person receiving the service travels to the supplier’s country.
Mode 3 – Commercial presence is where a company sets up a subsidiary abroad to supply services to foreign customers directly in that country.
Mode 4 – Presence of natural persons is where a supplier sends its personnel to the customer’s country to provide services.
Note that estimates of services trade supplied by Modes 1, 2 and 4 are derived on a balance of payments basis and form the total of UK services trade. Mode 3 is derived using Foreign Affiliates Statistics and is not counted as part of UK services trade (and so is not included in figures reported here).
10.1 Percentage of UK services exports delivered by each mode of supply 20211
Region | Mode 1 | Mode 2 | Mode 4 |
---|---|---|---|
World | 76.8% | 13.4% | 9.8% |
EU | 76.6% | 13.9% | 9.5% |
Non-EU | 76.9% | 13.1% | 9.9% |
Source: UK Trade in services by modes of supply: 2021, next release: UK Trade in services by modes of supply: 2022.
Notes:
- These are experimental statistics.
10.2 Percentage of UK services imports delivered by each mode of supply 20211
Region | Mode 1 | Mode 2 | Mode 4 |
---|---|---|---|
World | 72.8% | 17.0% | 10.2% |
EU | 64.9% | 24.5% | 10.6% |
Non-EU | 78.6% | 11.4% | 10.0% |
Source: UK Trade in services by modes of supply: 2021, next release: UK Trade in services by modes of supply: 2022.
Notes:
- These are experimental statistics.
11. Trade balance
- In 2023, the UK trade deficit was £33.4 billion, having narrowed by £33.5 billion since 2022. More timely data shows that the balance was a deficit of £36.1 billion in the 12 months ending June 2024 having widened by £11.0 billion since the 12 months ending June 2023 (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
- Other than the trade surplus in 2020, the UK has run a trade deficit in each year since 1998 (Source: GDP first quarterly estimate, UK: April to June 2024, next release: GDP quarterly national accounts, UK: April to June 2024).
-
The UK has run a trade in goods deficit each year since 1983 and a trade in services surplus each year since 1966 (Source: GDP first quarterly estimate, UK: April to June 2024, next release: GDP quarterly national accounts, UK: April to June 2024).
-
In 2023, the UK had a trade in goods deficit of £186.7 billion (down from £217.0 billion in 2022) and a trade in services surplus of £153.3 billion (up from £150.2 billion in 2022). In the 12 months ending June 2024, the UK had a trade in goods deficit of £188.6 billion (up from £186.2 billion in the 12 months ending June 2023) and a trade in services surplus of £152.4 billion (down from £161.0 billion in the 12 months ending June 2023) (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
In 2023, the UK had a trade deficit with the EU of £108.7 billion (up from £82.8 billion in 2022) and a trade surplus of £75.3 billion with non-EU countries (up from £16.0 billion in 2022). In the 12 months ending March 2024, the UK had a trade deficit with the EU of £108.4 billion (up from £88.8 billion in the 12 months ending March 2023) and a trade surplus of £81.7 billion with non-EU countries (up from £45.4 billion in the 12 months ending March 2023) (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
-
The UK’s largest trade surplus in 2023 was with the United States, where we exported £72.1 billion more than we imported in goods and services. The UK’s largest trade deficit was with Germany, followed by China, with a deficit of £28.4 billion and £27.3 billion, respectively (Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024).
-
More timely data shows that the UK’s largest trade surplus in the 12 months ending March 2024 was with the United States, where we exported £74.7 billion more than we imported in goods and services. The UK’s largest trade deficit was with Germany, followed by China, with a deficit of £28.2 billion and £25.9 billion, respectively (Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024).
-
See the ‘Top and emerging partner countries’ section for Top 10 UK surpluses and deficits in goods and services in 2023.
11.1 Top 10 UK surpluses in goods and services in the 12 months ending March 2024
Rank | Partner countries with largest surpluses | £ billion |
---|---|---|
1 | United States | 74.7 |
2 | Ireland | 24.8 |
3 | Saudi Arabia | 9.6 |
4 | Australia | 9.5 |
5 | Switzerland | 9.1 |
6 | Singapore | 7.7 |
7 | Canada | 6.4 |
8 | Hong Kong | 5.3 |
9 | United Arab Emirates | 5.3 |
10 | Luxembourg | 4.1 |
N/A | Non-EU | 81.7 |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024 next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
11.2 Top 10 UK deficits in goods and services in the 12 months ending March 20241
Rank | Partner countries with largest deficits | £ billion |
---|---|---|
1 | Germany | -28.2 |
2 | China | -25.9 |
3 | Spain | -25.0 |
4 | Norway | -17.5 |
5 | France | -15.3 |
6 | Italy | -13.1 |
7 | Netherlands | -11.0 |
8 | Poland | -9.6 |
9 | Turkey | -6.6 |
10 | India | -6.5 |
N/A | EU1 | -108.4 |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024 next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- Totals in the table may not match totals reported in the statistics summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
12. Total trade
-
Total trade is the sum of exports and imports of goods and services.
-
UK total trade in 2023 amounted to £1.76 trillion, a 1.2% increase from 2022. In the 12 months ending June 2024, UK total trade amounted to £1.75 trillion, a 3.5% decrease on the previous 12 months. (Source: ONS UK Trade: June 2024, next release: ONS UK Trade: July 2024).
-
In 2023 the United States was the UK’s largest trading partner, accounting for 17.6% (or £310.8 billion) of total UK trade (Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024).
-
More timely data shows that the UK’s largest trading partner in the 12 months to March 2024 was the United States, accounting for 17.7% of total UK trade (Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024).
-
See the ‘Top and emerging partner countries’ section for Top 10 trading partners in 2023.
12.1 Top 10 UK trading partners in 12 months ending March 2024 (exports plus imports of goods and services)1
Rank | Partner country | £ billion | % of total trade |
---|---|---|---|
1 | United States | 309.2 | 17.7% |
2 | Germany | 149.0 | 8.5% |
3 | Netherlands | 114.8 | 6.6% |
4 | France | 104.8 | 6.0% |
5 | Ireland | 89.3 | 5.1% |
6 | China | 86.5 | 5.0% |
7 | Spain | 64.7 | 3.7% |
8 | Belgium | 57.8 | 3.3% |
9 | Italy | 50.0 | 2.9% |
10 | Switzerland | 48.5 | 2.8% |
N/A | EU1 | 818.7 | 46.9% |
N/A | Non-EU1 | 927.4 | 53.1% |
N/A | World1 | 1,746.1 | 100.0% |
Source: ONS UK trade, quarterly trade in goods and services tables: January to March 2024, next release: ONS UK trade, quarterly trade in goods and services tables: April to June 2024.
Notes:
- Totals in the table may not match totals reported in the statistics summary sheet due to timings of release of the different sources used. Totals in the statistics summary sheet should be preferred.
13. World trade forecasts
13.1 World trade
The IMF forecasts the volume of world trade in goods and services to grow by 3.1% in 2024 (up from its previous forecast of 3.0% in the April 2024 publication), and grow by 3.4% in 2025. (Source: IMF World Economic Outlook Update, July 2024).
The WTO now expects merchandise trade volume growth of 2.6% in 2024 (down from its previous forecast of 3.3%). (Source: WTO Trade Statistics and Outlook, April 2024).
The OECD forecasts that world trade will increase by 2.3% in real terms in 2024 (down from its previous forecast of 2.7%), and by 3.3% in 2025. (Source: OECD Economic Outlook - May 2024).
13.2 World trade volume growth forecasts (%)
International Organisation | 2024 | 2025 |
---|---|---|
IMF (goods and services) | 3.1 | 3.4 |
WTO (goods only) | 2.6 | 3.3 |
OECD (goods and services) | 2.3 | 3.3 |
Sources: IMF World Economic Outlook - July 2024, WTO Trade Statistics and Outlook, April 2024 , and OECD Economic Outlook - May 2024.
- For UK trade forecasts, see the UK export growth and UK import growth sections.
14. Current account balance
- The UK has run a current account deficit in every year since 1984. (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
- The current account deficit widened by £11.3 billion between 2022 and 2023, from £77.2 billion (equivalent to 3.1% of GDP) to £88.5 billion (equivalent to 3.3% of GDP). This followed a widening of £66.4 billion between 2021 and 2022. (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
14.1 Components of current account - balances as a percentage of GDP (current prices)
Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024.
-
More timely data shows the current account deficit was £88.6 billion in the 12 months to March 2024 (or 3.3% of GDP), from £52.5 billion (or 2.1% of GDP) in the previous 12 months. (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
-
In 2023, the UK had a current account deficit with the EU of £158.3 billion (a widening from £113.2 billion in 2022) and a current account surplus of £69.8 billion with non-EU countries (a widening from £36.0 billion in 2022). More timely data shows the UK had a current account deficit with the EU of £156.3 billion in the year to March 2024 (a widening of £32.0 billion from the year to March 2023) and a current account surplus of £67.8 billion with non-EU countries (a narrowing of £4.1 billion from the year to March 2023). (Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024).
14.2 UK current account balance with the EU and non-EU (current prices)
Source: ONS Balance of Payments: Quarter 1 (January to March) 2024, next release: ONS Balance of Payments: Quarter 2 (April to June) 2024.
15. Trade in value added
(Source: OECD Trade in Value Added: 1995-2020, experimental statistics, 2023 edition, next release: OECD Trade in Value Added):
The OECD updated its Trade in Value Added (TiVA) estimates for 1995 to 2020 due to errors discovered in the previous release published in November 2023.
TiVA is an innovative dataset that makes it possible to examine aspects of international trade, such as Global Value Chains (GVCs), that are not possible with conventional (‘gross’) measures of trade. The novelty of this dataset is that it regards international trade as flows of value added rather than gross flows of final goods and services, enabling users to track the origin of value added in a country’s exports and final demand by source country and sector.
It is important to note that, while TiVA offers many advantages over traditional ways of measuring trade, it has limitations in its current form. The estimates are based on a number of strong assumptions, imputations and modelling and offer only broad insights into supply chain interactions. In addition, the estimates for the most recent years, particularly 2020, should be interpreted with caution as they are based on extrapolated Supply Use Tables. The OECD advises that over-interpretation of the results should be avoided and the estimates should be considered as complements to traditional trade statistics.
The UK left the EU at the end of 2020, so was a member state for this time period.
15.1 Backward linkages for exports
Backward linkages for exports measure how dependent UK exporters are on imported inputs for the production of their exports. A headline measure of backward linkages, and a gauge of the extent of a country’s participation in GVCs, is the share of foreign value added embodied in a country’s gross exports (or ‘import content of exports’).
The TiVA data suggests that the UK has relatively weak backward linkages meaning it is not heavily dependent on imported intermediate inputs for the production of its exports. The import content of the UK’s exports has fallen gradually in recent years, from a peak of 18.1% in 2011 to 14.3% in 2020, in line with the global trend. Other major developed economies, such as the United States, France, Germany and Japan, have also experienced a decline in GVC participation in recent years, partly reflecting the impact of the COVID-19 pandemic.
Between 2019 and 2020, the import content of the UK’s exports has declined significantly by 1.4 percentage points. Additional years’ worth of data alongside improved or updated underlying estimates published by national statistical agencies are required to provide a more accurate picture of the effect of the COVID-19 pandemic on GVCs.
In 2020, the UK’s import content of exports was well below the OECD average of 27%, with the UK ranking 58th out of 76 economies in the TiVA dataset on this measure. However, this should not be interpreted as a sign of lack of integration in GVCs or lack of competitiveness. Several factors affect a country’s participation in GVCs, including the size of the economy, patterns of specialisation, trade openness and location. Care is therefore needed when interpreting the TiVA data. Participation in GVCs should be evaluated in terms of each country’s economic context; the UK’s relatively low backward participation partly reflects its specialisation in services exports which tend to have lower import content relative to manufacturing exports. Large and successful economies, such as the United States, rank even lower (74th) than the UK in terms of GVC participation.
In proportional terms, the UK sectors that were most reliant on foreign value added for their exports in 2020 were co*ke and refined petroleum (with foreign value added accounting for 52.7% of this sector’s gross exports), motor vehicles (33.0%) and basic metals (29.0%).
The UK is more reliant on non-EU countries than EU suppliers of intermediate goods and services for the production of its exports. In 2020, 57% of all foreign inputs used in UK exports originated from non-EU countries (43% originated from the EU). The largest suppliers of inputs for UK exporters in 2020 were the United States (supplying 16.8% of all foreign inputs used in UK exports), Germany (10.5%), China (8.4%), France (6.3%) and Ireland (4.2%).
The majority of UK exporting sectors are more dependent on imported inputs from non-EU countries than the EU. The only UK sectors that depend more on inputs from the EU than non-EU countries for their export production are motor vehicles; food, beverages and tobacco; accommodation and food service activities; wood products; and paper and printing.
Source: OECD Trade in Value Added: 1995-2020, experimental statistics, 2023 edition, next release: OECD Trade in Value Added.
15.3 Forward linkages for exports
Forward linkages measure the contribution of UK exporters as suppliers of inputs to exports of other countries. They provide a measure of how dependent UK suppliers of goods and services can be on export prospects abroad.
The UK has stronger forward linkages than backward linkages, indicating its more prominent role as a supplier of inputs rather than a user of inputs. In 2020, the UK ranked as the 13th most forward integrated country (out of the 76 countries in the TiVA database), with the headline measure (UK value added embodied in exports of other countries as percentage of UK exports) at 24.8%. This share has increased from 16.5% in 1995, suggesting a greater degree of integration of UK exporters in ‘downstream’ supply chains over time.
The UK has stronger forward linkages with EU countries (especially Ireland, Germany, Luxembourg, the Netherlands and France), with the EU accounting for around two-thirds (66%) of all UK valued added embodied in foreign (world) exports in 2020. Outside of the EU, the UK has strong forward linkages with the United States, Singapore and China.
In the UK, the main suppliers of inputs to exporters are services sectors such as financial and insurance (accounting for 19.1% of total UK value added embodied in exports in 2020), professional, scientific and technical services (17.2%), administrative and support services (11.6%), and wholesale and retail trade services (10.4%). The contribution from the UK manufacturing sector is around 13%, with the chemicals, machinery and equipment, and fabricated metals sectors being the largest sources of inputs for exporters. The UK mining and quarrying energy producing sector is also a significant supplier, contributing around 4% to the total UK value added embodied in exports.
The UK source sectors that are most dependent on supplying inputs to EU exporters (and hence demand conditions in this bloc) in 2020 were agriculture, hunting and forestry; mining and quarrying, energy producing; and food, beverages and tobacco. The only UK source sectors that supply more inputs to non-EU than EU exporters were water transport, and other transport equipment.
15.4 Importance of services
Services are traded not only directly across borders, but also indirectly embodied in goods exports. For example, UK engineering services that are part of the production of a car are exported indirectly embodied in the export of the car. This indirect trade in services is reflected in TiVA statistics but not in traditional trade statistics. As a result, TiVA provides a more accurate estimate of the services sector contribution to exports. As services are increasingly embedded in manufacturing exports, policies to encourage services trade liberalisation can improve the export competitiveness of not just services industries but also manufacturing industries.
Accounting for the value added of services in the production of goods, the TiVA data reveals that services are more important to UK exports than they appear in traditional trade statistics. In value added terms, the share of services in total UK exports was 78.8% in 2020, significantly above the OECD average of 58.9.%, and around 4.5 percentage points higher than in traditional terms (74.3%). The difference is driven partly by the contribution of services inputs to UK manufacturing exports; the share of services value added in UK manufacturing gross exports was 35.2% in 2020.
15.5 Bilateral trade balances
Measuring trade in value added terms does not affect the overall trade balance of a country. However, bilateral trade balances with individual trading partners can look different when measured on a value added basis. Compared with gross terms, the UK’s trade surplus with non-EU countries is bigger when measured in value added terms. Correspondingly, the UK’s trade deficit with EU countries is bigger in value added terms.
In gross terms, the United States (15.7% market share), Ireland (8.3%), Germany (7.6%), France (6.3%) and China (4.9%) ranked as the UK’s top 5 export destinations in 2020. In value added terms (meaning as final consumers of UK value added exports), these countries remain in the top 5 UK export destinations, with the United States ranked top with an 18.0% market share, followed by Germany (7.0%), China (6.2%), France (6.2%) and Ireland (4.8%). In value added terms, the importance of non-EU export markets, such as the United States, China and Japan, is amplified, while the market share of EU countries such as Germany, France, Ireland and the Netherlands is reduced.
The smaller importance of EU countries in value added terms should not be taken as an indication of a lower reliance of the UK on demand and supply from EU countries; these countries act as conduits for a sizeable amount of UK value added exported to non-EU countries. Similarly, non-EU countries access the UK market via the EU.
16. FDI (Foreign Direct Investment) statistics
To note: the ONS have implemented several improvements to their FDI survey methodology for the 2020 release. Changes to stratification methods and sampling population increases have affected the results and led to an increase in reported FDI figures, particularly for inward FDI, in 2020.
As a result of these improvements, we advise caution when interpreting the 2021 results as some increases since 2019 may be due to the methodology changes.
16.1 Inward FDI
- The UK’s inward FDI stock was £2.0 trillion at the end of 2021, up 4.3% on 2020 and up 167.5% on 2011 (in current prices). (Source: ONS Foreign direct investment involving UK companies: 2021, next release: ONS Foreign direct investment involving UK companies: 2022).
16.2 UK inward FDI stock, flows and earnings tables1,2
Inward FDI stock (£ billion, in current prices):
Region | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total | 749 | 913 | 918 | 1,013 | 1,033 | 1,187 | 1,392 | 1,573 | 1,641 | 1,919 | 2,002 |
EU | 366 | 452 | 462 | 490 | 441 | 552 | 591 | 617 | 656 | 705 | 685 |
Non-EU | 382 | 461 | 456 | 523 | 592 | 636 | 801 | 956 | 985 | 1,214 | 1,317 |
Inward FDI flows (£ billion, in current prices):
Region | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total | 26 | 35 | 33 | 15 | 25 | 192 | 75 | 66 | 42 | 35 | -52 |
EU | -24 | 15 | 0 | 3 | -14 | 130 | 21 | -13 | 36 | 28 | -24 |
Non-EU | 50 | 20 | 34 | 12 | 39 | 62 | 54 | 78 | 6 | 7 | -28 |
Inward FDI earnings (£ billion, in current prices):
Region | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total | 45 | 46 | 51 | 48 | 48 | 50 | 58 | 75 | 45 | 56 | 72 |
EU | 17 | 21 | 25 | 24 | 18 | 16 | 26 | 29 | 15 | 10 | 17 |
Non-EU | 29 | 25 | 26 | 24 | 30 | 35 | 32 | 46 | 31 | 46 | 55 |
Source: ONS Foreign direct investment involving UK companies: 2021, next release: ONS Foreign direct investment involving UK companies: 2022.
Notes:
- Data compiled according to directional method.
- A negative sign before values indicates a net disinvestment.
- The United States was the largest investor in the UK with an inward FDI stock of £675.7 billion at the end of 2021. (Source: ONS Foreign Direct Investment (FDI) totals for inwards and outward flows, positions and earnings, 2020 to 2021, next release: ONS Foreign direct investment involving UK companies: 2022).
16.3 Top 10 investors in the UK, 2021 (inward FDI stock)1,2,3
Rank | FDI partner | £ billion | % of total inward FDI stock |
---|---|---|---|
1 | United States | 675.7 | 33.7% |
2 | Netherlands | 217.5 | 10.9% |
3 | Jersey | 192.0 | 9.6% |
4 | Luxembourg | 121.3 | 6.1% |
5 | France | 100.9 | 5.0% |
6 | Japan | 92.0 | 4.6% |
7 | Belgium | 88.8 | 4.4% |
8 | Switzerland | 74.4 | 3.7% |
9 | Bermuda | 68.0 | 3.4% |
10 | Canada | 42.4 | 2.1% |
N/A | EU | 685.1 | 34.2% |
N/A | Non-EU | 1,317.3 | 65.8% |
N/A | World | 2,002.4 | 100.0% |
Source: ONS Foreign Direct Investment (FDI) totals for inwards and outward flows, positions and earnings, 2020 to 2021, next release: ONS Foreign direct investment involving UK companies: 2022.
Notes:
- Data is on a directional basis.
- Data is on a net basis meaning investments minus disinvestments.
- Rankings are affected by the fact that FDI statistics are currently compiled on the basis of immediate, rather than ultimate, partner country. This often leads to an overstatement of investments in or from big financial centres (such as Luxembourg and the Netherlands) or countries offering favourable tax terms to investors.
16.4 Global rankings (inward FDI stock)
(Source: UNCTAD Foreign direct investment: Inward and outward flows and stock, annual, next release: UNCTAD Foreign direct investment: Inward and outward flows and stock, annual).
In 2023, the UK was:
the third highest destination for investment in the world (up from fourth in 2022, overtaking the Netherlands who were third in 2022). The United States remained first, holding the highest inward FDI stock in the world with China second
the highest destination for investment in Europe
Global FDI rankings for 2022 and 2023 are provisional estimates and will be updated as data is revised.
16.5 Outward FDI
- The UK’s outward FDI stock was £1.8 trillion at the end of 2021, up 0.9% on 2020 and up 58.3% on 2011 (in current prices). (Source: ONS Foreign direct investment involving UK companies: 2021, next release: ONS Foreign direct investment involving UK companies: 2022).
16.6 UK outward FDI stock, flows and earnings tables1,2
Outward FDI stock (£ billion, in current prices):
Region | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total | 1,118 | 1,073 | 1,091 | 1,079 | 1,084 | 1,275 | 1,369 | 1,453 | 1,652 | 1,753 | 1,769 |
EU | 557 | 505 | 455 | 445 | 456 | 578 | 597 | 607 | 669 | 703 | 714 |
Non-EU | 561 | 569 | 636 | 634 | 628 | 696 | 773 | 846 | 983 | 1,050 | 1,055 |
Outward FDI flows (£ billion, in current prices):
Region | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total | 60 | 13 | 26 | -91 | -43 | -28 | 111 | 62 | 9 | -75 | 62 |
EU | 25 | -5 | -12 | -83 | -13 | -26 | 18 | 6 | -9 | -14 | -10 |
Non-EU | 34 | 19 | 38 | -8 | -30 | -2 | 93 | 57 | 18 | -61 | 72 |
Outward FDI earnings (£ billion, in current prices):
Region | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total | 99 | 81 | 79 | 68 | 57 | 51 | 88 | 94 | 102 | 50 | 135 |
EU | 37 | 23 | 24 | 17 | 17 | 20 | 30 | 29 | 31 | 17 | 35 |
Non-EU | 62 | 58 | 55 | 51 | 41 | 31 | 59 | 65 | 71 | 33 | 100 |
Source: ONS Foreign direct investment involving UK companies: 2021, next release: ONS Foreign direct investment involving UK companies: 2022.
Notes:
- Data compiled according to directional method.
- A negative sign before values indicates a net disinvestment.
- The United States was the top destination for UK FDI at the end of 2021 with FDI investment stock at £461.4 billion. (Source: ONS Foreign Direct Investment (FDI) totals for inwards and outward flows, positions and earnings, 2020 to 2021, next release: ONS Foreign direct investment involving UK companies: 2022).
16.7 Top 10 destinations for UK FDI, 2021 (outward FDI stock)1,2,3
Rank | FDI partner | £ billion | % of total outward FDI stock |
---|---|---|---|
1 | United States | 461.4 | 26.1% |
2 | Netherlands | 155.2 | 8.8% |
3 | Luxembourg | 127.2 | 7.2% |
4 | Spain | 95.9 | 5.4% |
5 | France | 91.6 | 5.2% |
6 | Hong Kong | 77.6 | 4.4% |
7 | Ireland | 70.2 | 4.0% |
8 | Switzerland | 52.2 | 2.9% |
9 | Jersey | 44.7 | 2.5% |
10 | Australia | 41.0 | 2.3% |
N/A | EU | 714.0 | 40.4% |
N/A | Non-EU | 1,055.3 | 59.6% |
N/A | World | 1,769.3 | 100.0% |
Source: ONS Foreign Direct Investment (FDI) totals for inwards and outward flows, positions and earnings, 2020 to 2021, next release: ONS Foreign direct investment involving UK companies: 2022.
Notes:
- Data is on a directional basis.
- Data is on a net basis meaning investments minus disinvestments.
- Rankings are affected by the fact that FDI statistics are currently compiled on the basis of immediate, rather than ultimate, partner country. This often leads to an overstatement of investments in or from big financial centres (such as Luxembourg and the Netherlands) or countries offering favourable tax terms to investors.
16.8 Global rankings (outward FDI stock)
(Source: UNCTAD Foreign direct investment: Inward and outward flows and stock, annual, next release: UNCTAD Foreign direct investment: Inward and outward flows and stock, annual).
In 2023, the UK was:
the seventh largest global investor (down from fifth in 2022), behind the United States, Netherlands, China, Canada, Germany and Japan
the third largest European investor, behind the Netherlands and Germany (down from second in 2022)
Global FDI rankings for 2022 and 2023 are provisional estimates and will be updated as data is revised.
17. Inward investment project statistics
17.1 DBT statistics
Source: DBT Inward investment results 2023 to 24, next release: DBT Inward investment results 2024 to 25.
-
DBT recorded 1,555 investment projects coming into the UK in 2023 to 2024, down 6.0% from 1,654 in 2022 to 2023.
-
Out of 1,555 investment projects coming into UK in 2023 to 2024, 1,018 were supported by DBT, down 6.0% from 1,083 in 2022 to 2023.
-
Out of all investment projects in 2023 to 2024, 611 (39.3%) were made by new investors to the UK, and 944 (60.7%) by existing investors in the UK.
-
Inward investments projects coming into the UK are estimated to have created 71,478 new jobs and safeguarded 11,613 jobs, down 10.1% and up 74.7% in 2023 to 2024, respectively.
-
London was the UK region with the highest number of new jobs created by inward investment (19,736 new jobs) in 2023 to 2024. The highest growth of new created jobs was in the East of England, an increase of 93.1% in 2023 to 2024.
-
The estimated economic impact of foreign direct investment projects involving DBT fell by 0.2% in 2023 to 2024 to £5.8 billion.
17.2 Regional breakdown for all FDI projects and involved FDI projects in 2023 to 20241,2,3
Region | FDI projects | New jobs from all FDI projects | Involved FDI projects | New jobs from involved FDI projects |
---|---|---|---|---|
Multiple UK sites3 | 58 | 9,184 | 45 | 8,154 |
North East | 67 | 4,296 | 46 | 3,985 |
North West | 128 | 5,097 | 83 | 3,485 |
Yorkshire and The Humber | 107 | 3,732 | 66 | 2,673 |
East Midlands | 73 | 2,701 | 45 | 2,507 |
West Midlands | 133 | 7,581 | 106 | 6,877 |
East of England | 79 | 5,045 | 59 | 4,303 |
London | 503 | 19,736 | 314 | 14,034 |
South East | 133 | 4,405 | 79 | 3,316 |
South West | 72 | 2,190 | 46 | 1,807 |
Scotland | 125 | 4,035 | 73 | 2,954 |
Wales | 53 | 1,904 | 39 | 1,500 |
Northern Ireland | 24 | 1,572 | 17 | 1,442 |
Total | 1,555 | 71,478 | 1,018 | 57,037 |
Source: DBT Inward investment results 2023 to 24, next release: DBT Inward investment results 2024 to 25.
Notes:
- FDI projects are investment projects where investment transactions take 3 main forms: new investment projects, expansions on existing investment projects, and merger and acquisition (M&A) projects.
- Involved FDI Projects are those assisted by the DBT network teams.
- Multiple UK site projects represent those investments which span more than 1 region.