UK overseas trade in goods statistics June 2023: commentary
Published 11 August 2023
漏 Crown copyright 2023
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Trade in Goods Summary
From 31 December 2020, the free movement of people and goods and services between the UK and the European Union (EU) ended. This meant HMRC has changed sources and methodologies of the trade in goods statistics. Users must refer to the accompanying methodology document, which details these changes and the impact on the statistics.
Total exports of goods for June 2023
拢34.5 billion down 拢3.0 billion (8%) on May 2023, but up 拢1.4 billion (4%) on June 2022
Total imports of goods for June 2023
拢52.7 billion down 拢3.0 billion (5%) on May 2023, and down 拢2.6 billion (5%) on June 2022
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
The UK was a net importer this month, with imports exceeding exports by 拢18.2 billion, narrowing the trade gap by less than 拢0.1 billion on May 2023.
Figure 1: Total UK monthly Trade in Goods, January 2022 to June 2023
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Exports and imports have fluctuated since rising in March 2023, with imports rising sharply, causing a widening of the trade gap but falling below February 2023 levels in April 2023. Both exports and imports rose in May 2023, and have fallen in June 2023, leaving the trade gap at a similar level.
EU and Non-EU Trade in Goods
- Exports to the EU accounted for 45% of the total value of exports.
- Imports from the EU accounted for 56% of the total value of imports.
Table 1: Total UK Trade in Goods with EU and Non-EU, June 2023 (拢 billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 15.5 | 19.0 | 34.5 |
| Imports | 29.4 | 23.3 | 52.7 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 1 shows the share of EU and non-EU exports and imports.
- EU exports for June 2023 were 拢15.5 billion. This was an increase of 拢0.1 billion (1%) on May 2023, but a decrease of 拢1.1 billion (7%) compared with June 2022.
- Non-EU exports for June 2023 were 拢19.0 billion. This was a decrease of 拢3.1 billion (14%) on May 2023, but an increase of 拢2.5 billion (15%) compared with June 2022.
- EU imports for June 2023 were 拢29.4 billion. This was an increase of 拢1.1 billion (4%) on May 2023, and an increase of 拢2.2 billion (8%) compared with June 2022.
- Non-EU imports for June 2023 were 拢23.3 billion. This was a decrease of 拢4.1 billion (15%) on May 2023, and a decrease of 拢4.7 billion (17%) compared with June 2022.
Exports: Country Analysis
- Exports to Switzerland down 60% in value on May 2023.
- Exports to USA up 20% in value on June 2022.
Table 2: UK exports of goods to the top 5 countries, main commodity and total value, June 2023
| Main partner country | Total country value (拢 million) | Main commodity | Partner commodity value (拢 million) |
|---|---|---|---|
| USA | 4,929 | Mechanical appliances | 1,005 |
| Netherlands | 2,565 | Mineral fuels | 899 |
| Germany | 2,560 | Mechanical appliances | 591 |
| Ireland | 2,552 | Organic chemicals | 620 |
| Switzerland | 2,208 | Precious metals | 1,822 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 2 shows the top 5 export partner countries by value:
- USA
- Netherlands
- Germany
- Ireland
- Switzerland
Exports of Mechanical appliances accounted for 20% of UK exports to the USA, and 23% of UK exports to Germany. Exports of Mineral fuels accounted for 35% of UK exports to the Netherlands. Exports of Organic chemicals accounted for 24% of UK exports to Ireland. Exports of Precious metals accounted for 83% of UK exports to Switzerland.
Exports: Commodity Analysis
- Precious metals down 46% in value on May 2023.
- Mechanical appliances up by 22% on May 2022.
Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, June 2023
| Commodity | Total commodity value (拢 million) | Main partner country | Partner country value (拢 million) |
|---|---|---|---|
| Mechanical appliances | 6,193 | USA | 1,005 |
| Precious metals | 4,228 | Switzerland | 1,822 |
| Motor vehicles | 3,461 | USA | 623 |
| Mineral fuels | 2,377 | Netherlands | 899 |
| Electronic equipment | 1,983 | USA | 297 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 3 shows the top 5 export commodities by value:
- Mechanical appliances
- Precious metals
- Motor vehicles
- Mineral fuels
- Electronic equipment
Exports to the USA accounted for 16% of UK exports of Mechanical appliances, 18% of UK exports of Motor vehicles, and 15% of UK exports of Electronic equipment. Exports to Switzerland accounted for 43% of UK exports of Precious metals. Exports to the Netherlands accounted for 38% of UK exports of Mineral fuels.
Imports: Country Analysis
- Imports from the USA down 29% on May 2023
- Imports from Norway down 52% on June 2022
Table 4: UK imports of goods from the top 5 countries, main commodity and total value, June 2023
| Main partner country | Total country value (拢 million) | Main commodity | Partner commodity value (拢 million) |
|---|---|---|---|
| Germany | 6,816 | Motor vehicles | 2,556 |
| China | 5,165 | Electronic equipment | 1,059 |
| Netherlands | 4,540 | Electronic equipment | 667 |
| USA | 4,132 | Mineral fuels | 872 |
| France | 3,638 | Mechanical appliances | 560 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 4 shows the top 5 import partner countries by value:
- Germany
- China
- Netherlands
- USA
- France
Motor vehicles accounted for 37% of UK imports from Germany. Electronic equipment accounted for 21% of UK imports from China and 15% of UK imports from the Netherlands. Mineral fuels accounted for 21% of UK imports from the USA. Mechanical appliances accounted for 15% of UK imports from France.
Imports: Commodity Analysis
- Imports of Precious metals down 35% on May 2023
- Imports of Mineral fuels down 49% on June 2022
Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, June 2023
| Commodity | Total commodity value (拢 million) | Main partner country | Partner country value (拢 million) |
|---|---|---|---|
| Mechanical appliances | 6,909 | Germany | 1,022 |
| Motor vehicles | 6,611 | Germany | 2,556 |
| Electronic equipment | 4,961 | China | 1,059 |
| Mineral fuels | 4,130 | Norway | 1,083 |
| Precious metals | 3,310 | Kazakhstan | 1,054 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2023 data is provisional
Table 5 shows the top 5 import commodities by value:
- Mechanical appliances
- Motor vehicles
- Electronic equipment
- Mineral fuels
- Precious metals
Imports from Germany accounted for 15% of UK imports of Mechanical appliances and 39% of UK imports of Motor vehicles. Imports from China聽accounted for 21% of UK imports of Electronic equipment. Imports from Norway accounted for 26% of UK imports of Mineral fuels. Imports from Kazakhstan accounted for 32% of UK imports of Precious metals.
Focus
Mechanical appliances
Exports of Mechanical appliances increased by 拢558 million (10%) on May 2023, led by:
- 拢154 million (63%) increase in exports to Singapore
- 拢143 million (97%) increase in exports to the UAE
- 拢100 million (61%) increase in exports to Turkey.
Exports of Mechanical appliances also increased by 拢1,098 million (22%) on June 2022, led by:
- 拢174 million (78%) increase in exports to Singapore
- 拢164 million (39%) increase in exports to Germany
- 拢158 million (19%) increase in exports to the USA,
- 拢153 million increase in exports to the UAE (to more than double the value).
Imports of Mechanical appliances decreased by 拢59 million (1%) on May 2023, led by:
- 拢86 million (10%) decrease in imports from the USA
- 拢71 million (40%) decrease in imports from Singapore
- 拢65 million (60%) decrease in imports from the UAE.
This was offset by a 拢104 million (23%) increase in imports from France.
Imports of Mechanical appliances increased by 拢489 million (8%) on June 2022, led by:
- 拢205 million (58%) increase in imports from France
- 拢188 million (23%) increase in imports from Germany
- 拢77 million (99%) increase in imports from Taiwan.
USA
Exports to the USA decreased by 拢347 million (7%) on May 2023, driven by:
- 拢140 million (18%) decrease in exports of Motor vehicles
- 拢140 million (92%) decrease in exports of Inorganic chemicals
- 拢123 million (29%) decrease in exports of Organic chemicals.
This was offset by a 拢183 million (45%) increase in exports of Precious metals.
Exports to the USA increased by 拢833 million (20%) on June 2022, led by:
- 拢466 million increase in exports of Precious metals (up to almost 5 times the value)
- 拢158 million (19%) increase in exports of Mechanical appliances
- 拢148 million (31%) increase in exports of Motor vehicles.
This was offset by a 拢225 million (57%) decrease in exports of Mineral fuels.
Imports from the USA decreased by 拢1,711 million (29%) on May 2023, driven by:
- 拢801 million (48%) decrease in imports of Mineral fuels
- 拢431 million (69%) decrease in imports of Precious metals
- 拢241 million (45%) decrease in imports of Aircraft.
Imports from the USA decreased by 拢536 million (11%) on June 2022, led by:
- 拢518 million (73%) decrease in imports of Precious metals
- 拢386 million (31%) decrease in imports of Mineral fuels.
This was offset by a 拢183 million increase in imports of Aircraft (to more than 1.5 times the value).