UK overseas trade in goods statistics May 2023: commentary
Published 13 July 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 May 2023
拢37.4 billion up 拢5.3 billion (16%) on April 2023, and up 拢1.0 billion (3%) on May 2022
Total imports of goods for May 2023
拢55.7 billion up 拢5.3 billion (11%) on April 2023, and up 拢1.5 billion (3%) on May 2022
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional
The UK was a net importer this month, with imports exceeding exports by 拢18.3 billion, widening the trade gap by less than 拢0.1 billion on April 2023.
Figure 1: Total UK monthly Trade in Goods, December 2021 to May 2023
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional
Figure 1 shows that exports rose steadily to September 2022, then levelled off, fell between November 2022 and January 2023, before increasing between January 2023 and March 2023 and falling again in April 2023. Imports rose steadily to November 2022 and began to fall in December 2022. In March 2023, imports rose sharply, causing a widening of the trade gap but fell below February 2023 levels in April 2023.聽Both exports and imports have risen in May 2023 to near March 2023 levels, with the trade gap widening only slightly.
EU and Non-EU Trade in Goods
- Exports to the EU accounted for 41% of the total value of exports.
- Imports from the EU accounted for 51% of the total value of imports.
Table 1: Total UK Trade in Goods with EU and Non-EU, May 2023 (拢 billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 15.3 | 22.1 | 37.4 |
| Imports | 28.3 | 27.5 | 55.7 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional
Table 1 shows the share of EU and Non-EU exports and imports.
- EU exports for May 2023 were 拢15.3 billion. This was an increase of 拢0.3 billion (2%) on April 2023, but a decrease of 拢1.7 billion (10%) compared with May 2022.
- Non-EU exports for May 2023 were 拢22.1 billion. This was an increase of 拢5.0 billion (30%) on April 2023, and an increase of 拢2.7 billion (14%) compared with May 2022.
- EU imports for May 2023 were 拢28.3 billion. This was an increase of 拢3.3 billion (13%) on April 2023, and an increase of 拢0.7 billion (2%) compared with May 2022.
- Non-EU imports for May 2023 were 拢27.5 billion. This was an increase of 拢2.0 billion (8%) on April 2023, and an increase of 拢0.8 billion (3%) compared with May 2022.
Exports: Country Analysis
- Exports to Switzerland up to 3 times the value on April 2023.
- Exports to China up 61% in value on May 2022.
Table 2: UK exports of goods to the top 5 countries, main commodity and total value, May 2023
| Main partner country | Total country value (拢 million) | Main commodity | Partner commodity value (拢 million) |
|---|---|---|---|
| Switzerland | 5,499 | Precious metals | 5,102 |
| USA | 5,230 | Mechanical appliances | 962 |
| Germany | 2,675 | Mechanical appliances | 548 |
| Netherlands | 2,646 | Mineral fuels | 1,107 |
| Ireland | 2,238 | Organic chemicals | 302 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional
Table 2 shows the top 5 export partner countries by value:
- Switzerland
- USA
- Germany
- Netherlands
- Ireland
Exports of Precious metals accounted for 93% of UK exports to Switzerland. Exports of Mechanical appliances accounted for 18% of UK exports to the USA and 20% of UK exports to Germany. Exports of Mineral fuels accounted for 42% of UK exports to the Netherlands. Exports of Organic chemicals accounted for 14% of UK exports to Ireland.
Exports: Commodity Analysis
- Precious metals up to more than double the value on April 2023.
- Motor vehicles up by 44% on May 2022.
Table 3: UK exports of goods of the top 5 commodities, main partner country and total value, May 2023
| Commodity | Total commodity value (拢 million) | Main partner country | Partner country value (拢 million) |
|---|---|---|---|
| Precious metals | 7,843 | Switzerland | 5,102 |
| Mechanical appliances | 5,631 | USA | 962 |
| Motor vehicles | 3,642 | USA | 764 |
| Mineral fuels | 2,665 | Netherlands | 1,107 |
| Pharmaceutical products | 1,817 | USA | 531 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional
Table 3 shows the top 5 export commodities by value:
- Precious metals
- Mechanical appliances
- Motor vehicles
- Mineral fuels
- Pharmaceutical products
Exports to Switzerland accounted for 65% of UK exports of Precious metals. Exports to the USA accounted for 17% of UK exports of Mechanical appliances, 21% of UK exports of Motor vehicles and 29% of UK exports of Pharmaceutical products. Exports to the Netherlands accounted for 42% of UK exports of Mineral fuels.
Imports: Country Analysis
- Imports from Germany up 21% on April 2023.
- Imports from Kazakhstan (ranked 11th) up to almost 10 times the value on May 2022.
Table 4: UK imports of goods from the top 5 countries, main commodity and total value, May 2023
| Main partner country | Total country value (拢 million) | Main commodity | Partner commodity value (拢 million) |
|---|---|---|---|
| Germany | 6,633 | Motor vehicles | 2,470 |
| USA | 5,843 | Mineral fuels | 1,673 |
| China | 5,123 | Electronic equipment | 1,148 |
| Netherlands | 4,158 | Electronic equipment | 575 |
| France | 3,723 | Motor vehicles | 657 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional
Table 4 shows the top 5 import partner countries by value:
- Germany
- USA
- China
- Netherlands
- France
Motor vehicles accounted for 37% of UK imports from Germany and 18% of UK imports from France. Mineral fuels accounted for 29% of UK imports from the USA. Electronic equipment accounted for 22% of UK imports from China and 14% of UK imports from the Netherlands.
Imports: Commodity Analysis
- Imports of Motor vehicles up 20% on April 2023.
- Imports of Precious metals up 59% on May 2022.
Table 5: UK imports of goods of the top 5 commodities, main partner country and total value, May 2023
| Commodity | Total commodity value (拢 million) | Main partner country | Partner country value (拢 million) |
|---|---|---|---|
| Mechanical appliances | 6,967 | Germany | 1,008 |
| Motor vehicles | 6,507 | Germany | 2,470 |
| Mineral fuels | 5,540 | USA | 1,673 |
| Precious metals | 5,082 | Kazakhstan | 1,566 |
| Electronic equipment | 4,861 | China | 1,148 |
Source: HM Revenue & Customs Overseas Trade in Goods Statistics
Note: 2022 and 2023 data is provisional
Table 5 shows the top 5 import commodities by value:
- Mechanical appliances
- Motor vehicles
- Mineral fuels
- Precious metals
- Electronic equipment
Imports from Germany accounted for 14% of UK imports of Mechanical appliances and 38% of UK imports of Motor vehicles. Imports from the USA accounted for 30% of UK imports of Mineral fuels. Imports from Kazakhstan accounted for 31% of UK imports of Precious metals. Imports from China accounted for 24% of UK imports of Electronic equipment.
Focus
Motor vehicles
Exports of Motor vehicles increased by 拢611 million (20%) on April 2023, led by:
- 拢314 million (70%) increase in exports to the USA
- 拢103 million (55%) increase in exports to France.
Exports of Motor vehicles also increased by 拢1,107 million (44%) on May 2022, led by:
- 拢304 million (66%) increase in exports to the USA
- 拢125 million increase in exports to Belgium (to almost 2.5 times the value)
- 拢113 million (64%) increase in exports to France
- 拢101 million (38%) increase in exports to China.
Imports of Motor vehicles increased by 拢1,081 million (20%) on April 2023, led by:
- 拢689 million (39%) increase in imports from Germany
- 拢115 million (21%) increase in imports from France
- 拢102 million (44%) increase in imports from Spain.
Imports of Motor vehicles increased by 拢1,566 million (32%) on May 2022, led by:
- 拢588 million (31%) increase in imports from Germany
- 拢301 million (84%) increase in imports from France
- 拢274 million increase in imports from China (to 2.5 times the value).
Mineral fuels
Exports of Mineral fuels decreased by 拢325 million (11%) on April 2023, led by:
- 拢204 million (57%) decrease in exports to Germany
- 拢116 million (90%) decrease in exports to Sweden
- 拢113 million (85%) decrease in exports to Nigeria
- Offset by a 拢193 million increase of exports to France (to more than 5.5 times the value).
Exports of Mineral fuels also decreased by 拢1,764 million (40%) on May 2022, led by:
- 拢503 million (31%) decrease in exports to the Netherlands
- 拢278 million (67%) decrease in exports to the USA
- 拢190 million (42%) decrease in exports to Ireland.
Imports of Mineral fuels decreased by 拢1,074 million (16%) on April 2023, led by:
- 拢583 million (30%) decrease in imports from Norway
- 拢319 million (16%) decrease in imports from the USA
- 拢197 million (33%) decrease in imports from the Netherlands.
Imports of Mineral fuels also decreased by 拢2,164 million (28%) on May 2022, driven by:
- 拢1,104 million (45%) decrease in imports from Norway
- 拢606 million (78%) decrease in imports from Qatar.