UK overseas trade in goods statistics May 2024: commentary
Published 11 July 2024
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Trade in goods summary
Data behind this bulletin is available through the UK Trade Info website, where users can build their own tables according to the countries, commodities, and ports selected.
Users must refer to the accompanying methodology notes for more information on this release.
Total exports of goods for May 2024
拢32.1 billion down 拢0.4 billion (1%) on April 2024, down 拢5.5 billion (15%) on May 2023
Total imports of goods for May 2024
拢50.1 billion down 拢3.1 billion (6%) on April 2024, down 拢5.6 billion (10%) on May 2023
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
The UK was a net importer this month, with imports exceeding exports by 拢18.1 billion, narrowing the trade gap by 拢2.7 billion on April 2024.
Figure 1: Total UK monthly trade in goods, December 2022 to May 2024
Figure 1 shows that both exports and imports fell in May 2024. Imports fell by more than exports, causing the trade gap to narrow this month.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
EU and non-EU trade in goods
Exports to the EU accounted for 44% 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 2024 (拢 billion)
| Flow | EU | Non-EU | Total |
|---|---|---|---|
| Exports | 14.0 | 18.1 | 32.1 |
| Imports | 25.5 | 24.6 | 50.1 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
EU exports for May 2024 were 拢14.0 billion. This was a decrease of 拢0.8 billion (5%) on April 2024, and a decrease of 拢1.5 billion (10%) compared with May 2023.
Non-EU exports for May 2024 were 拢18.1 billion. This was an increase of 拢0.4 billion (2%) on April 2024, but a decrease of 拢4.1 billion (18%) compared with May 2023.
EU imports for May 2024 were 拢25.5 billion. This was a decrease of 拢2.6 billion (9%) on April 2024, and a decrease of 拢2.8 billion (10%) compared with May 2023.
Non-EU imports for May 2024 were 拢24.6 billion. This was a decrease of 拢0.5 billion (2%) on April 2024, and a decrease of 拢2.8 billion (10%) compared with May 2023.
Figure 2: Total UK monthly trade in goods with EU and non-EU, December 2022 to May 2024
Figure 2 shows that EU exports remained relatively steady over the period from December 2022 to May 2024. Non-EU exports increased slightly, driven by an increase in exports of Precious metals. Despite a decrease in May 2024, EU imports have remained above non-EU imports since May 2023 onwards. Non-EU imports experienced a slight decrease in May 2024 after 2 consecutive monthly increases.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Exports: Country analysis
You can explore more UK export country data in the听
Switzerland听(ranked nineteenth) experienced the largest value decrease on April 2024, down 58%.
USA experienced the second largest value decrease on May 2023, down 12%.
Table 2: UK exports of goods to the top 5 countries, comparison with April 2024 and May 2023 (拢 million)
| Main partner country | May 2024 value | April 2024 value | May 2023 value |
|---|---|---|---|
| USA听 | 4,617 | 4,488 | 5,276 |
| China听 | 4,128 | 3,455 | 2,165 |
| Netherlands | 2,468 | 2,412 | 2,595 |
| Germany | 2,134 | 2,440 | 2,758 |
| Ireland | 1,844 | 1,963 | 2,266 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
USA remained the largest export partner country by value, and experienced the second largest value decrease on May 2023, down 拢658 million (12%). The decrease in exports to the USA听on May 2023 was driven by Organic chemicals and Precious metals. China was the second largest export partner, up from 6th in May 2023. Germany fell to fourth place, from third place in April 2024.
Figure 3: Historical export values for the top 3 export partner countries in May 2024
Figure 3 shows that听USA听was the top export partner for the last 18 months, accounting for 14% of the UK鈥檚 total exports in May 2024. Exports to China increased by 19%, to reach the highest value over the period since December 2022. The increase in May 2024 was driven by Precious metals. 听Exports to the Netherlands remained stable in the last 2 months, following a steady decline between March 2023 and February 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Exports: Commodity analysis
You can explore more UK export commodity data in the听
Aircraft (ranked ninth) experienced the largest value decrease on April 2024, down 32%.
Precious metals experienced the largest value decrease on May 2023, down 45%.
Table 3: UK exports of goods of the top 5 commodities, comparison with April 2024 and May 2023 (拢 million)
| Commodity | May 2024 value | April 2024 value | May 2023 value |
|---|---|---|---|
| Mechanical appliances | 5,730 | 5,641 | 5,639 |
| Precious metals听听听听听听 | 4,341 | 3,718 | 7,843 |
| Motor vehicles听听听听听听听 | 3,200 | 2,990 | 3,654 |
| Mineral fuels听听听听听听听听 | 2,357 | 2,659 | 2,813 |
| Electronic equipment听 | 1,860 | 1,994 | 1,808 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Mechanical appliances remained the top export chapter, accounting for 18% of the UK鈥檚 total exports in May 2024. Exports of Precious metals experienced the largest value decrease on May 2023, down 45%. Motor vehicles remained in third place, experiencing the third largest value increase on April 2024, up 7%.
Figure 4: Historical export values for the top 3 export chapters in May 2024
Figure 4 shows that exports of Mechanical appliances and Motor vehicles remained relatively stable, while exports of Precious metals fluctuated month on month. Precious metals rose in May 2024, remaining in second place, after falling for three successive months from January to April 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Imports: Country analysis
You can create and explore more UK import country data in the听
Germany had the largest value decrease on April 2024, down 13%.
Kazakhstan (ranked seventy-sixth) had the largest value decrease on May 2023, down 98%.
Table 4: UK imports of goods from the top 5 countries, comparison with April 2024 and May 2023 (拢 million)
| Main partner country | May 2024 value | April 2024 value | May 2023 value |
|---|---|---|---|
| Germany听听听听听听 | 5,897 | 6,758 | 6,637 |
| China | 5,068 | 4,437 | 5,127 |
| USA听听听听 | 4,980 | 5,374 | 5,843 |
| Netherlands听听 | 3,739 | 3,994 | 4,161 |
| Belgium听听听听听 | 2,714 | 2,659 | 2,170 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Germany remained the UK鈥檚 largest import partner in May 2024, accounting for 12% of total UK imports in May 2024. The decrease in imports from Germany on April 2024 was driven by Motor vehicles, Precious metals, and Mechanical appliances. The decrease in imports from USA on May 2023 was led by Mineral fuels, Aircraft, and Precious metals.
Figure 5: Historical import values for the top 3 import partner countries in May 2024
Figure 5 shows that imports from Germany decreased 13% between April 2024 and May 2024 to the lowest level since September 2023. Germany has remained the largest import partner since October 2023. Imports from China increased between April 2024 and May 2024 by 14% to take second place. Imports from the USA decreased 7% between April 2024 and May 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Imports: Commodity analysis
You can explore more UK import commodity data in the听.
Electronic equipment had the second largest value decrease on April 2024, down 8%.
Motor vehicles had the largest value decrease on April 2024 and May 2023, down 7% and 16%.
Table 5: UK imports of goods of the top 5 commodities, comparison with April 2024 and May 2023 (拢 million)
| Commodity | May 2024 value | April 2024 value | May 2023 value |
|---|---|---|---|
| Mechanical appliances | 6,508 | 6,690 | 6,971 |
| Motor vehicles | 5,494 | 5,896 | 6,509 |
| Mineral fuels | 5,328 | 5,594 | 5,541 |
| Electronic equipment | 4,354 | 4,738 | 4,859 |
| Precious metals | 4,257 | 4,270 | 5,082 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Mechanical appliances remained the UK鈥檚 top imported commodity by value in May 2024, accounting for 13% of the UK鈥檚 total imports in May 2024. The decrease in imports of Electronic equipment on April 2024 was driven by Vietnam. The decrease in imports of Motor vehicles on April 2024 was driven by Germany, and the decrease on May 2023 was driven by Germany and France.
Figure 6: Historical import values for the top 3 import chapters in May 2024
Figure 6 shows that import values of Mechanical appliances remained in first place in May 2024 with only a 3% decrease since April 2024. Imports of Motor vehicles decreased in value for the second consecutive month to the lowest level since August 2023. Imports of Mineral fuels decreased by 5% between April 2024 and May 2024.
Source: UK overseas trade in goods statistics from HM Revenue & Customs
Note: 2023 and 2024 data is provisional
Focus
Table 6: Exports to Germany, comparison between May 2024 and April 2024 (拢 million)
| Commodity听听听听听听听听听听听听听听 | Export value May 2024 | Export value April 2024 | Change in value | Change (%)听 |
|---|---|---|---|---|
| Aircraft | 137 | 238 | -101 | -43 |
| Mechanical appliances | 441 | 508 | -67 | -13 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs听
Note: 2023 and 2024 data is provisional
Exports to Germany showed the second largest value decrease on April 2024, a 拢306 million (13%) decrease. Exports of Aircraft to Germany decreased by 拢101 million (43%) between April 2024 and May 2024, and exports of Mechanical appliances to Germany decreased by 拢67 million (13%) over this period.
Table 7: Imports of Motor vehicles, comparison between May 2024 and May 2023 (拢 million)
| Commodity | Import value May 2024 | Import value May 2023 | Change in value | Change (%) |
|---|---|---|---|---|
| Germany | 1,816 | 2,470 | -654 | -26 |
| France听听听听 | 228 | 657 | -429 | -65 |
Source: UK overseas trade in goods statistics from HM Revenue & Customs听
Note: 2023 and 2024 data is provisional
Imports of Motor vehicles showed the largest value decrease of all commodities on May 2023, a 拢1,014 million (16%) decrease. Between May 2023 and May 2024, imports of Motor vehicles from Germany decreased by 拢654 million (26%) and imports of Motor vehicles from France decreased by 拢429 million (65%).