UK trade: July 2024

Total value of UK exports and imports of goods and services in current prices, chained volume measures and implied deflators.

This is the latest release. View previous releases

Contact:
Email UK Trade team

Release date:
11 September 2024

Next release:
11 October 2024

1. Main points

  • The value of goods imports decreased by £1.5 billion (3.0%) in July 2024, with a fall in imports from both EU and non-EU countries.

  • The value of goods exports fell by £3.4 billion (10.8%) in July 2024, with exports to both EU and non-EU countries decreasing, following a large rise the previous month.

  • The substantial fall in exports was driven by lower chemical exports to both EU and non-EU countries.

  • The total goods and services trade deficit widened by £5.5 billion to a deficit of £14.6 billion in the three months to July 2024, driven by increased imports of goods.

  • The trade in goods deficit widened by £5.9 billion to £53.5 billion in the three months to July 2024, while the trade in services surplus is estimated to have widened by £0.3 billion to £38.9 billion.

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Please note that all trade figures exclude non-monetary gold (NMG) and other precious metals unless otherwise stated. This is because movements in NMG, an important component of precious metals, can be large and highly volatile, distorting underlying trends in goods exports and imports. Trade statistics in this bulletin are in value terms (current prices) not inflation-adjusted terms (chained volume measures) unless otherwise stated.

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2. Monthly trade in goods

Total imports of goods in "current prices", which are not adjusted for inflation (explained in Section 9: Glossary), fell by £1.5 billion (3.0%) in July 2024. Imports from non-EU countries decreased by £0.9 billion (4.1%), and imports from the EU decreased by £0.5 billion (2.0%) (Table 1 and Figure 1).

Total exports of goods fell by £3.4 billion (10.8%) in July 2024, following an increase seen the previous month. Exports to non-EU countries decreased by £1.8 billion (10.8%) and exports to the EU decreased by £1.7 billion (10.8%).

Imports from the EU were £4.6 billion higher than from non-EU countries in July 2024, while exports to the EU were £0.8 billion lower than exports to non-EU countries.

Figure 1: Imports from and exports to both EU and non-EU countries decreased in July 2024

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

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After removing the effect of inflation by calculating "chained volume measures" (explained in Section 9: Glossary), total goods imports decreased by £1.2 billion (3.0%) in July 2024 (Figure 2). Imports from the EU fell by £0.7 billion (2.9%) and imports from non-EU countries fell by £0.6 billion (3.1%).

Total goods exports decreased by £3.2 billion (11.5%) in July 2024, after the effect of inflation was removed. This was because exports to the EU decreased by £1.4 billion (10.9%), and exports to non-EU countries decreased by £1.7 billion (12.1%).

Figure 2: Exports to both EU and non-EU countries fell substantially in both value and inflation-adjusted terms in July 2024, following a large rise in June

Imports and exports of goods, excluding precious metals, current prices and chained volume measures, seasonally adjusted, EU and non-EU, July 2021 to July 2024

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3. Monthly trade in goods by commodity

Goods imports

Imports from the EU decreased by £0.5 billion (2.0%) in July 2024, with falls of £0.2 billion in imports of food and live animals, material manufactures and miscellaneous manufactures (Figure 3). These decreases were caused by small changes across multiple countries and commodities.

Imports from non-EU countries decreased by £0.9 billion (4.1%) in July 2024. This was mainly because of a £0.7 billion fall in fuel imports, linked to reduced imports of crude oil from Norway and refined oil from Saudi Arabia. There was also a £0.3 billion fall in machinery and transport equipment, driven by reduced imports of mechanical machinery from the United States and cars from China.

Figure 3: Imports from non-EU countries fell in July 2024, mainly because of a fall in fuel imports

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

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Goods exports

Exports to the EU decreased by £1.7 billion (10.8%) in July 2024, with a £0.5 billion fall in chemical exports and a £0.4 billion fall in exports of machinery and transport equipment (Figure 4). There were also smaller decreases in exports of fuels, miscellaneous manufactures, and material manufactures, each falling by £0.2 billion.

The fall in chemical exports was because of reduced exports of medicinal and pharmaceutical products, and organic chemicals to Ireland. The fall in exports of machinery and transport equipment was driven by reduced exports of aircraft to Germany.

Exports to non-EU countries decreased by £1.8 billion (10.8%) in July 2024. This was mainly because of a £0.7 billion fall in chemical exports, driven by reduced exports of inorganic chemicals and medicinal and pharmaceutical products to the United States.

Exports of both miscellaneous manufactures, and machinery and transport equipment fell by £0.3 billion. This was driven by reduced exports of other manufactures to Switzerland and reduced exports of mechanical machinery to South Korea, respectively.

Figure 4: Exports to EU and non-EU countries fell in July 2024 because of a fall in chemical exports

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

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4. Monthly trade in services

Early estimates suggest imports of services increased by around £1.1 billion (4.1%) in value terms in July 2024, while services exports remained stable (Figure 5). Although relatively high prices continue to affect trade in services in recent months, in July 2024, there was little difference between trade in services trends in value and inflation-adjusted terms. Imports in inflation-adjusted terms increased by £1.1 billion (4.9%), while exports remained stable.

Monthly figures for trade in services for July 2024 are estimated from Quarter 2 (Apr to June) 2024 data, using additional data sources. Our UK Trade Quality and Methodology Information (QMI) has more detail on how our trade in services statistics are compiled.

The S&P Global Purchasing Managers' Index for July 2024 reported growth in service sector activity, although at a slower rate than recent months. Indicators suggest a further slowing of rates in the months ahead. Demand for business services improved, although growth in financial services was slower. Consumer-facing services saw weaker activity and demand in July.

Figure 5: Imports of services increased, while exports remained stable in both value and inflation-adjusted terms in July 2024

Imports and exports of services, current prices and chained volume measures, seasonally adjusted, July 2021 to July 2024

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5. Three-monthly trade in goods and services

Total imports of goods increased by £5.0 billion (3.6%) in the three months to July 2024, compared with the three months to April 2024 (Table 2). Goods imports from the EU increased by £0.6 billion (0.8%), while goods imports from non-EU countries rose by £4.4 billion (7.2%).

Exports of goods decreased by £0.9 billion (0.9%) in the three months to July 2024. Goods exports to non-EU countries decreased by £0.8 billion (1.8%), while goods exports to the EU remained stable.

Early estimates indicate that imports of services increased by around £2.1 billion (2.5%) in the three months to July 2024, compared with the three months to April 2024. Exports of services rose by an estimated £2.4 billion (2.0%).

The total goods and services trade balance, excluding precious metals, widened by £5.5 billion to a deficit of £14.6 billion in the three months to July 2024, compared with the three months to April 2024. This was driven by an increase in imports of goods (Figure 6). Total imports increased by £7.1 billion over this period, and exports rose by £1.5 billion. When removing the effect of inflation, the total trade deficit, excluding precious metals, widened by £3.7 billion to £13.8 billion.

The trade in goods deficit in value terms, excluding precious metals, widened by £5.9 billion to £53.5 billion in the three months to July 2024, as goods exports fell while imports rose. The trade in services surplus is estimated to have widened by around £0.3 billion to £38.9 billion, because of a larger increase in services exports than imports.

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6. Explore UK trade in goods country-by-commodity data for 2023

Explore the 2023 trade in goods data using our interactive tools. Our data break down UK trade in goods with 234 countries by 125 commodities.

Use our map to get a better understanding of what goods the UK traded with a country. Select a country by hovering over it (desktop only) or use the drop-down menu.

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Notes:
  1. For more information about our methods and how we compile these statistics, see our Trade in goods, country-by-commodity experimental data: 2011 to 2016 article. Users should note that the data published alongside this release are official statistics and no longer experimental.

  2. These data are our best estimate of these bilateral UK trade flows. Users should note that alternative estimates are available, in some cases, through the statistical agencies for bilateral countries or through central databases, such as United Nations (UN) Comtrade.

  3. This interactive map denotes country boundaries in accordance with statistical classifications set out in Appendix 4 of the Balance of Payments (BoP) Vademecum (PDF, 2.9MB) and do not represent the UK policy on disputed territories.

You can also explore the 2023 trade in goods data by commodity, such as car exports to the EU, and UK tea or coffee imports.

Select a commodity from the drop-down menu or select the levels with your digit or cursor to explore the data.

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Notes:
  1. For more information about our methods and how we compile these statistics, see our Trade in goods, country-by-commodity experimental data: 2011 to 2016 article. Users should note that the data published alongside this release are no longer experimental.
  2. These data are our best estimate of these bilateral UK trade flows. Users should note that alternative estimates are available, in some cases, through the statistical agencies for bilateral countries or through central databases, such as UN Comtrade.
  3. These interactive charts denote country boundaries in accordance with statistical classifications set out within Appendix 4 of the Balance of Payments (BoP) Vademecum (PDF, 2.9MB) and does not represent the UK policy on disputed territories.
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7. Revisions

In accordance with the National Accounts Revisions Policy, the data in this release have not been revised and only include new data for July 2024.

Blue Book 2024 publication update

The 2024 UK annual national accounts, also known as Blue Book 2024, will incorporate a number of methodological changes focused on data pertaining to recent years, along with the addition of more recent survey and administrative information.

On 7 August we published our Blue Book 2024: advanced aggregate estimates article to give users details of the impact of the 2024 UK national accounts update on current price and chained volumes measure estimates of GDP from 1997 to 2022.

This estimates 2022 for the first time using the supply and use tables (SUTs) framework, as well as improving the estimates of 2020 and 2021 with more recent data. We have also implemented outstanding classification decisions affecting the public sector, as well as improvements to the UK trade gas exports deflator. Additionally, we have updated the base year to 2022 after holding this fixed since the start of the coronavirus (COVID-19) pandemic.

The next Quarterly National Accounts release on 30 September 2024 will incorporate these revisions, and any updates to 2023 onwards, in our official estimates in line with our National Accounts Revision Policy.

These revisions will be included in our UK trade: August 2024 bulletin publication on 11 October 2024.

Until the Blue Book 2024 data are incorporated into our monthly UK trade estimates on 11 October 2024, our UK trade estimates will continue to have a reference and base year of 2019.

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8. UK trade data

UK trade: goods and services publication tables
Dataset | Released 11 September 2024
Monthly data on the UK's trade in goods and services, including trade inside and outside the EU.

UK trade time series
Dataset MRET | Released 11 September 2024
Monthly value of UK exports and imports of goods and services by current price, chained volume measures (CVMs) and implied deflators (IDEFs).

UK trade in goods by classification of product by activity time series
Dataset MQ10 | Released 15 August 2024
Quarterly and annual time series of the value of UK imports and exports of goods grouped by product. Goods are attributed to the activity of which they are the principal products.

Customise my dataset: country-by-commodity
Dataset | Released 11 September 2024
Customisable version of country-by-commodity data on the UK's trade in goods, including trade by all countries and selected commodities, exports and imports, non-seasonally adjusted.

Other related trade data
Dataset web page | Released 11 September 2024
Other UK trade data related to this publication. These include trade in goods for all countries with the UK, monthly export and import country-by-commodity trade in goods data, and revisions triangles for monthly trade data.

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9. Glossary

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Chained volume measures

Chained volume measures (CVMs) are a "real" measure in that they have had the effect of inflation removed to measure the change in volume between consecutive periods, fixing the prices of goods and services in one period (known as the base year, which is 2019 for trade).

Current price measures

Current price estimates (CPs) measure the actual price paid for goods or services and are not adjusted for inflation. Unless otherwise stated, all current price data are provided in £ million and are seasonally adjusted.

Inflation

Inflation is the change in the average price level of goods and services over a period of time.

Implied deflators

An implied deflator (IDEF) shows the implied change in average prices for the respective components of the trade balance, for example, the IDEF for imports will show the average price movement for imports.

Precious metals and non-monetary gold

Precious metals include non-monetary gold, silver, platinum and palladium. The category forms part of the commodity group "unspecified goods". Non-monetary gold comprises the majority of this group and is the technical term for gold bullion not owned by central banks.

Trade balance

The trade balance is the difference between exports and imports, or exports minus imports. When the value of exports is greater than the value of imports, the trade balance is in surplus. When the value of imports is greater than the value of exports, the trade balance is in deficit. The balance is sometimes referred to as "net exports".

A full Glossary of economic terms is available.

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10. Data sources and quality

The UK leaving the EU and the subsequent transition period, along with the impact of the coronavirus (COVID-19) pandemic, supply chain disruption and global recession, have caused higher levels of volatility in trade statistics in recent years. The monthly analysis shows short-term trade movements, but it is important to note that monthly data can be erratic, so movements should be treated with caution.

Data collection changes

Since the UK left the EU on 31 January 2020, the arrangements for how the UK trades with the EU changed.

HM Revenue and Customs (HMRC) implemented some data collection changes following Brexit, which affected statistics on UK trade in goods with the EU. We have made adjustments to our estimates of goods imports from the EU in 2021 and 2022 to account for these changes, however a structural break remains in the full time series for goods imports from and exports to the EU from January 2021.

We advise caution when interpreting and drawing conclusions from these statistics. Our article, Impact of trade in goods data collection changes on UK trade statistics: summary of adjustments and the structural break from 2021, provides more detail.

Data sources

Data from HMRC make up over 90% of trade in goods value and are the main source for this release. Data from the quarterly International Trade in Services (ITIS) Survey make up over 50% of trade in services data. View our UK Trade Quality and Methodology Information (QMI) for more detail. 

Data from the International Passenger Survey (IPS) are the main source for travel services, historically making up around 8% of total imports. The survey has now fully resumed following the suspension in 2020.

Unless otherwise specified, data within this bulletin are in current prices and have not been adjusted to remove the effects of inflation. In line with international standards, our headline trade statistics contain the UK's exports and imports of non-monetary gold. More information can be found in our National Accounts articles: A brief explanation of non-monetary gold in national accounts.

Method

Trade is measured through both exports and imports of goods and services. Data are supplied by over 30 sources, including several administrative sources, with HMRC being the largest for trade in goods.

Our UK trade figures are produced using country of dispatch, which records imports as coming from the country dispatching the shipments. However, trade figures can also be produced using country of origin, as is used by the Department for Energy Security and Net Zero (DESNZ). Users should be aware of the different accounting methods used and the resulting differences across trade figures.

Monthly trade in services data are taken from quarterly trade in services data and split across the months within that quarter through estimation. In months where we have a full quarter's data, we revise previous estimates of monthly values within that quarter.

View more detailed information about the methods used to produce UK trade statistics in our UK Trade methodology.

Strengths and limitations

National Statistics designation status

The UK Statistics Authority suspended the National Statistics designation of UK trade (PDF, 72.9KB) on 14 November 2014. We have now responded to all of the specific requirements of the Office for Statistics Regulation's (OSR's) reassessment of UK trade. As part of our engagement with the OSR team, we are sharing our continuous improvement and development plans to support UK trade statistics regaining Accredited official statistics status. We welcome feedback on our new trade statistics, developments, and future plans by email to trade@ons.gov.uk.

Trade asymmetries

Asymmetries can be caused by a range of conceptual and measurement variations between the estimation practices of different countries. Statistical agencies are likely to have different source data, estimation methods, and methodological, geographical, and definitional differences. HMRC publishes more information on UK trade asymmetries. We publish analysis on trade in services asymmetries in our Asymmetries in trade data articles.

More quality and methodology information (QMI) on strengths, limitations, appropriate uses, and how the data were created is available in our UK Trade QMI.

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12. Cite this statistical bulletin

Office for National Statistics (ONS), released 11 September 2024, ONS website, statistical bulletin, UK trade: July 2024

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Contact details for this Statistical bulletin

UK Trade team
trade@ons.gov.uk
Telephone: +44 1329 447648