UK commerce –

Complete imports of products in “present costs”, which aren’t adjusted for inflation (defined in Section 10: Glossary), decreased by £2.9 billion (6.2%) in September 2023. Imports from non-EU international locations fell by £1.5 billion, whereas imports from the EU fell by £1.4 billion (Desk 1 and Determine 1).

Complete exports of products decreased by £0.9 billion (2.9%) in September 2023, due to a £0.5 billion fall in exports to the EU and a £0.4 billion fall to non-EU international locations. The month-to-month commerce in items steadiness narrowed by £2.0 billion in September to a deficit of £14.0 billion.

Imports from the EU had been £5.6 billion greater than from non-EU international locations in September 2023, whereas exports to the EU had been £0.1 billion larger than exports to non-EU international locations.

Determine 1: Imports fell considerably in September 2023, with exports falling by a lesser quantity

EU and non-EU items imports and exports, excluding treasured metals, present costs, seasonally adjusted, January 2020 to September 2023

Notes:

1. HM Income and Customs (HMRC) information assortment adjustments following EU exit have affected statistics on UK commerce in items with the EU. Our Impact of trade in goods data collection changes on UK trade statistics articles present extra element.

After eradicating the impact of inflation by calculating “chained quantity measures” (defined in Section 10: Glossary), whole items imports decreased by £2.3 billion (5.7%) in September 2023 (Determine 2). This was as a result of imports from the EU fell by £0.9 billion (4.2%) and imports from non-EU international locations fell by £1.3 billion (7.7%).

Complete items exports fell by £0.6 billion (2.1%) in September 2023, after the impact of inflation is eliminated. Exports to the EU decreased by £0.4 billion (3.4%) and exports to non-EU international locations fell by £0.1 billion (0.9%).

Determine 2: Imports fell considerably in September 2023 in each worth and inflation-adjusted phrases

Imports and exports of products, excluding treasured metals, present costs and chained quantity measures, seasonally adjusted, EU and non-EU, January 2020 to September 2023

Notes:

1. HM Income and Customs (HMRC) information assortment adjustments following EU exit have affected statistics on UK commerce in items with the EU. Our Impact of trade in goods data collection changes on UK trade statistics articles present extra element.

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Items imports

Imports from the EU decreased by £1.4 billion (5.3%) in September 2023. This was primarily due to a £0.9 billion fall in imports of equipment and transport tools (Determine 3), whereas imports of chemical substances and miscellaneous manufactures each fell by £0.2 billion.

The autumn in imports of equipment and transport tools is linked to subdued imports of automobiles. The semiconductor shortage that has affected global production is mostly over for the auto industry, in keeping with S&P International Mobility. Nevertheless, whereas the semiconductor provide stays constrained, availability is extra predictable, permitting automotive producers to adapt their manufacturing schedules. This has resulted in imports of automobiles being unfold all through 2023, slightly than displaying their common commerce patterns.

Imports from non-EU international locations decreased by £1.5 billion (7.4%) in September 2023 due to a £0.8 billion fall in gasoline imports, ensuing from decrease imports of gasoline and crude oil from Norway. Moreover, imports of equipment and transport tools, and miscellaneous manufactures fell by £0.3 billion and £0.2 billion, respectively.

Determine 3: Imports of products from non-EU international locations fell in September 2023, with a lower in gasoline imports

EU and non-EU items imports by commodity, present costs, seasonally adjusted, September 2021 to September 2023

Notes:

1. HM Income and Customs (HMRC) information assortment adjustments following EU exit have affected statistics on UK commerce in items with the EU. Our Impact of trade in goods data collection changes on UK trade statistics articles present extra element.

Risky gasoline costs have influenced traits within the worth of gasoline imports since autumn 2021. The full worth of gasoline imported from non-EU international locations decreased by £0.8 billion (18.0%) in September 2023 (Determine 4). In inflation-adjusted phrases, imports of fuels from non-EU international locations decreased by £0.7 billion (20.1%).

Items exports

Exports to the EU fell by £0.5 billion (3.1%) in September 2023, due to a £0.5 billion lower in exports of fuels (Determine 5), primarily lowered exports of crude oil to Germany, Denmark and Poland.

Exports to non-EU international locations decreased by £0.4 billion (2.7%) in September 2023, ensuing from a £0.4 billion fall in chemical exports. This was due to decrease exports of medicinal and pharmaceutical merchandise to the USA.

Determine 5: Exports of products to the EU fell in September 2023, ensuing from a lower in exports of fuels and equipment and transport tools

EU and non-EU items exports by commodity, present costs, seasonally adjusted, September 2021 to September 2023

Notes:

1. HM Income and Customs (HMRC) information assortment adjustments following EU exit have affected statistics on UK commerce in items with the EU. Our Impact of trade in goods data collection changes on UK trade statistics articles present extra element.

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This launch consists of information for Quarter 3 (July to Sept) 2023 for the primary time, that are used to estimate month-to-month commerce values for July, August and September, changing our earlier estimates for these months. View our UK Trade Quality and Methodology Information (QMI) for extra element on how our commerce in companies statistics are compiled.

Early estimates recommend imports of companies decreased by £0.1 billion (0.2%) in worth phrases in September 2023, whereas exports decreased by £0.2 billion (0.4%) (Determine 6). Adjusting for inflation, imports of companies remained secure in September whereas exports of companies fell by £0.1 billion.

The S&P Global’s Purchasing Managers’ Index for September reported a lower in each output and new enterprise inflows for the UK service sector. Monetary companies, client going through companies and enterprise companies continued to fall from their robust ranges seen earlier within the yr, with solely the tech and IT sectors seeing a notable enhance in output and demand.

Determine 6: Exports of companies are estimated to have decreased in each worth and inflation-adjusted phrases in September 2023

Imports and exports of companies, present costs and chained quantity measures, seasonally adjusted, January 2020 to September 2023

In worth phrases, commerce in companies is at the next degree than earlier than the coronavirus (COVID-19) pandemic. Imports of companies have elevated by £7.9 billion (42.5%) in contrast with February 2020, whereas exports of companies have risen by £9.8 billion (33.5%). After the impact of inflation has been eliminated, imports of companies are £3.8 billion (20.4%) above February 2020, and exports of companies are £3.2 billion (11.1%) above February 2020.

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Complete imports of products decreased by £9.0 billion (6.1%) in Quarter 3 (July to Sept) 2023, in contrast with Quarter 2 (Apr to June) 2023 (Desk 2). Items imports from each the EU and non-EU international locations fell throughout this era. Exports of products decreased by £1.9 billion (2.0%) in Quarter 3 2023, with a fall in exports to non-EU international locations being barely offset by an increase in exports to EU international locations.

Imports of companies elevated by an estimated £2.0 billion (2.6%) in Quarter 3 2023 in contrast with Quarter 2 2023, whereas exports of companies rose by £2.1 billion (1.8%).

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Imports of products from the EU decreased by £3.3 billion (4.0%) in Quarter 3 (July to Sept) 2023 in contrast with Quarter 2 (Apr to June) 2023, as imports of equipment and transport tools fell by £1.4 billion, imports of chemical substances fell by £1.2 billion, and imports of fabric manufactures fell by £0.5 billion (Determine 7).

The autumn in imports of equipment and transport tools was led by decrease imports of automobiles from Germany and plane from France. The autumn in chemical imports was due to decrease imports of natural chemical substances from Eire, and medicinal and pharmaceutical merchandise from the Netherlands and France.

Imports from non-EU international locations decreased by £5.7 billion (8.6%) in Quarter 3 2023, pushed by a £2.1 billion fall in imports of equipment and transport tools, ensuing from lowered imports of plane from the USA and automobiles from China. Gasoline imports fell by £1.8 billion, primarily from lowered imports of gasoline and crude oil from the USA. Imports of miscellaneous manufactures and materials manufactures additionally each fell by £0.7 billion in Quarter 3.

Exports to the EU fell by £0.1 billion (0.3%) in Quarter 3 2023, as a £0.8 billion rise in equipment and transport tools exports was principally offset by £0.1 billion decreases throughout a number of commodities.

Exports to non-EU international locations fell by £2.1 billion (4.2%) in Quarter 3 2023, pushed by a £1.4 billion lower in exports of equipment and transport tools, and a £0.6 billion fall in exports of miscellaneous manufactures. A fall in automotive exports to the USA and mechanical equipment to the United Arab Emirates contributed to the lower in exports of equipment and transport tools.

Determine 7: Imports of fuels and equipment and transport tools from non-EU international locations decreased considerably in Quarter 3 2023

Modifications in imports and exports by items commodity group, excluding unspecified items, present costs, seasonally adjusted, Quarter 3 (July to Sept) 2023 in contrast with Quarter 2 (Apr to June) 2023

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Imports of companies elevated by £2.0 billion (2.6%) in Quarter 3 (July to Sept) 2023 in contrast with Quarter 2 (Apr to June). A £0.7 billion rise in imports of mental property companies and a £0.5 billion rise in different enterprise companies had been partially offset by a £0.6 billion lower in imports of journey companies (Determine 8).

Exports of companies elevated by £2.1 billion (1.8%) in Quarter 3 2023, primarily due to a £1.9 billion rise in exports of different enterprise companies.

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The full items and companies commerce steadiness, excluding treasured metals, narrowed by £7.1 billion to a deficit of £6.0 billion in Quarter 3 (July to Sept) 2023 (Determine 9). Imports fell by £7.0 billion over this era, whereas exports rose by £0.2 billion. When eradicating the impact of inflation, the entire commerce deficit, excluding treasured metals, narrowed by £3.9 billion to £9.4 billion.

The commerce in items deficit in worth phrases, excluding treasured metals, narrowed by £7.0 billion to £44.2 billion in Quarter 3 2023. The commerce in companies surplus widened by £0.1 billion to £38.3 billion.

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Discover the 2022 commerce in items information utilizing our interactive instruments. Our information break down UK commerce in items with 234 international locations by 125 commodities.

Use our map to get a greater understanding of what items the UK traded with a rustic. Choose a rustic by hovering over it (desktop solely) or use the drop-down menu.

Notes:

1. For extra details about our strategies and the way we compile these statistics, see our Trade in goods, country-by-commodity experimental data: 2011 to 2016 article. Customers ought to word that the information printed alongside this launch are official statistics and not experimental.

2. These information are our greatest estimate of those bilateral UK commerce flows. Customers ought to word that various estimates can be found, in some circumstances, by way of the statistical companies for bilateral international locations or by way of central databases, resembling UN Comtrade.

3. This interactive map denotes nation boundaries in accordance with statistical classifications set out in Appendix 4 of the Balance of Payments (BoP) Vademecum (PDF, 2.9MB) and don’t symbolize the UK coverage on disputed territories.

It’s also possible to discover the 2022 commerce in items information by commodity, resembling automotive exports to the EU, and UK tea or espresso imports.

Choose a commodity from the drop-down menu or choose the degrees together with your digit or cursor to discover the information.

Notes:

1. For extra details about our strategies and the way we compile these statistics, see our Trade in goods, country-by-commodity experimental data: 2011 to 2016 article. Customers ought to word that the information printed alongside this launch are not experimental.

2. These information are our greatest estimate of those bilateral UK commerce flows. Customers ought to word that various estimates can be found, in some circumstances, through the statistical companies for bilateral international locations or by way of central databases, resembling UN Comtrade.

3. These interactive charts denote nation boundaries in accordance with statistical classifications set out inside Appendix 4 of the Balance of Payments (BoP) Vademecum (PDF, 2.9MB) and doesn’t symbolize the UK coverage on disputed territories.

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Chained quantity measures (CVMs)

CVM estimates are a “actual” measure in that they’ve had the impact of inflation eliminated to measure the change in quantity between consecutive intervals, fixing the costs of products and companies in a single interval (often called the bottom yr, which is 2019 for commerce).

Present worth measures (CPs)

These estimates measure the precise worth paid for items or companies and aren’t adjusted for inflation. Until in any other case acknowledged, all present worth information are supplied in £ million and are seasonally adjusted.

Inflation

Inflation is the change within the common worth degree of products and companies over a time period.

Implied deflators (IDEFs)

An IDEF reveals the implied change in common costs for the respective parts of the commerce steadiness, for instance, the IDEF for imports will present the common worth motion for imports.

Valuable metals and non-monetary gold

Valuable metals embrace treasured metals, silver, platinum and palladium, and it kinds a part of the commodity group “unspecified items”. Non-monetary gold contains the vast majority of this group and is the technical time period for gold bullion not owned by central banks.

Commerce steadiness

The commerce steadiness is the distinction between exports and imports or exports minus imports. When the worth of exports is larger than the worth of imports, the commerce steadiness is in surplus. When the worth of imports is larger than the worth of exports, the commerce steadiness is in deficit. The steadiness is usually known as “web exports”.

A full Glossary of economic terms is on the market.

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The UK leaving the EU and the next transition interval, together with the influence of the coronavirus (COVID-19) pandemic, provide chain disruption and world recession, have induced greater ranges of volatility in commerce statistics lately. The month-to-month evaluation reveals short-term commerce actions, however you will need to word that month-to-month information could be erratic, and due to this fact actions ought to be handled with warning.

Knowledge sources

Knowledge from HM Income and Customs (HMRC) make up over 90% of commerce in items worth and are the primary supply for this launch. HMRC information assortment adjustments following Brexit have affected statistics on UK commerce in items with the EU. Our Impact of trade in goods data collection changes on UK trade statistics articles present extra element.

Knowledge from the quarterly Worldwide Commerce in Companies (ITIS) Survey make up over 50% of commerce in companies information. View our UK Trade Quality and Methodology Information (QMI) for extra element.

Knowledge from the Worldwide Passenger Survey (IPS) are the primary supply for journey companies, traditionally making up round 8% of whole imports. Following suspension of the survey in 2020, the survey has now largely resumed, with a really small variety of ports but to have resumed interviewing. We advise continued warning when utilizing these information till the IPS is absolutely operational. View our UK Trade QMI for extra element.

Until in any other case specified, information inside this bulletin are in present costs and haven’t been adjusted to take away the results of inflation. In keeping with worldwide requirements, our headline commerce statistics comprise the UK’s exports and imports of non-monetary gold. View our National Accounts article: A brief explanation of non-monetary gold in national accounts for extra data.

Technique

Commerce is measured by way of each exports and imports of products and companies. Knowledge are provided by over 30 sources, together with a number of administrative sources, with HMRC being the most important for commerce in items.

Workplace for Nationwide Statistics (ONS) UK commerce figures are produced on a rustic of dispatch foundation, which information imports as coming from the nation dispatching the shipments. Nevertheless, commerce figures can be produced on a rustic of origin foundation, as is utilized by the Division for Power Safety and Web Zero (DESNZ). Customers ought to concentrate on the completely different accounting strategies used and the ensuing variations throughout commerce figures.

Month-to-month commerce in companies information are taken from quarterly commerce in companies information and cut up throughout the months inside that quarter by way of estimation. In months the place we now have a full quarter’s information, we revise earlier estimates of month-to-month values inside that quarter.

View extra detailed details about the strategies used to supply UK commerce statistics in our UK Trade methodology.

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Nationwide Statistics designation standing

The UK Statistics Authority suspended the National Statistics designation of UK trade (PDF, 72.9KB) on 14 November 2014. We’ve got now responded to all the particular necessities of the Workplace for Statistics Regulation’s (OSR) reassessment of UK trade. As a part of our engagement with the OSR group, we’re sharing our steady enchancment and improvement plans to help UK commerce statistics regaining National Statistics status. We welcome suggestions on our new commerce statistics, developments, and future plans by e-mail to trade@ons.gov.uk.

Commerce asymmetries

Asymmetries could be brought on by a variety of conceptual and measurement variations between the estimation practices of various international locations. Statistical companies are more likely to have completely different supply information, estimation strategies, and methodological, geographical, and definitional variations. Extra data on UK trade asymmetries is printed by HM Income and Customs (HMRC). Evaluation on commerce in companies asymmetries is printed by the Workplace for Nationwide Statistics (ONS), in our Asymmetries in trade data articles.

Extra high quality and methodology data on strengths, limitations, acceptable makes use of, and the way the information had been created is on the market in our UK Trade Quality and Methodology Information (QMI).

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