1. Main points

  • The value of total goods imports decreased by £52.2 billion (8.2%) in 2023 compared with 2022, and total goods exports fell by £17.4 billion (4.4%), primarily because of falling imports and exports of fuels.

  • After adjusting for inflation, the total imports of goods decreased by £37.8 billion (7.4%) in 2023 compared with 2022, while total goods exports fell by £15.2 billion (4.6%).

  • Imports and exports have increased in value terms since 2018, however, recent volatile price inflation has had a substantial impact on trade; after adjusting for inflation, the UK imported and exported less in 2023 than in 2018.

  • The value of fuel imports and exports fell in 2023, because of falling gas and oil prices; although prices were lower than in 2022, levels remain high and continue to affect other commodities.

  • There was a large difference between imports of food and live animals in value and inflation-adjusted terms, with the UK importing less in 2023 as costs increase.

  • Imports and exports of miscellaneous manufactures from non-EU countries have declined throughout 2023, with little difference in trends in value, and inflation-adjusted terms.

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Trade figures exclude non-monetary gold (NMG) and other precious metals unless otherwise stated. This is because movements in NMG can be large and highly volatile, distorting underlying trends in goods exports and imports. There is also a structural break in the series for goods imports from, and exports to, the EU from January 2021. Please use caution when making comparisons over this period.

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7. 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 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, via 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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8. 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 precious metals, silver, platinum and palladium, and it 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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9. Data sources and quality

UK trade data

There has been considerable volatility in trade statistics in the past three years caused by the coronavirus (COVID-19) pandemic, the Russian invasion of Ukraine and the recent surge in energy prices. This volatility has made it more challenging to compare UK trade statistics in 2022 with a stable baseline. Comparing 2023 with 2022 data, as well as equivalent 2018 data, provides comparisons of trade with our most recent and "stable" periods.

This article examines patterns of UK trade throughout 2023 and investigates the causes and effects of inflation on UK imports and exports. UK trade is typically discussed in current prices and have not been adjusted to remove the effects of inflation. Official estimates of price inflation, as reported in our Producer price inflation (MM22) dataset, rose strongly during 2022 and have steadily decreased throughout 2023. Chained volume measures data, which we refer to as having the effect of inflation removed, are used extensively for comparison with our headline data in current prices. Current price and chained volume measures can be found in our UK trade publication tables and our UK trade time series.

Data collection changes

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

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 therefore 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 HM Revenue and Customs (HMRC) make up over 90% of trade in goods value and are the main source.

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

Further information on UK trade data sources can be found in our UK trade monthly bulletin and our UK trade QMI.

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.

Office for National Statistics (ONS) UK trade figures are produced on a country of dispatch basis, which records imports as coming from the country dispatching the shipments. However, trade figures can also be produced on a country of origin basis, 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.

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11. Cite this article

Office for National Statistics (ONS), released 1 March 2024, ONS website, article, UK trade in goods, year in review: 2023

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Contact details for this Article

Hannah Donnarumma
trade@ons.gov.uk
Telephone: +44 1329 447648