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UK Trade: June 2022

12th August 2022

Total imports of goods, excluding precious metals, decreased by £0.6 billion (1.1%) in June 2022 because of a £1.1 billion (4.1%) fall in imports from EU countries, while imports from non-EU countries increased by £0.6 billion (2.1%).

Total exports of goods, excluding precious metals, fell by £2.7 billion (8.0%) in June 2022, driven by a £2.0 billion (11.9%) decrease in exports to non-EU countries, while exports to EU countries decreased by £0.7 billion (3.9%).

The large fall in exports to non-EU countries in June 2022 was primarily driven by lower exports of miscellaneous manufactures and chemicals, which both decreased by £0.7 billion.

The total trade in goods and services deficit, excluding precious metals, widened by £2.0 billion to £27.9 billion in Quarter 2 (Apr to June) 2022 compared with the previous quarter; this is the largest quarterly deficit in current prices since records began in January 1997.

The trade in goods deficit, excluding precious metals, widened by £1.5 billion to £62.6 billion in Quarter 2 2022 compared with Quarter 1 (Jan to Mar) 2022, as imports of goods increased by £12.2 billion (8.3%), and exports increased by £10.7 billion (12.4%).

Early estimates suggest that the trade in services surplus narrowed by £0.5 billion in Quarter 2 2022 compared with Quarter 1 2022, reducing to £34.7 billion.

Removing the effect of inflation, the total trade deficit excluding precious metals narrowed by £2.4 billion to £22.6 billion in Quarter 2 2022.

Monthly trends in goods
Total imports of goods decreased by £0.6 billion (1.1%) in June 2022 because of lower imports from EU countries. Total exports of goods decreased by £2.7 billion (8.0%) in June 2022, with decreases in exports to both EU and non-EU countries.

Imports from EU countries and non-EU countries were at similar levels in June 2022. Imports from non-EU countries were higher than imports from the EU for all of 2021, linked to the large increases in the imports of fuels in the last months of 2021. Exports to non-EU countries were £1.1 billion lower than exports to EU countries in June 2022.

The Russian invasion of Ukraine began on 24 February 2022 and, in response, the UK Government imposed a range of economic sanctions on Russia from late February and early March 2022. Exports to Russia increased slightly in June 2022 but remain low, while imports from Russia continued to fall in June, reaching their lowest levels since records began in January 1997. Imports of fuels, a historically important commodity for trade with Russia, reached £0.0 billion in June 2022. We will continue to monitor the trade impact of the conflict and resulting sanctions in future releases. Our article Trends in UK imports and exports of fuels discusses the effect of Russia's invasion of Ukraine on fuels trade.

Rad the full report from ONS at https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/uktrade/june2022