UK Trade October 2022

12th December 2022

The value of goods imports decreased by £1.4 billion (2.6%) in October 2022, however when removing the effect of inflation, imports of goods increased by £0.9 billion (2.3%).

Goods imports from non-EU countries fell by £3.4 billion (11.6%), primarily because of falling gas prices in October 2022 after peaking in September.

Goods imports from the EU rose by £2.0 billion (8.3%) in October 2022, following a subdued September.

The value of goods exports decreased by £0.7 billion (2.2%) in October 2022, with exports to both EU and non-EU countries falling; after removing the effect of inflation, exports of goods decreased by £1.3 billion (4.7%).

The trade in goods and services deficit, excluding precious metals, widened slightly by £0.1 billion to £23.9 billion in the three months to October 2022; however after removing the effect of inflation, the deficit narrowed by £5.1 billion to £9.8 billion.

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