UK Trade - January 2024

13th March 2024

The value of goods imports increased by £0.9 billion (2.0%) in January 2024, with rises in fuel imports from both EU and non-EU countries.

While there has been recent disruption to shipping in the Red Sea, there is no evidence that this has affected imports in January 2024.

The value of goods exports decreased slightly by £0.1 billion (0.5%) in January 2024, with a fall in exports to non-EU countries partially offset by a rise in exports to the EU.

The total goods and services trade deficit widened by £2.2 billion to £13.8 billion in the three months to January 2024 and has been relatively stable since Quarter 1 (Jan to Mar) 2023.

The trade in goods deficit narrowed by £2.3 billion to £48.0 billion in the three months to January 2024 because of a larger fall in goods imports than exports.

The trade in services surplus is estimated to have narrowed by £4.5 billion to £34.2 billion in the three months to January 2024 because of a substantial fall in services exports.

Read the full ONS report HERE