UK Trade - March 2024

10th May 2024

The value of goods imports decreased by £1.2 billion (2.5%) in March 2024, because of falls in imports of machinery and transport equipment and fuels.

The value of goods exports decreased by £0.4 billion (1.3%) in March 2024, with a fall in exports to non-EU countries partially offset by a rise in exports to the EU.

There is no evidence that recent disruption to shipping in the Middle East and Red Sea has affected UK imports in Quarter 1 (Jan to Mar) 2024.

The total goods and services trade deficit narrowed by £4.7 billion to a deficit of £7.8 billion in Quarter 1 2024, and has been steadily reducing since Quarter 1 2022.

The trade in goods deficit narrowed by £3.1 billion to £45.9 billion in Quarter 1 2024, linked to a substantial decrease in imports of machinery and transport equipment.

The trade in services surplus is estimated to have widened by £1.6 billion to £38.1 billion in Quarter 1 2024, with increases in exports of travel and transport services.

Monthly trade in goods
Total imports of goods in "current prices", which are not adjusted for inflation (explained in Section 12: Glossary), decreased by £1.2 billion (2.5%) in March 2024. Imports from the EU fell by £1.0 billion (3.8%), and imports from non-EU countries decreased by £0.2 billion (0.9%) (Table 1 and Figure 1).

Total exports of goods decreased by £0.4 billion (1.3%) in March 2024, because of a £0.6 billion (4.0%) fall in exports to non-EU countries, while exports to the EU increased by £0.2 billion (1.6%).

Imports from the EU were £5.2 billion higher than from non-EU countries in March 2024, while exports to the EU were £0.4 billion lower than exports to non-EU countries.

After removing the effect of inflation by calculating "chained volume measures" (explained in Section 12: Glossary), total goods imports decreased by £1.1 billion (2.8%) in March 2024 (Figure 2). Imports from the EU fell by £1.2 billion (5.3%) while imports from non-EU countries rose by £0.1 billion (0.6%).

Total goods exports fell by £0.1 billion (0.3%) in March 2024, after the effect of inflation was removed. This was because exports to non-EU countries decreased by £0.2 billion (1.4%), while exports to the EU increased by £0.1 billion (0.9%).

Read the full ONS report HERE