UK trade deficit in Q3 narrowed by £7.1B to £6.0B; value of goods exports decreased 2.9% due to a decline in exports to both EU and non-EU countries, value of goods imports decreased 6.2% due to lower imports from EU and non-EU countries: ONS

LONDON , November 10, 2023 (press release) –

Total value of UK exports and imports of goods and services in current prices, chained volume measures and implied deflators.

Main points

• The value of goods imports decreased by £2.9 billion (6.2%) in September 2023, with falls in imports from both EU and non-EU countries.
• The fall in imports was mainly the result of lower imports of machinery and transport equipment from the EU and reduced fuel imports from non-EU countries.
• The value of goods exports decreased by £0.9 billion (2.9%) because of falls in exports to both EU and non-EU countries.
• The total trade in goods and services deficit narrowed by £7.1 billion to £6.0 billion in Quarter 3 (July to Sept) 2023, the result of a substantial fall in imports; the total trade deficit has declined steadily since Quarter 2 (Apr to June) 2022 when it stood at £26.9 billion.
• The trade in goods deficit narrowed by £7.0 billion to £44.2 billion in Quarter 3 2023, while the trade in services surplus widened by £0.1 billion to £38.3 billion.

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