UK trade deficit narrowed by £2.0B to £9.9B in quarter to February; value of goods exports up 0.9% in February with rise in exports to non-EU countries, value of goods imports fell 0.4% due to lower fuel and chemical imports from non-EU countries: ONS

LONDON , April 12, 2024 (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 £0.2 billion (0.4%) in February 2024, because of falls in fuel and chemical imports from non-EU countries.
• The value of goods exports increased by £0.3 billion (0.9%) in February 2024, with a rise in exports to non-EU countries partially offset by a fall in exports to the EU.
• The total goods and services trade deficit narrowed by £2.0 billion to a deficit of £9.9 billion in the three months to February 2024, and has been steadily improving since Quarter 1 (Jan to Mar) 2022.
• The trade in goods deficit narrowed by £3.5 billion to £45.6 billion in the three months to February 2024, and the trade in services surplus is also estimated to have narrowed by £1.6 billion to £35.7 billion.

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