UK trade deficit widened by £5.5B to £14.6B in quarter to July; value of goods exports fell 10.8% in July with exports to EU and non-EU countries down, value of goods imports declined 3.0% due to a decline in imports from EU and non-EU countries: ONS

LONDON , September 11, 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 £1.5 billion (3.0%) in July 2024, with a fall in imports from both EU and non-EU countries.
• The value of goods exports fell by £3.4 billion (10.8%) in July 2024, with exports to both EU and non-EU countries decreasing, following a large rise the previous month.
• The substantial fall in exports was driven by lower chemical exports to both EU and non-EU countries.
• The total goods and services trade deficit widened by £5.5 billion to a deficit of £14.6 billion in the three months to July 2024, driven by increased imports of goods.
• The trade in goods deficit widened by £5.9 billion to £53.5 billion in the three months to July 2024, while the trade in services surplus is estimated to have widened by £0.3 billion to £38.9 billion.

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