Monday, July 15, 2024

Latest ONS figures show snapshot of UK’s import/export performance

Services continue to perform particularly well among UK exports, with solid increases in the past three months. Goods exports performed less well in April, as in recent months, says the British Chambers of Commerce.

William Bain, Head of Trade Policy at the BCC, said: “The BCC’s election manifesto and our recent Global Britain report set out clear options for policymakers to improve UK trade performance.

Goods import volumes (excluding inflation) rose by 7.8% in April, with similar increases for both the EU and the rest of the world. Imports from the EU rose by 7.7% (£1.6bn). This was led by rises in machinery and transport equipment, and food. Non-EU imports volumes rose by 7.9% (£1.3bn) driven by higher miscellaneous manufactured goods and fuels.

“Goods export volumes fell by 2.8%. For the EU, they fell by 1.4% (£0.2bn), after adjustment for inflation – the main decline being in crude oil sales to Germany. Non-EU goods exports volumes fell by 4% (£0.5bn), driven by chemicals exports. This was offset to some degree by higher fuel, machinery and transport equipment exports.

UK services trade showed another month of consistent growth in both import and exports. In the month of April, services exports increased by an estimated 0.6% (£0.2bn) on values measure. At the same time, imports increased by 0.9% (£0.2bn) on the values measure.”

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