Non-EU trade boosts UK exports by 1.8%, imports drop

16 Aug '23

2 min read

Pic: Shutterstock/ratlos

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UK's goods exports grew 1.8 per cent in value terms and 2.3 per cent in volume terms, led by exports outside the EU, as per the Office of National Statistics (ONS).
Overall goods import values fell by 5.8 per cent MoM.
EU goods exports dropped in value by 0.3 per cent but increased in volume by 0.7 per cent, while imports grew 3.2 per cent.

UK’s goods exports rose by 1.8 per cent in value terms or by 2.3 per cent in volume terms, excluding inflation, mainly due to rises in exports to outside the European Union (EU), whereas overall goods import values fell by 5.8 per cent month-on-month (MoM) or by 2.5 per cent in volume terms.

EU goods exports fell in value terms by 0.3 per cent but rose by 0.7 per cent in volume terms, while imports rose by 3.2 per cent—3.6 per cent in volume terms excluding inflation, the Office of National Statistics (ONS) said in a press release.

Non-EU goods exports rose by 3.8 per cent in value terms, 3.9 per cent in volume terms excluding inflation, while imports of the same fell by 15.9 per cent, 9.9 per cent in volume terms, largely driven by lower gas and crude oil imports.

Reacting to the latest trade data from the ONS, William Bain, head of trade policy at the British Chambers of Commerce (BCC), said: “There was a noticeable fall in the momentum of UK services exports in Q2, down by 3.9 per cent, following a period of reasonable growth in 2021 and 2022. Unfortunately, this was also coupled with a further fall in UK goods exports to the EU.

“The UK quickly needs to catch up with our key international partners on export performance. It is a key element to raising the economic growth so desperately sought by both policymakers and businesses alike.”

Fibre2Fashion News Desk (NB)

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