Total UK imports of goods, excluding precious metals, decreased by 5% (£2.8 billion) in September, with EU imports declining by 7.3% (£1.9 billion) and non-EU imports declining by 3% (£0.9 billion). Removing the effect of inflation, overall imports of goods, excluding precious metals, decreased by 6.1% £2.6 (billion) in September.
One of the most significant declines in imports from the EU was in chemicals, which decreased by £0.7 billion.
The main factors behind the decline in imports from non-EU countries were primarily driven by a £1.3 billion drop in fuel imports, which was caused by falling gas imports from Norway and falling oil prices.
In September 2022, the total value of goods exported, excluding precious metals, fell by 4.7% (£1.6 billion), with exports to the EU falling by 5.1% (£0.9 billion) and exports to non-EU countries falling by 4.2% £0.7 billion. Removing the effect of inflation, overall exports of goods, excluding precious metals, decreased by 4.8% (£1.4 billion) in September.
The highest decreases in exports to the EU came from fuel exports, machinery and transport equipment (mostly to Germany).
The overall trade deficit decreased by £1.3 billion to £23.7 billion in September, remaining relatively stable over the past nine months.
In Q3, the total value of UK goods exports increased by 3.2% while UK goods imports increased by 2%. Imports of machinery and transport equipment from the EU fell by £1.7 billion in the third quarter, while chemical imports fell by £1.4 billion.
In the same period, total service imports and exports both increased by 3.3%. Trade in pensions, travel, intellectual property and insurance services all remained strong in Q3.
To get further information about this news story, or to seek financial help for your business, email email@example.com, call 0115 958 6872 or fill in an enquiry form below.
The chancellor has announced his financial update, here are the main points from the autumn statement.
Leanne Leslie, a senior operations manager for MAF Finance Group (MAF), has been named as a recipient of this year’s Women in Supply Chain Award.
High inflation has been caused by a series of big shocks to our economy.
MAF Finance Group has established a base in Edinburgh to strengthen its presence in Scotland. They has also appointed experienced...
The UK's inflation rate has dropped to a 15-month low of 7.9%. This decrease has eased concerns for Bank of England (BoE) policymakers...
Due to an excess of supply in the market, prices of second-hand electric cars are plummeting as more people trade them in...