According to the latest figures from the Office for National Statistics (ONS), the value of goods imports increased by £1.8 billion (3.5%) in November 2022. After removing the effect of inflation, imports of goods increased by £2.5 billion (6.1%).
Available HERE, the latest trade bulletin shows that goods imports from EU countries increased by £1.2 billion (4.7%). This is twice the level of imports from non-EU countries, which rose by £0.6 billion (2.2%). Both are driven by rising imports of machinery and transport equipment.
However, the value of goods exports increased only slightly, by £0.2 billion (0.7%).
British Chambers of Commerce (BCC) Head of Trade Policy, William Bain, said: “UK trade performance improved in November led by a 6.1% increase in goods imports (adjusted for inflation). Goods exports also picked up, rising by 1.7%, but concerns about the impact of the Brexit deal continue due to a 1.2% fall in goods exports to the EU.”
Early estimates of trade in services showed a flat picture, with exports down by 0.2% and imports by 0.6%, adjusted for inflation.
Looking at the three months to the end of November, total UK goods imports from both the EU and outside the Union fell by 3.2%, compared with the quarter to the end of August. The fall in EU goods exports over that period was 4.9% while, over the same timescale, overall goods exports fell by 1.5%.
Gas prices continued to decrease in November 2022, leading to the third consecutive month of decreases in the value of fuel imports from non-EU countries.
