The value of goods exports rose by £2.3 billion (7.6%) in June 2024, according to the latest trade figures published by the Office for National Statistics (ONS), with an increase in exports to both EU and non-EU countries.
The June trade bulletin, which can be found HERE, also notes that the trade in goods deficit widened by £7.8 billion to £52.4 billion in Quarter 2 (Q2), as imports of goods rose by more than exports.
The trade in services surplus is estimated to have widened by £0.7 billion to £39.1 billion, with a large increase in both exports and imports of services.
Responding to the figures, British Chambers of Commerce (BCC) Head of Trade Policy, William Bain, said: “June was a strong month for UK trade, with goods exports to the EU experiencing a double-digit rise. Services growth was steady for the month, and throughout the last quarter.”
The data reflects the strengths of the UK’s export portfolio in professional, travel, financial and business services, he went on, as well as manufacturing, chemicals, pharmaceuticals and transport goods.
The volume of goods exports (excluding inflation) rose by 11% in June, with substantial increases in both EU exports (up by 12.7%) and non-EU trade (up 9.4%).
Drivers for the rise in exports to the EU were machinery and transport equipment. This included aircraft and electrical machinery to Germany, mechanical machinery to France, and pharmaceutical and medicinal products to the Republic of Ireland.
