With exports to both EU and non-EU countries having increased, August 2024 saw the value of goods exports from the UK rise by £2.9 billion (10.2%) according to the latest bulletin produced by the Office for National Statistics (ONS), and this follows a large fall the previous month.
Available HERE, the latest ONS data on trade shows that exports to non-EU countries increased by £1.5 billion (10.4%) and exports to the EU increased by £1.4 billion (10.1%).
The EU increase was accounted for by a £0.6 billion rise in machinery and transport equipment exports to Germany and a £0.4 billion rise in chemical exports to Belgium and Germany.
For non-EU countries, demand was high for manufactured material goods in India, mechanical machinery in China and chemicals exports in the United States.
Responding to the latest figures, British Chambers of Commerce (BCC) Head of Trade Policy, William Bain, said:“The last three months have seen big swings in UK goods exports, with a double-digit fall in sales sandwiched between two double-digit increases. Taking the data from June to August, overall, produces a 2.8% increase in value terms over that period.”
He drew attention to the recent World Trade Organization forecast of a gradual recovery in sales of goods and strong growth in services for the second half of this year.
Annotate
