Total exports of goods fell by £3.4 billion (10.6%) in September 2024, following an increase in the previous month, with exports to non-EU countries decreasing by £1.8 billion (10.9%) and exports to the EU by £1.6 billion (10.3%).
These figures come from the latest, September 2024, trade bulletin produced by the Office for National Statistics (ONS), which can be found HERE.
The total goods and services trade deficit widened by £1.5 billion to £11.4 billion in the third quarter (Q3, July–September 2024) because of a larger fall in exports than imports.
Imports from the EU were £4.6 billion higher than from non-EU countries in September 2024, while exports to the EU were £1.1 billion lower than exports to non-EU countries. The drop in goods exports trade with the EU was 3.7% and to non-EU countries was 1.4%.
British Chambers of Commerce (BCC) Head of Trade Policy, William Bain, said that the disappointing figures reflect the UK’s broader economic slowdown in the third quarter of the year.
“Taking Q3 overall, both goods and services exports fell, which is a real concern,” he added. “There seems little sign so far of the uplift in global trade which economic forecasters predicted for the second half of 2024.”
The BCC has called on the Government to look at removing non-tariff trade barriers with the EU and at strong implementation of new trade deals with fast-growing markets.
British Chambers of Commerce
The British Chambers of Commerce (BCC) sits at the heart of a business network that spans the length and breadth of the UK, with links to markets across the world.
