With a £0.4 billion rise in exports to non-EU countries partially offset by a £0.2 billion fall in exports to the Union, November largely was another disappointing month for traders according to UK Trade: November 2024, the latest bulletin from the Office for National Statistics (ONS).
This was because of a £0.2 billion fall in chemical exports, driven by reduced exports of medicinal and pharmaceutical products to Ireland and Belgium
Available HERE, the bulletin shows that the total goods and services trade deficit widened by £3.8 billion to £10.8 billion in the three months to November 2024 because of a larger fall in exports than imports.
The month saw a £0.6 billion (2.4%) fall in imports from non-EU countries, while imports from the EU fell by £0.3 billion (1.1%).
The value of exports to non-EU countries increased by 3.0% in November 2024, because of a £0.4 billion rise in machinery and transport equipment and a £0.2 billion rise in exports of material manufactures.
British Chambers of Commerce (BCC) Head of Trade Policy, William Bain, said: “Across the last 12 months, UK goods export growth has been essentially flat. In the autumn, key trade metrics went into reverse on both goods and services. A lack of consumer and business confidence globally has also weighed down on the UK’s trade performance at the end of 2024.”
Highlighting the threat of tariffs made by the incoming President of the United States, he warned the Government that its forthcoming Trade and Industrial Strategies must deliver a bold set of policies and support for exports.
