Leading export markets for trade in goods UK 2023

The United States was the leading country for exports from the United Kingdom in 2023, with 15.7 percent of all UK exports going to this market. Germany was the second-largest export market for the UK in this year, followed by the Netherlands, with these countries accounting for 8.6 and 7.8 percent of UK exports respectively. During this year, cars were the most valuable goods commodity exported from the UK, while general business services were the most valuable type of service exported from the UK. 

UK imports most from Germany

Although the United States was the largest export market, Germany was the country from which the UK imported the highest share of goods, with 12.7 percent of the UK’s imports coming from the country in 2023. The United States was the second-largest source of imports for the UK, with 9.9 percent originating from there in 2023, with China a close third at 9.6 percent of UK imports. The main types of trade goods imported from the rest of the world in the UK included cars, oil, and mechanical power generators.

The Balance of Trade

In the first quarter of 2024, the United Kingdom had an overall trade deficit of over four billion pounds. Although service exports from the UK to the rest of the world amounted to more than 119 billion pounds, the UK imported far more goods than it exported, resulting in a goods trade deficit of 42.1 billion pounds, bringing down the overall trade balance. As of 2022, the UK was behind only the U.S. when it came to the overall size of the trade deficit.