United Kingdom Exports

Exports of goods and services from the United Kingdom rose by 0.7% from the previous month to £69.26 billion in January 2024, up from a one-and-a-half-year low of £68.76 billion reached in December. Within goods exports, those to the EU rose by 0.8%, primarily driven by heightened sales of fuels, notably crude oil to Poland and refined oil to Belgium, along with chemicals. However, exports of machinery and transport equipment declined, attributed to reduced car exports to Spain and decreased exports of aircraft to Germany. Conversely, exports to non-EU countries witnessed a 1.7% decrease, largely due to diminished sales of fuels, including crude oil exports to South Korea, and chemicals, with notable declines in exports of medicinal and pharmaceutical products and inorganic chemicals to the US. Finally, exports of services showed a marginal increase of 0.3%.