Goods Exports Underperform in 2024

14th February 2025

William Bain, Head of Trade Policy at the BCC, responds to the latest ONS data on trade

Responding to the latest ONS data on trade, William Bain, Head of Trade Policy at the BCC, said:?? 

“The final trade data for 2024 shows the UK’s export performance is continuing to operate at two different speeds.  

“Exports of services remain robust and are generating solid growth across European and wider global markets, but our performance in manufactured goods is lagging substantially behind, year after year. 

“In 2025, it is vital that we continue to make the most of our competitive advantage in services, but more must be done to bolster exports of goods. 

“The key to this will be a bold and ambitious Trade Strategy. It must expand UK services across global markets while mitigating the effects of new tariff or trade barriers on goods and supply chains.  

“The reset of UK-EU trade relations could also remove costs and red tape which are holding back exports for businesses.   

“If this is coupled with effective implementation of new UK trade agreements, such as our membership of the Pacific trade bloc, then there will be new opportunities for firms.  

“But we also need to see better export support wrapped around SMEs to meet their ambitions to invest and grow.” 

UK Trade In 2024 

There was a 3.4% rise in UK service exports across the year while imports were up by 3.3%. However, trade in goods continued to decline, with a 5.1% fall in exports values, with imports down by 0.5%. 

The Quarterly Picture 

Over the final quarter of 2024, UK trade performance in goods was weak with a 5% drop in export volumes to the EU and a 5.2% fall in export volumes to the rest of the world. Services fared somewhat better, with a 1.2% rise in export volumes. 

Performance in December 

In the final month of 2024, UK goods export volumes rose very slightly by 0.3% (£0.1bn). This was thanks to a 3.3% rise in exports to the rest of the world which was offset by a 3.9% fall in sales to the EU. 

Goods imports fell by 3% in volume terms in December, with a 3.5% fall in EU goods offset by a 2.5% rise in deliveries from the rest of the world.  

UK goods exports to the US rose by 10.7% in December. This was likely an early signal of stockpiling in supply chains, in anticipation of potential US tariffs by the incoming Administration. 

The picture in services trade in the final month of 2024 was of an estimated 1.5% rise in imports into the UK and a growth in services exports of 1.2%. 

More detail on the ONS data can be found here.