The UK’s trade deficit narrowed to £4.76 billion in November 2024, down from an upwardly revised £5.01 billion in October.
UK trade deficit narrows in November 2024
Imports increased by 0.6% month-on-month, reaching a five-month high of £72.79 billion, while exports grew by 1.0% to £68.03 billion, marking a four-month high. Goods imports rose by 0.5%, with imports from non-EU countries remaining stable. In comparison, EU imports dropped by 1.2%, primarily driven by a £0.4 billion decrease in fuel imports, including refined oil from the Netherlands and Belgium. Services imports climbed by 0.7%. On the export side, goods exports rose by 0.8%, with exports to non-EU countries up by 3.0%, led by a £0.4 billion rise in machinery and transport equipment, including cars to the US and aircraft to Qatar.
UK exports to EU drop, boosted by machinery growth
Exports to the EU declined by £0.2 billion, mainly due to a drop in chemical exports, though partially offset by a £0.2 billion increase in machinery and transport equipment. Services exports also rose by 1.1%.
