UK exporters are thriving, with EU exports increasing by 13% in real terms compared to the previous month.
On Friday, October 11, 2024, the Office for National Statistics announced that the UK’s goods exports in August 2024 had a growth spurt that would make a teenager jealous. The figures revealed a £3.1 billion boost, marking a 10.8% increase from July, even after inflation had its say. This export explosion was seen in both EU and non-EU markets, proving that the UK can still charm the world with its goods. This summary is for those who usually rely on the BBC to spice up their news diet.
UK Goods Exports to the EU (2021–2024)
[Source: Office for National Statistics, 11 Oct 2024, inflation-adjusted, seasonally adjusted.]
1. UK goods exports to the EU
August 2021 : £15.7bn
August 2024: £16.3bn (real terms increase of 3.8%)
UK Goods Exports to Global Market:
- August 2021 : £15.2bn
- August 2024: £15.9bn (real terms increase of 4.6%)
UK exports to the EU remain stable post-Brexit:
- Share of UK goods export market, August 2021 : 50.7%
- Share of UK goods export market, August 2024 : 50.6%
Discover the Power of Our Exports: What We’re Selling and Who’s Buying?
In August 2024, exports to the EU took a joyful leap by £1.4 billion (10.1%). It seems our machinery and transport equipment wanted a European vacation, with a £0.6 billion boost, mainly from aircraft deciding Germany was the perfect holiday spot. Meanwhile, chemicals joined the party with a £0.4 billion increase, as medicinal and pharmaceutical products made a beeline for Belgium and Germany, perhaps in search of the perfect waffle or bratwurst!
In August 2024, exports to non-EU countries rose by £1.5 billion (10.4%). It’s like our goods went on a world tour and came back with a lot of souvenirs! This increase was driven by a £0.8 billion boost in material manufacturers — thanks to India, which seems to love our stuff more than we do. A £0.6 billion rise in machinery and transport equipment was also noted, fueled by China’s sudden fascination with our mechanical machinery. And let’s not forget the £0.3 billion growth in chemical exports, as the United States apparently decided to stock up on inorganic chemicals like they were going out of style. Please note that all trade figures exclude non-monetary gold (NMG) and other precious metals, because those numbers are as unpredictable as a cat on catnip, potentially distorting the underlying trends in goods exports and imports.
No matter which trade figures I publish, Rejoiners often accuse me of cherry-picking dates like I’m picking the ripest apples at an orchard. They seem especially allergic to any trade figures that cast Brexit Britain in a positive light. In today’s report, I’ve used the four-year date range provided by the ONS in their Friday release. So, if Rejoiners have a bone to pick, perhaps they should take it up with the ONS — and maybe bring them a fruit basket while they’re at it!
