Data published by the ONS but originated by HMRC, shows that total UK exports of goods (excluding precious metals) were +7.3% higher than in the previous quarter but only up by +0.9% compared to Q1-2024. On the same basis, imports grew by +1.4% and +4.0% respectively. UK machine tool exports fell by -7.8% compared to a year earlier, with imports down by -20.4%.
We have split this note is split into two parts – the first covers UK trade in goods, excluding precious metals (because this is highly volatile due to the inclusion of movements of non-monetary gold) and the second part is a note on the latest trade data for metal working machine tools. All trends and values are shown in current prices.
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In the 1st quarter of 2025, total UK goods exports (excluding precious metals) were worth £92.7 billion. In the latest period, the European Union (EU) accounted for 45.7% of total exports, its lowest since the 1st quarter of 2021. This was because most of the quarter-on-quarter growth was in trade outside of the EU, which grew by +13.2%, while deliveries to the EU only rose by +1.1%.
Total goods imports (excluding precious metals) in the 1st quarter of 2025 were valued at £147.9 billion, leaving a trade deficit of £55.2 billion. Arrivals from the EU accounted for 52.2% of total goods imports in this period – this is the lowest ratio for two years. Analysing the data by region shows that arrivals from the EU were -0.5% lower than in the previous quarter (Q4-2024), while imports from the rest of the world grew by +3.6%.
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Turning now to our industry data, UK exports of metalworking machine tools in the 1st quarter of 2025 were worth £108.6 million; this is -9.5% lower than in the previous quarter and -7.8% down on the value for the 1st period of 2024. On the latter comparison, deliveries to the EU fell by -7.4% (they accounted for 53.3% of the total by value), with exports to the rest of the world down by -8.3%.
Trade with the EU countries can be distorted by warehousing and shipping arrangements but exports to countries outside of this block are more reliable. In this context, the most notable change was an increase of +337% in exports to China, but this is mainly a reflection of an exceptionally weak start to 2024 as exports this year were still slightly below the 2023 level. There was also a significant increase in exports to India which grew by +73% – this is a more genuine rise in exports and out India as the 5th largest country market for UK machine tool exports at the start of 2025.
Total imports of metalworking machine tools in Q1-2025 were £159.8 million; this is -19.1% lower than in the final period of 2024 and -20.4% down on a year ago (Q1-2024). Arrivals from the EU were -31% lower than in the 1st quarter of 2024, while imports from the rest of the world only declined by -2%. China was again the most notable change with imports from there +146% higher than a year ago and a new record high for the 1st quarter of the year.
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If you would like further details of trade in any of these groups of products, please contact Geoff Noon at MTA (email: [email protected]) to discuss the data you are interested in seeing in more detail. The ONS statistical bulletin and data can be downloaded from the ONS website at https://www.ons.gov.uk/releasecalendar (15 May) or request if from MTA.