UK goods trade with US declines in 2024; exports down 3.7%, imports 2%

The latter was the former’s largest export partner and third-largest import partner (behind Germany and China) for goods last year, an ONS release said.

Machinery and transport equipment continued to be the main commodity traded with the United States in 2024, with £20.1 billion of imports and £29.1 billion of exports.

The proportion of total goods imported from the United States has been stable since 2022, remaining unchanged at 9.7 per cent of total imports.

However, the proportion of total goods exported to the United States has increased gradually since 2022, indicating that the United States may be becoming a relatively more important export partner for the United Kingdom. Over this period, the proportion of British goods being exported to the United States increased from 13.8 per cent to 16.2 per cent.

The United Kingdom imported £8 billion worth chemicals from the United States last year—a 1.1-per cent YoY increase. Chemical imports from the United States accounted for 11.9 per cent of all UK chemical imports in 2024.

Chemicals were the second-largest commodity exported, with £10.8 billion of chemical exports to the United States in 2024, accounting for 19.6 per cent of the country’s total chemical exports.

ALCHEMPro News Desk (DS)