According to data published by the ONS but originated by HMRC, total UK exports of goods (excluding precious metals) were -4.9% lower than in 2023; meanwhile, imports fell by -3.5%, leaving a slightly reduced trade deficit of £201.4 billion. Exports of manufacturing technology equipment fell by -2% to £2.5 billion while imports increased by +6% to £2.3 billion.
This note is split into two parts – the first covers UK trade in all goods, excluding precious metals (because this is highly volatile due to the inclusion of movements of non-monetary gold) and the second looks at five specific aspects of the manufacturing technology sector. All trends and values are shown in current prices.
In 2024, total UK exports of goods was worth £359.1 billion, a decrease of -4.9% compared to the 2023 value. Although the percentage reduction for imports was lower, at -3.5% to £560.6 billion, this was a larger amount, so there was a small reduction in the trade deficit to £201.4 billion.
Within this total, the European Union accounted for 48.6% of exports (excluding the distortions of the pandemic, this is the lowest ratio since 2016) and 55.3% of UK goods imports (the highest ratio since 2006).
On a quarterly basis, in the 4th period of 2024, UK goods exports were -3.5% lower than in the 3rd quarter and -6.9% down on the value in the final quarter of 2023. For imports, the trends were +0.4% and -0.9% respectively.
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We have identified 4 elements of the manufacturing technology spectrum where data is available in sufficient detail to give meaningful trends – metalworking machine tools, cutting tools, tool & work-holding equipment and Additive Manufacturing machines for metal. In addition, we have data for metrology equipment where the product headings are less specific but which we include in our overall definition for the trade data in our sector.
In 2024, UK exports of metalworking machine tools declined by -9% to £488.1 million, with a reduction of -3% for imports to £774.4 million.
On the same basis, exports of cutting tools grew by +56% to £265.1 million (note that this figure needs to be checked for consistency with previous periods), while imports fell by -21% to 223.8 million.
Exports of tool/work-holding equipment declined by -11% to £114.0 million while imports fell by -10% to £159.9 million).
The AM metal machinery element of the calculation is the smallest by value with exports in 2024 worth just £21.5 million but this is an increase of +207% over the level of 2023; imports of AM machines for metal grew by +287% to £9.3 million.
Partly because the product headings are much broader, so will include some equipment that is not really in the scope of metrology for the manufacturing technology sector, this is the largest category by value. UK exports of goods in this group fell by -6% compared to 2023 to a value of £1,639.5 million, while imports increased by +24% to £1,177.4 million.
Adding all this together gives the totals that we noted in the opening paragraph of this note. The overall trade surplus for the sector was £183 million in 2024 (down from £247 million in 2023), but this is mainly due to the metrology section which more than outweighs the significant deficit in metalworking machine tools.
If you would like further details of trade in any of these groups of products, please contact Geoff Noon at MTA (email: geoff.noon@mta.org.uk) to discuss the data you are interested in seeing in more detail.