Trade data for Q3 2023 released by @ONS this morning shows quarter-on-quarter growth in the volume of services trade (3.4%) but a fall in goods trade (-2.4%). With attention this week back on the Brexit trade impact, this thread will explore what the latest trade data shows. Starting with quarter on quarter trade performance, goods trade has been driven by substantial falls in the volume of imports to both the EU and non-EU, as well as a decline in non-EU exports. The volumes of both exports & imports of services trade grew, by 3% and 4% respectively

@ONS trade data for December gives us 2 years trade data since the UK left the EU, but trade in 2022 was also impacted by global supply chain disruptions and rising energy prices. Monthly trade impacted by December fuel rises driving up the deficit again. First looking at monthly trade, exports of goods and services fell in line with a weaker economy (GDP fell by 0.5% in December), although goods exports to the EU saw 3.1% monthly growth. Fuel prices rose again in December driving up non-EU imports.