Meanwhile, goods imports fell slightly by £0.3 billion (0.6 per cent) to £49.8 billion during the month. The decline was mainly due to a £0.5 billion (2.1 per cent) drop in imports from non-EU countries, which partly offset a £0.2 billion (0.8 per cent) increase in imports from the EU, ONS said in a press release.
Despite the improvement, the UK continued to record a goods trade deficit of £17.8 billion in January 2026. Imports from the EU exceeded those from non-EU countries by £3.1 billion, while exports to the EU were £1.1 billion lower than shipments to non-EU markets.
UK goods exports rose by £2 billion (6.7 per cent MoM) to £32.1 billion (~$42.69 billion) in January 2026, driven by higher shipments to both EU and non-EU markets, according to the ONS.
Goods imports fell slightly to £49.8 billion (~$66.23 billion).
Over three months to January, the overall trade deficit narrowed to £1.8 billion (~$2.39 billion) as the services surplus widened.
When adjusted for inflation using chained volume measures, goods exports increased by £2.1 billion (6.8 per cent) in January, while goods imports declined by £0.6 billion (1.1 per cent).
Trade with the US showed mixed trends during the month. Exports to the US fell by £0.5 billion (11.3 per cent). The value of UK exports to the US has remained relatively low since trade tariffs were introduced in April 2025.
In contrast, imports from the US rose by £0.6 billion (12.4 per cent).
Imports from non-EU countries declined mainly because of lower purchases of miscellaneous manufactures from China and reduced fuel imports from the United States and Norway.
On the export side, shipments to the EU rose by £0.9 billion, driven by increased crude oil exports to Poland, Italy and the Netherlands.
Looking at the broader trend, the UK’s total goods and services trade deficit narrowed by £5.1 billion to £1.8 billion in the three months to January 2026, compared with the previous three-month period ending October 2025.
During the same period, the goods trade deficit narrowed by £3.1 billion to £56.6 billion, while the services trade surplus widened by £2 billion to £54.8 billion.
Fibre2Fashion News Desk (SG)
