Analysis of the latest trade data release covering the month of January 2026 shows:
UK goods exports increased by 6.8% in January 2026 in chained volume terms (removing inflationary effects).
UK goods exports to the EU rose by 7.1% in volume terms (led by office machinery and fuels) and to the rest of the world by 6.5% in volume terms (led by chemicals, pharmaceuticals, and power generators). This also included a double-digit drop in goods export values to the US of 11.3% in January 2026 led by declines in machinery and transport goods, particularly in cars.
UK services exports increased by 0.2% in January 2026 in volume terms (ex-inflation).
UK goods imports fell by 1.1% in volume terms in January, led by a 3.6% drop in non-EU imports (led by material manufactured products), notwithstanding a 1.4% rise in goods imports sourced from the EU (led by machinery and transport equipment imports including aircraft and cars from Germany). Imports of goods from the US increased by 12.4% in value terms in January, led by aircraft imports.
UK services imports rose by 0.4% in January 2026 in volume terms (ex-inflation).
Goods exports trade with the EU and the rest of the world, excluding the United States of America, showed solid growth in the first month of the new year. Services exports displayed lower growth than in past months influenced by global competition levels and geopolitical uncertainty. Across the past three months until the end of January, total exports across the economy grew by 1.8% in value terms, equally balanced between goods and services trade growth. The effects of tariff weariness clearly show through this data with the hold off in sales with the US. Geopolitical and supply chain uncertainty from the Middle East could weigh heavily on global trade data from Q2 onwards.
In a deeply uncertain global trade environment, boosting trade growth depends upon getting the most value from the UK’s trade agreements. It’s also crucial that ministers work to lower tariffs and trade barriers where we can with likeminded partners. BCC initiatives, such as our joint FCDO Diplomatic Advisory Hub, and our new trade accelerator pilot with Singapore, are helping to create further assistance for ambitious UK exporters. We also need the right decisions on the global rules-based system made at the WTO Ministerial Conference in Cameroon at the end of March. Ensuring digital transmission of services remains tariff free for the maximum period possible, strong action on the e-commerce agreement, and WTO reforms that unlock the door to sustained trade growth is the agenda we need adopted by Ministers in Yaoundé this month.
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