UK firms resilient in more difficult trading world

It was a bright start to the year for UK goods and services exports despite geopolitical uncertainties around global trade.

Total UK exports in goods and services rose by 2.8 per cent in the first month of the year, with goods exports up by 3.5 per cent on this measure, and services exports up by 2.3 per cent month on month.

Total import volumes into the UK fell by 0.9 per cent in January, with goods imports down by 1.7 per cent in volume terms, while services imports rose by 0.6 per cent in January.

Non-EU goods exports had particularly strong growth in January with a rise of 5.7 per cent in volume terms, while EU goods exports rose by 1.3 per cent month on month. On imports, goods imports from the EU fell by 2.4 per cent in volume terms in January, while non-EU goods imports experienced a less steep decline, with only a 1 per cent drop in volumes.

Goods exports to the USA rose by £0.1 billion during January.

British Chambers of Commerce’s Head of Trade Policy William Bain said: “UK companies are showing resilience in a more difficult trading world. With US tariffs now a reality, the prospect of more to follow, and retaliatory tariffs by some of our trading partners, the rest of 2025 could be challenging for UK exporters in particular.

“That is why the forthcoming Industrial and Trade Strategies need to provide practical measures to help boost export performance in key UK sectors – from professional and business services, and advanced manufacturing, to defence and life sciences.

“We also need to see the Government push for a new settlement with the EU, our biggest trading partner, to help remove barriers for UK businesses and support them to grow and expand.”