Welsh international goods trade: July 2022 to June 2023 (headline data)

The data in this report are provisional estimates for July 2022 to June 2023 and will be revised routinely over the next 18 months to account for late returns.

Data covers the value (in current prices) of goods exports and imports. This means that figures are not adjusted for inflation or global economic events, so please take caution when making comparisons with historic data.

Year ending June 2023 (provisional)

Exports

• The value of goods exports for Wales was £20.4 billion in the year ending June 2023, up £2.0 billion (11.1%) compared to the year ending June 2022.
• The value of goods exports less ‘Oil’ (SITC 33) for Wales was £16.4 billion in the year ending June 2023, an increase of £1.8 billion (12.2%) when compared to the year ending June 2022.
• In the year ending June 2023, there was an increase in export values to EU countries of £1.2 billion (11.7%) up to £11.8 billion and an increase in export values to non-EU countries of £0.8 billion (10.3%) up to £8.6 billion, compared to the year ending June 2022.
• Export values to the EU accounted for 57.9% of Welsh export value compared with 51.5% for the UK.
• Export values from Wales continue to be dominated by ‘Machinery and Transport Equipment’^{[footnote 1]} which made up £8.2 billion (40.1%) of export values, increasing £1.3 billion (18.9%) compared to the year ending June 2022. Mineral Fuels continue to be the second highest value exported product, with £4.1 billion exported in the year ending June 2023, making up 20.1% of Wales’ export values.
  • Power Generating Machinery and Equipment’ was the largest value product within the ‘Machinery and transport Equipment category’ with £3.2 billion (15.9%) of Welsh exports. This is an increase of £0.7 billion (27.1%) compared with the previous June year end.
  • Within the Mineral Fuels category, ‘Petroleum, Petroleum Products and Related Materials’ (SITC 33) was the highest value product with £4.0 billion (19.6%) of Welsh exports. This is a value increase of £0.3 billion (7.0%) compared with the previous June year end.

Footnotes

[1] This includes Power Generating Machinery and Equipment, Machinery Specialized For Particular Industries, Metalworking Machinery, General Industrial Machinery and Equipment and Machine Parts not Elsewhere Specified, Office Machines and ADP Machines, Telecomms and Sound Recording and Reproducing Apparatus and Equipment, Electric Machinery, Apparatus and Appliances and Electric Parts Thereof not Elsewhere Specified, Road Vehicles (Including Air Cushion Vehicles), Other Transport Equipment.

Imports

• The value of goods imports for Wales was £23.5 billion in the year ending June 2023, up £2.9 billion (13.9%) compared to the year ending June 2022.
• The value of goods imports less ‘Oil’ (SITC 33) for Wales was £16.5  billion in the year ending June 2023, an increase of £1.8 billion (12.0% ) when compared to the year ending June 2022.
• In the year ending June 2023, there was an increase in import values of goods from both EU countries of £1.1 billion (16.2%) up to £8.1 billion and non-EU countries of £1.7 billion (12.7%) up to £15.4 billion, compared to the year ending June 2022. 
• Import values from the EU accounted for 34.6% of the total Welsh import value, compared with 50.5% for the UK.
• ‘Machinery and Transport Equipment’ has become the largest import value category at £8.0 billion, accounting for 34.2% of total import values, an increase of £1.9 billion (30.4%) compared to year ending June 2022. Having previously been the largest import value category, ‘Mineral Fuels’ is now the second largest import value category at £7.9 billion (33.5%) of total imports.
  • ‘Power Generating Machinery and Equipment’ was the largest value product within the ‘Machinery and transport Equipment category’ with £3.5 billion (14.9%) of Welsh exports. This is an increase of £1.1 billion (48.7%) compared with the previous June year end.
  • Within the ‘Mineral Fuels’ category, ‘Petroleum, Petroleum Products and Related Materials’ was the highest value product with £7.0 billion (29.7%) of Welsh imports. This is a value increase of £1.1 billion (18.6%) compared with the previous June year end.

Notes

Because of changes to the way in which the data is collected, additional low value trade that was previously allocated to countries and regions may now be reported under the ‘Unallocated-unknown’ category. This has led to a likely reduction in the UK to EU export values, and total export values for Wales (and other regions) from January 2021 onwards. More detailed notes of these effects can be read in the HMRC Full Commentary on these statistics.

Some of the exports data included in this report may get revised by HMRC as part of their routine revisions to the data set. The latest data will be available on UK Trade Info.

Further information

The data above relates to international goods trade. The latest experimental statistics (2021) produced by the Office for National statistics suggest that service exports make up approximately 30% of total exports in Wales, and 20% of total imports.

Key results are published quarterly, and are available on HMRC’s UK Trade Info Pages, our own interactive dashboard as well as StatsWales.

Welsh Government statisticians are reviewing its analysis and publication of HMRC trade data including the contents of the annual goods trade bulletin. If you would like to be like to be involved in a review, or provide any feedback on any aspect of these statistics, please email stats.trade@gov.wales