Exports Remain Flat As Economy Grows

16 April 2026

Commenting on the latest trade data released by the Office for National Statistics, William Bain, Head of Trade Policy at the British Chambers of Commerce, said: 

“February was a weak month for UK exports, even before the outbreak of conflict in the Middle East. The one high point was increased goods sales to the US, but this was offset by falls in goods exports to the EU and the rest of the world. Services exports also experienced subdued volume growth amid uncertain global demand. 

“By contrast, February was a strong month for imports, with services imports up by 0.7% in volume and goods by 3.9%. Strong growth in imports of Chinese electric cars, by £0.8bn in February, was a noticeable feature of the data. 

“Given the challenges faced in both supply chains and exports demand, twin track approaches are needed in response. Government must secure the supply of key growth materials and critical goods for the UK economy, particularly in those sectors impacted by the Iran War. 

“It must also expand the routes to overseas markets for UK goods and services through full leverage of existing and forthcoming free trade agreements. That means working with business to identify opportunities in key partner countries. Government should also move quickly on a new economic security approach here at home.” 

Detailed analysis 

Goods exports fell by 2.6% in volume terms in February 2026 with a similar fall to both the EU and the Rest of the World. Goods exports to the US continued to fluctuate with a rebound of 11.3% in exports values in February, led by the machinery and transport sectors. Goods exports to the US remain below levels prior to the 2024 Presidential election. 

Services exports returned to a higher growth path in February with a 0.23% month on month increase in volume terms, but this may have been more attributable to domestic factors rather than higher global demand. 

Goods imports rose by 3.9% in volume terms in February, with a 1.5% rise in EU imports in goods, and a 6.4% rise in imports from the rest of the world. Good imports from the US fell by 8.2% in February. Overall machinery and car imports rose by £0.8bn alone month on month, led by an expansion in Chinse electric vehicle imports.  

More information on the ONS data can be found here. 

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