Statistics on UK trade with the Commonwealth

This short note provides some key statistics on the UK’s trade with the Commonwealth – data are from the Office for National Statistics.

The attached Excel spreadsheet (see under supporting documents) allows for easy access and presentation of detailed 2023 data on trade between the UK and individual Commonwealth countries and trade trends between 1999 and 2023.

In 2023:

• UK exports to the Commonwealth were worth £90 billion; British imports from the Commonwealth were worth £74 billion.
• The UK had a trade surplus with the Commonwealth of £16 billion – a deficit in goods was offset by a surplus in services.
• The value of UK exports to the Commonwealth increased by 9% in cash terms (that is unadjusted for inflation) between 2022 and 2023, while the value of imports from the Commonwealth increased by 1%.
• The Commonwealth accounted for 9% of the UK’s total trade (the combined value of exports and imports) – 10% of UK exports and 8% of UK imports.
• UK trade with the Commonwealth was more focused on services than goods – services accounted for 61% of UK exports to Commonwealth and 52% of imports from the Commonwealth.
• UK trade with the Commonwealth was heavily focused on five countries –Australia, Canada, India, Singapore and South Africa; combined these countries accounted for 73% of UK exports to the Commonwealth and 70% of UK imports from the Commonwealth.
• Trade with these five countries was more geared towards services than goods – services accounted for 57% of the UK’s total trade with Australia, Canada, India, Singapore and South Africa (the combined value of exports and imports), while goods accounted for 43%.