Latest reports from the Office for National Statistics (ONS) show that the value of UK imports exceeded export value by over £7 billion in August 2022.
This increases the gap between import and export values by over £1.5bn, when compared with June’s data.
The report suggests that the high price of gas had a strong impact on the increase in value of imports.
Furthermore, the data outlines a decrease in imports and exports from EU countries, while trade to and from non-EU countries increased. Most notably, imports from outside the EU grew by £3.5bn, a 13.3% increase on the previous month.
There was also a clear shift towards sourcing fuel from non-EU countries. The value of fuels coming to the UK in August was £12.3bn while only £1.5bn worth of fuel came from within the EU.
Factors such as Brexit, as well as the ongoing conflict between Russia and Ukraine, have played a role in UK companies needing to look beyond Europe when sourcing and importing goods.