Issue Eight of the Trade Tracker provides an overview of Chinese trade in the four quarters to the end of Q2 2023 (July 1st 2022 – June 30th 2023) and analysis of UK macro regions from north to south. It draws on HM Revenue & Customs (HMRC) data compiled by CBBC and includes Hong Kong data for the first time.

Read the Trade Tracker here

The Trade Tracker’s key findings for the four quarters to the end of Q2 2023:

• Goods exports from all UK regions to China grew 4.6% to £21.5 billion in the four quarters to the end of Q2 2023, after falling for three successive 12-month periods
• Six out of 12 UK macro regions experienced growth in their China exports, with East Midlands (+39.5%), West Midlands (29.6%), and Yorkshire and the Humber (18.5%) growing the fastest
• Scottish exports to China grew 11.6% after declining for three consecutive 12-month periods, bolstered by a 35% increase in its top export, beverages
• UK consumer goods exports to China experienced especially fast growth, including beverages (+12% to £505.9m), travel goods (+38% to £178.6m), and clothing (+8% to £146.6m)
• Out of UK macro regions, the biggest goods exporter to Mainland China was London (£2.1b). The biggest to Hong Kong was East Midlands (£2.4b)

The eighth edition of this report offers a more comprehensive picture of UK-China trade due to the inclusion of Hong Kong trade data for the first time. Goods exports to Hong Kong contributed £7.2 billion to the UK economy in the four quarters to the end of Q2 2023, and the financial hub accounted for up to 82% of the China-facing trade of some UK macro regions.
This report finds UK exports to China are on an upward trend, thanks in part to China’s termination of pandemic controls at the end of 2022, which contributed to an uptick in UK consumer goods purchases in particular. Improved bilateral relations with China have also helped, though diplomatic engagement fell far short of that of UK allies including the US, France, and Germany.