Key Takeaways
- HMRC reported goods exports of £39.2 billion in May 2026, up £2.8 billion or 8% on April and £6.2 billion or 19% on May 2025.
- Goods imports were £63.7 billion, almost flat month on month but £5.2 billion or 9% higher than May 2025.
- The UK remained a net importer of goods in May, with imports exceeding exports by £24.5 billion, according to HMRC’s overseas trade statistics.
- Non-monetary gold moved the headline export number materially, so operators should separate commodity volatility from underlying freight demand.
- EU trade still accounts for a large share of UK goods flows, with HMRC reporting 42% of exports going to the EU and 44% of imports coming from the EU.
The May 2026 headline numbers
HMRC’s May 2026 UK overseas trade in goods statistics show a sharper export month and a relatively steady import month. Total goods exports reached £39.2 billion, up £2.8 billion or 8% from April 2026, and up £6.2 billion or 19% from May 2025. Total goods imports were £63.7 billion, up only £0.1 billion from April, but £5.2 billion or 9% higher than the same month a year earlier. The immediate operational message is that outbound value moved faster than inbound value in May, but import volumes and customs workload did not fall away.
The trade gap narrowed because exports grew faster than imports. HMRC reported that goods imports exceeded goods exports by £24.5 billion in May 2026, a narrowing of £2.7 billion against April. That does not mean the UK goods position has turned around; it means the monthly gap was less wide than the previous month. For freight forwarders, customs brokers and import finance teams, the more useful reading is that goods import value stayed high while export value had a one-month lift.
The year-on-year comparison matters because it shows May was not just a quiet rebound from April. Exports were £6.2 billion higher than May 2025, while imports were £5.2 billion higher, according to HMRC. Those numbers are value measures, so price effects, exchange rates, commodity movements and product mix all sit inside them. They should not be treated as a direct proxy for lorry loads, containers, pallets or declarations without checking the commodity-level data.
May’s figures also sit beside a different ONS series, which is easy to mix up. The ONS May 2026 trade bulletin, using seasonally adjusted current-price measures and excluding precious metals, reported goods imports up £0.5 billion or 0.8% and goods exports up £1.5 billion or 4.5% from April. That direction broadly matches HMRC’s stronger export month, but the basis is different. If you report trade movement internally, label the source and basis clearly before comparing figures month to month.
EU and non-EU flows
The EU remained a large part of UK goods trade in May. HMRC reported exports to the EU of £16.6 billion and exports to non-EU countries of £22.7 billion. On the import side, imports from the EU were £28.3 billion and imports from non-EU countries were £35.4 billion. In share terms, the EU accounted for 42% of total goods exports and 44% of total goods imports.
Those shares change once non-monetary gold is excluded. HMRC reported that, excluding non-monetary gold, the EU represented 50% of goods exports and 53% of goods imports. That difference is useful for logistics teams because gold movements can distort trade values without creating the same operational footprint as manufactured goods, food, consumer products or industrial inputs. A monthly board pack that uses the headline EU share without that caveat can misread the true geography of regular freight flows.
Non-EU imports are the number to watch for capacity planning. HMRC put non-EU imports at £35.4 billion in May 2026, up £1.3 billion or 4% on April and £4.5 billion or 14% on May 2025. For importers using Asia, North America or other long-haul origins, that points to continued customs entry, port, warehousing and inland distribution demand. It also raises the value at risk from late documentation, delayed customs clearance and demurrage exposure.
The EU figures still matter most for firms with short transit windows and high-frequency replenishment. If your business moves automotive, food, retail or manufacturing inputs across the Channel, the customs process can still make or break service levels even when the trade data looks stable. Articles such as our ro-ro ferry freight guide and UK-EU customs data access explainer are more useful operational companions than the headline trade bulletin alone. The trade statistics tell you where values moved; lane-level planning still needs shipment count, dwell time and exception data.
| May 2026 goods trade measure | HMRC figure |
|---|---|
| EU exports | £16.6bn |
| Non-EU exports | £22.7bn |
| EU imports | £28.3bn |
| Non-EU imports | £35.4bn |
| EU share of total exports | 42% |
| EU share of total imports | 44% |
What the trade gap means operationally
The £24.5 billion goods trade gap is a value gap, not a service-level metric. It tells you the UK bought more goods from overseas than it sold in May, measured by declared trade value. It does not tell you whether warehouses were full, whether port dwell times rose, or whether customs teams were over capacity. For that, you need internal shipment data and external indicators such as port throughput, haulier availability and declaration volumes.
The ONS three-month view gives a wider economic frame. In the three months to May 2026, the ONS reported that the total goods and services trade deficit widened by £4.4 billion to £9.1 billion. The goods deficit widened by £3.1 billion to £60.9 billion, while the services surplus narrowed by £1.3 billion to £51.8 billion. That matters because service exports can flatter the UK’s total trade picture even when goods importers are still carrying most of the physical movement, compliance and cash-flow pressure.
The Department for Business and Trade’s core statistics book gives a longer view. For the 12 months ending May 2026, DBT reported UK exports of £911.5 billion in real terms, up 1.0% overall. Within that, services exports were up 4.1%, or £20.6 billion, while goods exports were down 2.9%, or £11.4 billion. That split is a useful reminder: the UK can show export growth overall while goods exporters still face weak demand, higher costs or product-specific barriers.
For importers, a narrower goods gap does not reduce the need for disciplined landed-cost control. Customs duty, import VAT, freight, insurance, handling and inspection costs still attach to individual consignments, not to the national trade balance. If the May data prompts a pricing or sourcing review, pair it with practical checks such as our landed cost calculation guide and UK import VAT explainer. The macro data should sharpen your questions, not replace shipment-level analysis.
Non-monetary gold and why the headline can mislead
Non-monetary gold is the main caveat in the May 2026 HMRC release. HMRC reported that non-monetary gold exports increased by £2.1 billion in May, while non-monetary gold imports increased by £1.2 billion. By contrast, all other exports rose by £0.7 billion and all other imports fell by £1.1 billion. That means a large share of the headline export increase came from a category that can move sharply for financial and commodity reasons.
For logistics teams, this distinction matters because non-monetary gold movements can create value volatility without the same handling profile as broader goods trade. A £2.1 billion export movement in gold does not mean the same thing for warehouse labour, trailer demand or customs staffing as a £2.1 billion movement across food, machinery or consumer goods. It may involve specialist security, air freight or vault-linked processes, but it will not necessarily signal a broad rise in general cargo. Treat it as a commodity signal first and an operational signal only after you inspect the commodity lines.
The cleanest internal practice is to show both the headline and the adjusted view. If your monthly reporting uses HMRC UK Trade Info figures, include a short note on whether non-monetary gold is included. If your management team wants a steadier view of underlying goods activity, compare HMRC’s full customs-based series with the ONS series that excludes precious metals. The two sources answer different questions, and both are useful when labelled correctly.
There is also a compliance angle. High-value commodity movements attract different controls, valuation scrutiny, insurance arrangements and security expectations from routine retail or industrial freight. If a business starts importing or exporting unusually high-value goods, the customs process should be reviewed before the first shipment moves. That includes commodity classification, valuation method, licences where relevant, Incoterms, insurance and clear evidence of the transaction route.
How customs and logistics teams should use the data
Use the May 2026 data as a directional signal, then drill into your own lanes. HMRC’s UK Trade Info portal is useful for commodity and partner-country analysis, especially when you need to see whether a category is moving with or against the headline. ONS trade bulletins are better for seasonally adjusted economic trend analysis and for separating precious metals from the wider goods picture. DBT’s core statistics are better for longer-period comparisons and the goods-versus-services split.
The first practical question is whether your own shipment pattern matches the market. If HMRC shows non-EU imports up 14% year on year and your Asia-origin volume is flat, you may be losing share, shifting product mix or seeing a pricing effect rather than a volume effect. If your declared value is rising faster than shipment count, check whether exchange rates, supplier price increases or product mix are driving the change. Customs value, logistics cost and commercial margin should be reviewed together.
The second question is whether your customs process can absorb value and complexity changes. Higher-value consignments increase exposure when classification, valuation, preference claims or documentation are wrong. If you have recently changed suppliers or product ranges, revisit the controls in your customs declaration corrections process before errors reach post-clearance review. Trade data can highlight macro movement, but customs risk usually appears in the detail of repeat entries.
The third question is whether your capacity assumptions are too broad. A high import value month does not necessarily mean more pallets, and a low value month does not necessarily mean fewer declarations. Air freight, sea freight, parcel traffic and Ro-Ro each convert value into workload differently. Segment your own data by mode, origin, commodity, consignee, declaration type and exception reason before making staffing or procurement decisions.
Finally, make the source of each number visible in reports. A statement such as “UK goods imports were £63.7 billion in May” should say it is from HMRC and includes non-monetary gold. A statement such as “goods imports rose 0.8% in May” should say it is from the ONS, seasonally adjusted and excluding precious metals. That small discipline prevents commercial, finance and operations teams from arguing over figures that were never meant to be identical.
Frequently Asked Questions
What did HMRC report for UK goods imports in May 2026? HMRC reported total goods imports of £63.7 billion in May 2026. That was up £0.1 billion from April 2026 and £5.2 billion, or 9%, higher than May 2025.
What were UK goods exports in May 2026? HMRC reported total goods exports of £39.2 billion in May 2026. Exports were £2.8 billion or 8% higher than April, and £6.2 billion or 19% higher than May 2025.
Why do HMRC and ONS trade figures differ? HMRC’s overseas trade in goods statistics are customs-based and include non-monetary gold. The ONS bulletin uses seasonally adjusted current-price measures and excludes precious metals in the cited goods comparison, so the totals and percentage changes do not match exactly.
Did the UK goods trade gap improve in May 2026? The monthly goods gap narrowed. HMRC reported imports exceeding exports by £24.5 billion in May 2026, which was £2.7 billion narrower than April, but the UK still remained a net importer of goods.
Why is non-monetary gold important in the May 2026 data? HMRC reported non-monetary gold exports up £2.1 billion and imports up £1.2 billion in May. That movement explains much of the headline export rise, so logistics teams should also examine figures excluding gold before drawing conclusions about general cargo demand. *** End Patch