Trade Holding Up As Fuel Imports Shift

“Rising fuel prices due to the Iran War are now clearly influencing international trade. April was another quiet month for UK services trade with export volumes growing 0.2 per cent. 

“There was steadier growth in the volume of goods exports, which rose 1.3 per cent. But fuel imports from the Gulf region fell as the blockade of the Strait of Hormuz continued to be felt. 

“To improve the overall trade environment for UK firms, the government must focus on stronger export support and maxing out our strong trade links with Europe, the Americas and Indo-Pacific. It also needs to go further on digitalising trade and removing trade barriers wherever possible with our key partners.  

“This would build on the work the private sector is doing to upscale export growth, such as through the BCC’s Trade Accelerator programme.” 

Further Analysis 

UK services export volumes growth month-on-month in April 2026 by 0.23 per cent, while imports were static. 

UK goods export volumes rose month-on-month by 1.3%. Sales to the EU were up 1 per cent and to the rest of the world by 1.7 per cent. 

Imports fell by 0.3 per cent, with a 2.4 per cent drop in purchases from the rest of the world, while EU goods imports volumes rose by 1.7 per cent. This was mainly due to an increase in EU fuel imports (principally refined oil from the Netherlands).  

Machinery, transport equipment and chemicals imports from the EU also rose.  

By contrast the value of fuel imports from the rest of the world fell by 1.2 per cent, this included refined oil from Kuwait and UAE. 

More information on the ONS data can be found here.