Latest statistics on UK's trade performance and balance of payments.Jump to full report >>
In 2015, the UK’s exports of goods and services totalled £510 billion and imports totalled £549 billion. The EU accounted for 44% of exports of goods and services in 2015 and 53% of imports.
Overall, the UK imports more than it exports meaning that it runs a trade deficit. A surplus on trade in services (£88 billion in 2015) is more than offset by a deficit on trade in goods (£126 billion in 2015). The overall trade deficit was £38.6 billion (2.1% of GDP) in 2015.
The current account, which includes investment income and transfers as well as trade, saw a deficit of £100 billion in 2015, up from £85 billion in 2014. This is an increase from 4.7% to 5.4% of GDP. The 2015 deficit is a record high.
Commons Briefing papers SN02815
Author: Dominic Webb