Latest statistics on UK's trade performance and balance of payments.Jump to full report >>
In 2016, the UK’s exports of goods and services totalled £545 billion and imports totalled £581 billion. The EU accounted for 44% of UK 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 is outweighed by a deficit on trade in goods. The overall trade deficit was £36.0 billion in 2016 (1.9% of GDP).
The trade deficit fell to £6.4 billion in the three months to January 2017 compared to a £11.1 billion deficit in the previous three months.
The current account, which includes investment income and transfers as well as trade, saw a deficit of £80 billion in 2015, down from £85 billion in 2014. This is a decrease from 4.7% of GDP to 4.3%.
The current account deficit was £25.5 billion in Q3 2016 (5.2% of GDP), up from £22.1 billion (4.6% of GDP) in Q2.
Commons Briefing papers SN02815
Author: Dominic Webb