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Trade: Key Economic Indicators

Published Friday, March 10, 2017

Latest statistics on UK's trade performance and balance of payments.

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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

Topics: Economic situation, International trade

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