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Trade: Key Economic Indicators

Published Friday, April 7, 2017

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

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Over the three months to February, the trade deficit was £8.5 billion, down from £8.8 billion in the previous three months. Exports grew by 3.1% over the three months to February while imports grew by 2.7%.

In 2016, the UK’s exports of goods and services totalled £548 billion and imports totalled £585 billion. The EU accounted for 44% of UK exports of goods and services 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 £37.0 billion in 2016 (1.9% of GDP). 

Balance of trade: goods and services

The current account, which includes investment income and transfers as well as trade, saw a deficit of £84.5 billion in 2016, up from £80.2 billion in 2014. The current account defiict was 4.4% of GDP in 2016, compared with 4.3% in 2015.

 

 

Commons Briefing papers SN02815

Author: Dominic Webb

Topics: Economic situation, International trade

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