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 £517 billion and imports totalled £547 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 (£90 billion in 2015) was more than offset by a deficit on trade in goods (£120 billion in 2015). The overall trade deficit was £30 billion (1.6% of GDP) in 2015.
The trade deficit fell slightly to £11.0 billion in the three months to November 2016, compared to a £11.4 billion deficit in the previous three months. Exports increased by 2.9% in the last three months compared with the previous three months. Imports increased by 2.4%.
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