Latest statistics on UK's trade performance and balance of payments.Jump to full report >>
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).
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