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 £512 billion and imports totalled £548 billion. The EU accounted for 44% of 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 (£88.7 billion in 2015) is more than offset by a deficit on trade in goods (£125.4 billion in 2015). The overall trade deficit was £36.7 billion (2.0% of GDP) in 2015.
The trade deficit increased to £13.2 billion in Q1 2016, up from £12.2 billion in Q4 2015. Exports increased marginally and imports increased by £1.2 billion in Q1 2016.
The current account, which includes investment income and transfers as well as trade, saw a deficit of £96.2 billion in 2015, up from £92.5 billion in 2014. This is an increase from 5.1% to 5.2% of GDP. The 2015 deficit is a record high.
The current account deficit was £32.7 billion in Q4 2015 (7.0% of GDP), up sharply from £20.1 billion in Q3 2015 (4.3% of GDP).
Commons Briefing papers SN02815
Author: Dominic Webb