Latest statistics on UK's trade performance and balance of payments.Jump to full report >>
In 2016, the UK’s exports of goods and services totalled £547 billion and imports totalled £590 billion. The EU accounted for 43% of UK exports of goods and services and 54% 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 £43.0 billion in 2016 (2.2% of GDP).
Over the three months to September, the trade deficit was £9.5 billion compared with £6.5 billion in the previous three months.
The current account, which includes investment income and transfers as well as trade, saw a deficit of £115.5 billion in 2016, compared with £98.1 billion in 2015. The current account deficit was 5.9% of GDP in 2016 compared with 5.2% in 2015.
The current account deficit was £23.2 billion in Q2 2017 (4.6% of GDP), up from £22.3 billion (4.4% of GDP) in Q1 2017.
Commons Briefing papers SN02815
Author: Dominic Webb