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 £555 billion and imports totalled £595 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 £40.7 billion in 2016 (2.1% of GDP).
Over the three months to November, the trade deficit was £6.2 billion compared with £8.2 billion in the previous three months.
The current account, which includes investment income and transfers as well as trade, saw a deficit of £113.6 billion in 2016, compared with £98.1 billion in 2015. The current account deficit was 5.8% of GDP in 2016 compared with 5.2% in 2015.
The current account deficit was £22.8billion in Q3 2017 (4.5% of GDP), down from £25.8 billion (5.1% of GDP) in Q2 2017.
Commons Briefing papers SN02815
Author: Dominic Webb