Latest statistics on UK's trade performance and balance of payments.Jump to full report >>
In 2017, the UK’s exports of goods and services totalled £616 billion and imports totalled £640 billion. The EU accounted for 44% of UK exports of goods and services and 53% of imports in 2017.
Overall, the UK imports more than it exports meaning that it runs a trade deficit. A deficit of £137 billion on trade in goods was partially offset by a surplus of £113 billion on trade in services in 2017. The overall trade deficit was £24 billion in 2017. Over the three months to July, the trade deficit was £3.4 billion compared with £4.7 billion in the previous three months.
The current account, which includes investment income and transfers as well as trade, saw a deficit of £79 billion in 2017, compared with £103 billion in 2016. The current account deficit was 3.9% of GDP in 2017 compared with 5.2% in 2016.
The current account deficit was £17.7 billion in Q1 2018 (3.4% of GDP), down from £19.5 billion (3.8% of GDP) in Q4 2017.
Commons Briefing papers SN02815
Author: Dominic Webb