Trade: Key Economic Indicators

Ilze Jozepa

Trade: Key Economic Indicators

Published Wednesday, July 10, 2019

Latest statistics on UK's trade performance and balance of payments

In 2018, the UK’s exports of goods and services totalled £634 billion and imports totalled £665 billion. The EU accounted for 46% of UK exports of goods and services and 53% of imports in 2018.

Overall, the UK imports more than it exports meaning that it runs a trade deficit. A deficit of £138 billion on trade in goods was partially offset by a surplus of £107 billion on trade in services in 2018. The overall trade deficit was £31 billion in 2018.

Balance of trade

The UK had a trade deficit with the EU of £64 billion in 2018 and a trade surplus of £33 billion with non-EU countries.

The trade deficit with all countries narrowed to £12.6 billion in the three months to May 2019 compared with £15.5 in the previous three months. Exports increased by 0.7 % over this period. Imports dropped by 1.9 % (both figures in cash terms).

The current account, which includes investment income and transfers as well as trade, saw a deficit of £82 billion in 2018, compared with £68 billion in 2017. The current account deficit was 3.9% of GDP in 2018 compared with 3.3% in 2017.

The current account deficit was £30.0 billion in Q1 2019 (5.6% of GDP), up from £23.7 billion (4.4% of GDP) in Q4 2018.

Commons Briefing papers SN02815

Author: Ilze Jozepa

Topics: Economic situation, International trade