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Trade: Key Economic Indicators

Published Monday, February 11, 2019

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

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In 2018, the UK’s exports of goods and services totalled £629 billion and imports totalled £662 billion. The EU accounted for 45% 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 £139 billion on trade in goods was partially offset by a surplus of £106 billion on trade in services in 2018. The overall trade deficit was £32 billion in 2018.

The UK had a trade deficit with the EU of £61 billion in 2017 and a trade surplus of £37 billion with non-EU countries.

The trade deficit with all countries widened by £0.9 billion to £10.4 billion in the three months to December 2018 compared with the previous three months. Exports increased by 0.6 % over this period. Imports increased by 1.1% (both figures in cash terms).

The current account, which includes investment income and transfers as well as trade, saw a deficit of £68 billion in 2017, compared with £103 billion in 2016. The current account deficit was 3.3% of GDP in 2017 compared with 5.2% in 2016.

The current account deficit was £26.5 billion in Q3 2018 (5% of GDP), up from £20.0 billion (3.8% of GDP) in Q2 2018.

 

Commons Briefing papers SN02815

Author: Ilze Jozepa

Topics: Economic situation, International trade

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