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Trade: Key Economic Indicators

Published Tuesday, September 11, 2018

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

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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

Topics: Economic situation, International trade

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