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 £617 billion and imports totalled £651 billion. The EU accounted for 43% of UK exports of goods and services and 54% of imports in 2016.
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 £104 billion on trade in services in 2017. The overall trade deficit was £33.7 billion in 2017.
The trade deficit with all countries widened to £10.8 billion in the three months to December 2017 compared with £7.0 billion in the three months to September 2017 . Exports increased by 0.2% over this period. Imports increased by 2.5% (both figures in cash terms).
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