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Trade: Key Economic Indicators

Published Thursday, October 10, 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 £642 billion and imports totalled £680 billion. The EU accounted for 45% 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 £142 billion on trade in goods was partially offset by a surplus of £105 billion on trade in services in 2018. The overall trade deficit was £38 billion in 2018.

The UK had a trade deficit with the EU of £67 billion in 2018 and a trade surplus of £29 billion with non-EU countries.

The trade deficit with all countries narrowed to £5.0 billion in the three months to September 2019 compared with £11.4 billion in the previous three months. Exports increased by 5.6% over this period. Imports increased by 2.3% (both figures in cash terms).

Balance of trade

The current account, which includes investment income and transfers as well as trade, saw a deficit of £92 billion in 2018, compared with £72 billion in 2017. The current account deficit was 4.3% of GDP in 2018 compared with 3.5% in 2017.

The current account deficit was £25 billion in Q2 2019 (4.6% of GDP), down from £33 billion (6% of GDP) in Q1 2019.

Commons Briefing papers SN02815

Author: Ilze Jozepa

Topics: Economic situation, International trade

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