Latest statistics on UK's trade performance and balance of payments.Jump to full report >>
In 2014, the UK’s exports of goods and services totalled £515 billion and imports totalled £550 billion. The EU accounted for 44% of exports of goods and services in 2014 and 53% of imports.
Overall, the UK imports more than it exports, meaning that it runs a trade deficit. A surplus on trade in services is more than offset by deficit on trade in goods.
In 2014, the trade deficit was £34.5 billion (1.9% of GDP). The surplus on trade in services was £89.1 billion and the deficit on trade in goods was £123.7 billion.
The trade deficit in Q3 2015 was £8.5 billion (Q2: £3.5 billion).
The current account, which includes investment income and transfers, as well as trade, saw a deficit of £92.9 billion in 2014, up from £77.9 billion in 2013. This is an increase from 4.5% to 5.1% of GDP. The 2014 deficit is a record high. The 2013 deficit is the second highest on record.
The current account deficit fell sharply in Q2 2015 to £16.8 billion compared with £24.0 billion in Q1, mainly due to a fall in the trade deficit.
Commons Briefing papers SN02815
Author: Dominic Webb