Trade in goods and services: Economic indicators

Economic indicators are quick-read summaries of the latest data focusing on different aspects of the UK economy. The full suite of indicators can be found on the main Economic Indicators page.

In 2023, the UK’s exports of goods and services totalled £844 billion and imports totalled £866 billion. The EU accounted for 41% of UK exports of goods and services and 52% of imports in 2023.

The UK generally imports more than it exports meaning that it runs a trade deficit. A deficit of £186 billion on trade in goods was partly offset by a surplus of £164 billion on trade in services in 2023. The overall trade deficit was £21 billion in 2023.

The UK had a trade deficit with the EU of £99 billion in 2023 and a trade surplus of £77 billion with non-EU countries.

The trade deficit with all countries increased to £11.0 billion in the three months to November 2024 compared to £7.3 billion in the three months to August. Exports decreased by 4.5% and imports decreased by 2.7% in cash terms over this period.

The current account, which includes investment income and transfers as well as trade, had a deficit of £60 billion in 2023, compared with £53 billion in 2022. The current account deficit was 2.2% of GDP in 2023 compared with 2.1% in 2022.

The current account deficit narrowed to £18.1 billion in Q3 2024 (2.5% of GDP), compared with £24.0 billion in Q2 2024 (3.4% of GDP).

Next updates

This page is updated when new data is published. The next source updates will be:

• ONS, UK Trade, 13 February 2025

• ONS, UK Balance of Payments, 28 March 2025