Trade: Key Economic Indicators

In 2023, the UK’s exports of goods and services totalled £861 billion and imports totalled £876 billion. The EU accounted for 41% of UK exports of goods and services and 51% of imports in 2023.

The UK generally imports more than it exports meaning that it runs a trade deficit. A deficit of £188 billion on trade in goods was partly offset by a surplus of £173 billion on trade in services in 2023. The overall trade deficit was £15 billion in 2023.

The UK had a trade deficit with the EU of £95 billion in 2023 and a trade surplus of £80 billion with non-EU countries.

The trade deficit with all countries widened to £18.6 billion in the three months to July 2024 compared to £10.2 billion in the previous three months. Exports increased by 0.2% and imports increased by 4.0% in cash terms over this period.

The current account, which includes investment income and transfers as well as trade, saw a deficit of £53 billion in 2023, compared with £53 billion in 2022. The current account deficit was 2.0% of GDP in 2023 compared with 2.1% in 2022.

The current account deficit widened to £28.4 billion in Q2 2024 (4.0% of GDP), compared with £13.8 billion in Q1 2024 (2.0% of GDP).

This briefing is part of our Economic Indicators series. Visit the main Economic Indicators page to see data on other parts of the economy.