Trade: Key Economic Indicators

In 2020, the UK’s exports of goods and services totalled £572 billion and imports totalled £582 billion. The EU accounted for 42% of UK exports of goods and services and 52% of imports in 2019.

The UK generally imports more than it exports meaning that it runs a trade deficit. A deficit of £116 billion on trade in goods was partially offset by a surplus of £106 billion on trade in services in 2020. The overall trade deficit was £10 billion in 2020.

The UK had a trade deficit with the EU of £80 billion in 2019 and a trade surplus of £52 billion with non-EU countries.

The trade deficit with all countries widened to £17.5 billion in the three months to December compared with a £3.9 billion deficit in the previous three months. Exports grew by 0.5% over this period. Imports increased by 10.1% (both figures in cash terms).

The current account, which includes investment income and transfers as well as trade, saw a deficit of £69 billion in 2019, compared with £79 billion in 2018. The current account deficit was 3.1% of GDP in 2019 compared with 3.7% in 2018.

The current account deficit was £15.7 billion in Q3 2020 (2.9% of GDP), compared with a deficit of £11.9 billion (2.5% of GDP) in Q2 2020.