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In 2023, the UK’s exports of goods and services totalled £865 billion and imports totalled £898 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 £187 billion on trade in goods was offset by a surplus of £153 billion on trade in services in 2023. The overall trade deficit was £33 billion in 2023.

The UK had a trade deficit with the EU of £109 billion in 2023 and a trade surplus of £75 billion with non-EU countries.

The trade deficit with all countries decreased to £5.1 billion in the three months to February 2024 compared with the previous three months. Exports increased by 0.1% and imports decreased by 1.3% in cash terms over this period.

Balance of trade, goods and services

The current account, which includes investment income and transfers as well as trade, saw a deficit of £89 billion in 2023, compared with £77 billion in 2022. The current account deficit was 3.3% of GDP in 2023 compared with 3.1% in 2022.

The current account deficit increased to £21.2 billion in Q4 2023 (3.1% of GDP), compared with a deficit of £18.5 billion (2.7% of GDP) in Q3 2023.

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