In 2021, the UK’s exports of goods and services totalled £625 billion and imports totalled £654 billion. The EU accounted for 42% of UK exports of goods and services and 45% of imports in 2021.

The UK generally imports more than it exports meaning that it runs a trade deficit. A deficit of £156 billion on trade in goods was offset by a surplus of £127 billion on trade in services in 2021. The overall trade deficit was £29 billion in 2021.

The UK had a trade deficit with the EU of £32 billion in 2021 and a trade surplus of £3 billion with non-EU countries.

The trade deficit with all countries widened to £32.5 billion in the three months to March 2022 compared with a £6.2 billion deficit in the previous three months. Exports fell by 3.3% in cash terms over this period while imports increased by 11.9%.

UK Balance of trade

The current account, which includes investment income and transfers as well as trade, saw a deficit of £60 billion in 2021, compared with £54 billion in 2020. The current account deficit was 2.6% of GDP in 2021 compared with 2.5% in 2020.

The current account deficit was £7.3 billion in Q4 2021 (1.2% of GDP), compared with a deficit of £28.9 billion (4.9% of GDP) in Q3 2021.