United Kingdom total trade value 2016-2019

UK trade has been a much-discussed topic particularly in the aftermath of the Brexit referendum of June 2016. Since the second quarter of 2016, the total trade deficit of the UK has widened, reaching 23 billion British pounds by the end of the first quarter of 2019. As it is, United Kingdom imports goods more than it exports them, with the EU collectively being a sizable import market for the country.  

UK’s EU and non-EU trade

  UK runs a trade deficit with the EU, but this is not the case regarding trade with countries outside the European Union. Since 2012, the value of UK goods exported to non-EU countries has persistenly been greater than imports made from these countries, resulting in a healthy trade surplus.   

The Great Unknown: international UK trade after Brexit

  When talking about UK international trade, Brexit is a subject too hefty to avoid. Among possible scenarios that the Brexit conundrum induced, international trade without the advantages of full membership in the single market is an unknown that complicates the already nightmarish state of affairs. Currently, the UK government has been seeking to renew a number of trade agreements that come automatically with EU membership, such as Free Trade Agreements (FTA) and Economic Partnership Agreements (EPA). At the same time, the possibility is still there that the UK might have to trade under World Trade Organisation (WTO) terms, which means that tariffs on certain goods and services will apply.

United Kingdom (UK) total trade from 2nd quarter 2016 to 4th quarter 2019, by trade value (in million GBP)*

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Source

Release date

December 2019

Region

United Kingdom

Survey time period

2nd quarter 2016 to 4th quarter 2019

Supplementary notes

* Seasonally adjusted.

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Statistics on "Trade in the UK"

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