Value of trade in the UK 1997-2024

In the second quarter of 2024, the value of exports from the United Kingdom amounted to approximately 214.7 billion British pounds, while imports to the country amounted to around 233.5 billion pounds, resulting in a trade deficit of almost 18.8 billion pounds in this quarter. During this time period, the value of UK exports was highest in the fourth quarter of 2022, with the value of imports peaking in the third quarter of 2022. 

The UK's main trade partners

Despite the UK leaving the EU in 2020 following the Brexit referendum of 2016, Europe remains the main destination for UK exports, with almost half of UK exports heading there in 2023. During the same year, just over 60 percent of imports came from European countries, compared with around 17.9 percent from countries in Asia, and 11.8 percent from the Americas. In terms of individual countries, the United States was the UK's leading export partner for both goods and services from the UK, while Germany was the main source of UK goods imports, and the U.S. for service imports. 

Brexit rethink under Starmer?

Although generally more pro-European than the previous government, the new Labour government, led by Keir Starmer, does not plan to rejoin the European Union, or the Single Market.  Public opinion, while gradually turning against Brexit recently, has not coalesced around a particular trading relationship. In late 2023, a survey indicated that while 31 percent of British adults wanted to rejoin the EU, a further 30 percent wanted to simply improve relations with the EU, instead of rejoining. Just 11 percent of respondents wanted to join the single market but not the EU, while 10 percent were happy with the relationship as it was.