Historical trend
Trend summary
The UK recorded a goods and services trade deficit of £3.1bn in the three months to December 2024.
Trend
- The UK has run a persistent trade deficit in goods, partly offset by a surplus in services, since the 1980s.
- The services surplus has widened over the past decade, reflecting growth in financial, legal, and technology exports.
- The goods deficit widened following the post-Brexit adjustment period in trade flows with the EU.
Context
- ONS trade statistics are subject to large revisions, particularly for services.
- UK trade data excludes trade in non-monetary gold and other non-monetary assets.
Commentary contains no editorial judgement — describes direction, magnitude, and official projections only.