UK Trade in Goods and Services with the World (1998-2017)
Chart 3 – UK Trade in Goods and Services with the World (1998-2017)
Source: ONS UK Trade (March 2018), current prices.
Trade in goods represented 64% of all UK trade and 55% of UK exports in 2017(4).
International trade in goods is subject to a wide range of tariff and non-tariff measures. These can significantly increase the costs and difficulties associated with international trade. Higher costs reduce the profitability of international trade, raise prices and reduce consumer choice globally.
4. ONS UK Trade (March 2018), current prices.
Services are increasingly important for the UK economy, accounting for 79% of UK GDP in 2016.(9) Service sectors are also very important for UK trade. The UK consistently exports more services than it imports and ran a surplus in services trade of £112bn in 2017.(10) In gross terms, services exports accounted for around 45% of total UK exports in 2017. However, when measured on a value-added basis, around two-thirds of the value of UK exports originate from services sectors.(11)
This means that services provide an important source of inputs which are used to make UK exports.
9. ONS UK gross domestic product (output approach) low-level aggregates
10. ONS UK trade: goods and services publication tables
11. OECD Trade in Value Added dataset.
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