How important is the EU market to UK trade?

The EU is by far the UK’s most important trading partner. Exports to the EU made up 43% of the UK’s total exports (goods and services) in 2019 and the EU was the source of 51% of UK imports. Services accounted for 43% of UK exports. Both have exports to and imports from the EU have declined since the early 2000s. The UK had an overall trade deficit of £72 billion with the EU in 2019. A surplus of £23 billion on trade in services was outweighed by a deficit of £95 billion on trade in goods. The UK’s next largest trading partner is the US accounting for 19% of exports in 2018 and 11% of imports.

Read more about the EU’s single market here.