Balance of payments

The balance of payments is a measure of Britain’s trading position in relation to the rest of the world. Exports and imports (visible trade) in addition to invisibles (including tourism, banking and insurance) are taken into account in determining the balance of payments. This balance illustrated whether the UK has a surplus of income over expenditure of deficit:

Year

Visible Exports

Visible Imports

Visible Balance

Invisible Balance

Current Balance

(-deficit/+surplus)

1965

4848

5071

-223

+198

-27

1970

8121

8163

-42

+818

+776

1975

19463

22699

-3236

+1615

-1621

1980

47389

46211

+1178

+228

+3206

1981

50977

47325

+3652

+3652

+7272

1982

55565

53181

+2384

+3167

+5551

1983

60658

61158

-500

+2549

+2049

1984

70367

74751

-4384

+5858

+1474

1985

78111

80289

-2178

+5097

+2919

1986

72843

81306

-8463

+7483

-980

1987

79421

90350

-10929

+7106

-3822

1988

80602

101428

-20826

+6154

-14762

1989

92526

115638

-23112

+2261

-20851

1990

102038

120713

-18675

+4295

-14380

1990

103804

113770

-9966

+4187

-5779