Balance of payments, UK – Office for National Statistics

Data sources

Balance of payments statistics are compiled from a variety of sources, and produced using the national accounts sector and financial accounts (SFA) framework. Some of the main sources used include:

• overseas trade statistics (HM Revenue and Customs (HMRC))

• International Trade in Services Survey (ITIS) from the Office for National Statistics (ONS)

• International Passenger Survey (ONS); this was suspended between March 2020 and January 2021 because of the coronavirus (COVID-19) pandemic, and is currently undergoing transformation

• Foreign Direct Investment Survey (ONS and Bank of England (BoE))

• various financial inquiries (ONS and BoE)

• Ownership of UK Quoted Shares Survey (ONS)

Trade is measured through both exports and imports of goods and services. Data are supplied by over 30 sources, including several administrative sources, with HMRC being the largest for trade in goods. The ITIS, conducted by the ONS, is the largest single data source for trade in services.

The main source of information for UK foreign direct investment (FDI) statistics is our FDI Survey. Separate surveys are used to collect data on inward and outward FDI. This is combined with data from the BoE on the banking sector.

The statistics in this bulletin are compiled using the asset and liability measurement principle, which uses residency as the main distinction between outward and inward investments.

Changes affecting UK trade statistics

HMRC error affecting mineral fuels and oils

In this publication and our GDP quarterly national accounts, UK: July to September 2025 bulletin, we have corrected HMRC Overseas Trade (OTS) data, following the identification of an error. This correction is for exports of mineral fuels and oils and affects data back to March 2024. This release revises data back to Quarter 1 (Jan to Mar) 2024. Please see our UK trade: October 2025 bulletin for further information, including indicative impacts. In line with our National Accounts Revisions policy, we will use the corrected HMRC data in our UK trade: November 2025 release, scheduled for 15 January 2026.

Precious metals methods improvement

As previously communicated, when implementing improvements to recording trade in precious metals as part of our Methods improvements for Blue Book and Pink Book 2025, we removed the double counting of some precious metals bars and included previously under-recorded, non-monetary gold that is not in bar form. 

These improvements, however, were not fully applied to a small number of countries in 2024 and 2025 because of a processing error. For full details including indicative impacts previously published, please see our Balance of payments, UK: April to June 2025 bulletin and UK trade: October 2025 bulletin.  

We have now corrected the processing error and, in this release, we fully implement this improvement. Estimates of trade in goods for Quarter 1 2024 to Quarter 2 (Apr to June) 2025 were updated in our UK trade: August 2025 bulletin and GDP first quarterly estimate, UK: July to September 2025 bulletin. These corrected estimates were completed exceptionally outside of the usual National Accounts Revisions Policy to provide consistency between GDP and UK trade data. As a result of the corrections included in this publication, estimates are now consistent between UK trade, GDP, and balance of payments publications. 

Data collection changes

Since the UK left the EU on 31 January 2020, the arrangements for how the UK trades with the EU changed. HMRC implemented some data collection changes following Brexit, which affected statistics on UK trade in goods with the EU. We have made adjustments to our estimates of goods imports from the EU in 2021 and 2022 to account for these changes, however, a structural break remains in the full time series for goods imports from and exports to the EU from January 2021. 

We therefore advise caution when interpreting and drawing conclusions from these statistics. Our Impact of trade in goods data collection changes on UK trade statistics: summary of adjustments and the structural break from 2021 article provides more detail. 

International trade in services estimates

From September 2025 until early 2027, International trade in services survey (ITIS) data, which account for approximately 50% of total trade in services, are being processed once per quarter. During this period, the data are based on a survey response rate of approximately 60% to 70%. This enables more focus on improving processing systems and ensuring methods and quality in the future.

The ITIS data that currently inform trade in services estimates are based on benchmarked annual 2023 survey data and quarterly ITIS survey data for periods from Quarter 1 (Jan to Mar) 2024 onwards. We will incorporate benchmarked annual 2024 data in the future, in line with the National Accounts Revisions Policy.

The International Passenger Survey (IPS), which is the source of travel services estimates, accounting for approximately 8% of total trade, is being transformed under our travel and tourism project. The travel services estimates have been forecast since Quarter 3 2024, and will be forecast during travel and tourism transformation.

Financial sector statistics

Our Financial Services Survey (FSS) transformation will improve the quality of our financial sector statistics. During the period of transformation, starting from Quarter 1 2024, financial services statistics in this release are based on forecasts.

Quality and methodology

More quality and methodology information on strengths, limitations, appropriate uses, and how the data were created is available in our Balance of payments quality and methodology information (QMI).

We will continue to produce our UK balance of payments statistics in line with the UK Statistics Authority’s Code of Practice for Statistics, and in accordance with internationally agreed statistical guidance and standards. This is based on the International Monetary Fund’s Balance of Payments and International Investment Position Manual: Sixth Edition (BPM6) (PDF, 3.0MB), until those standards are updated.

Accredited official statistics

These accredited official statistics were independently reviewed by the Office for Statistics Regulation in December 2011. They comply with the standards of trustworthiness, quality and value in the Code of Practice for Statistics and should be labelled “accredited official statistics”.

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