By DEBORA ARU O

VER half of the UK’s trade, worth a colossal £314.5bn a year, comes from countries in the European Union.

Seven of our top 10 trading partners worldwide are in the EU - with the only others being America, China, and Switzerland.

With negotiations underway, our arrangements with the rest of Europe remain shrouded in doubt. What is clear is that the EU is the currently the UK’s most important foreign marketplace The UK does an annual total of £625.7bn of trade including both imports and exports - and 50.2% of that is with the EU. In terms of individual nations, America is actually our top trade partner, with £34.2bn of business between the two countries in the 12 months to September.

But Germany is close behind in second, at £27.2bn.

France (£18.7bn) is third, followed by the Netherlands (£15.5bn). China is in 7th place, with £12.2bn.

Out of the world’s top 25 economies, the UK does the least trade with India, Norway and Russia.

Imports and export deals with India were worth £2.9bn in the 12 months to September.

The UK and Norway had £2.3bn of trade, while the UK and Russia had £2.2bn.

Generally the UK imports more than it exports.

In the last 12 months the country has imported £370bn of good and exported £255.6bn.

The EU accounts for 51.9% of UK imports - at £192.1bn - and 47.8% of all exports - at £122.4bn.

In terms of what goods we trade with Europe, vehicles - not including trains or trams - top the list, with a value of £50.7bn.

Currently, the UK is part of the single market - where all EU countries are treated as one marketplace, without borders, tariffs or regulatory obstacles. It means members can trade for free with other EU countries under a single set of rules. But Brexit means the UK’s future in the single market is uncertain - it’s unclear what sums the UK would have to pay to be allowed to remain part of the single market once we become an independent trading nation.