HMS Exeter was the second and last York-class heavy cruiser built for the Royal Navy during the late 1920s. Aside from a temporary deployment with the Mediterranean Fleet during the Abyssinia Crisis of 1935–1936, she spent the bulk of the 1930s assigned to the Atlantic Fleet or the North America and West Indies Station. When World War II began in September 1939, the cruiser was assigned to patrol South American waters against German commerce raiders. Exeter was one of three British cruisers that fought the German heavy cruiser Admiral Graf Spee, later that year in the Battle of the River Plate. She was severely damaged during the battle, and she was under repair for over a year.

The York class was the second and final class of heavy cruisers built for the Royal Navy under the terms of the 1922 Washington Naval Treaty. They were essentially a reduced version of the preceding County class, scaled down to enable more cruisers to be built from the limited defence budgets of the late 1920s.