Business & Investment

UK exports fall-18.3%-Non-EU countries do not fill holes created by Brexit

The latest UK trade value reveals that UK exports fell by more than £ 65 billion in February.Boris Johnson claims his deal leaves BritainProsperous, dynamic and happy. “ According to ParcelHero, it looks more and more reluctant.

The UK’s official trade statistics for February are a tough read for UK manufacturers and retailers. Compared to the results a year ago, commodity exports fell £ 65.3 billion and imports fell £ 64.8 billion.

David Jinks MILT, Head of Consumer Research at Parcel Hero, explains: The year-on-year collapse of exports by -18.3% highlights Brexit’s impact on the UK economy.

“It’s encouraging that UK exports rose 9.9% in February compared to January 2021 last month, but that’s very low given January’s worst-ever exports. Setting levels. February’s monthly increase in exports to the EU by £ 3.7 billion (46.6%) looks like a positive heading figure, but in January it fell by a spectacular £ 5.6 billion. Remember that there are still many deals to regain. Exports to non-EU countries in February actually fell by -10.5% compared to the previous month. Non-EU exports It could be reduced by £ 1.5 billion against the begging belief of the terrible consequences of January.

“The government can no longer argue that the latest trade results are due to a temporary post-Christmas dip or stockpile, as in the case of the January figures. These figures clarify the impact of Brexit. Even the import of goods decreased by more than £ 64 billion compared to February 2020, a decrease of -13.6%, which is a major consumer goods such as clothing, shoes and technology. Includes sales of.

“Brexiteers argued that markets such as the United States would make up for the loss of trade with the European Union. This turned out not to be the case in February. The latest government data shows Britain’s top rankings to the United States. Of the four exports, only automobile sales increased. Pharmaceuticals and pharmaceuticals fell by -42%, chemicals by -4%, and power equipment by -8%.

“When Boris Johnson signed the Brexit Agreement with the EU on December 24, he claimed that Britain was” prosperous, dynamic and happy. ” So far, UK exporters haven’t been very prosperous, dynamic and dissatisfied. UK companies continue to work on raising tariffs, delaying borders and rising shipping costs.

“Our fear is that it could get worse in the future. Remember that some of the most complex and new EU border regulations have been unilaterally postponed by the UK Government. They are ultimately Over time, it will become clear how those effects could affect these already worried trade amounts when imposed on.

UK exports fall-18.3%-Non-EU countries do not fill holes created by Brexit

https://fleet.ie/uk-exports-tumble-18-3-non-eu-countries-wont-fill-the-hole-created-by-brexit/?utm_source=rss&utm_medium=rss&utm_campaign=uk-exports-tumble-18-3-non-eu-countries-wont-fill-the-hole-created-by-brexit UK exports fall-18.3%-Non-EU countries do not fill holes created by Brexit

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