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Source: MOLPIX, Shutterstock
Summary
- Latest data show exports to the UK from Europe fell by 27.4 per cent to €18 billion in January.
- Britain’s export to the union also fell by 59.5 per cent to €6.4 billion.
- Data from Ireland showed that exports to Ireland dropped by 65 per cent in January compared to the year ago.
UK’s Brexit woes do not seem to end anytime soon. According to the latest data from the Eurostat statistics agency of the EU, trade between Europe and the UK sank to a record low. Between January 2021 and a year ago, exports to the UK from Europe fell by 27.4 per cent to €18 billion. Britain’s export to the European Union also fell by 59.5 per cent to €6.4 billion.
It is not just trade with Europe that is getting affected because of confusion around new custom regulations post Brexit. Data from Ireland showed that exports to Ireland dropped by 65 per cent in January compared to the year ago. For January 2021, Imports from Britain, barring Northern Ireland, declined to €497 million contrasted to €1.403 billion euros for the same period a year ago. Exports to the UK from Ireland fell 14 per cent on-year to €946 million in January.
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Also read: UK border delays post-Brexit getting worse, claims study
Covid-19 restrictions have meant limited movement. Apart from that, the UK has been grappling to tackle the customs confusion. According to the post Brexit norms, businesses need to now file customs declaration for transporting goods to the EU. Documentation requirements have resulted in goods getting stuck at the borders and perishables to rot.
The January trade data holds significance as it was the first month of trade for the UK outside the European Union bloc. The UK’s trade data had last week showed that exports to the EU fell by 41 per cent in January compared to that of December. Export of food and animals to the EU recorded a fall of 64 per cent.
Also read: Make UK urges the British government to address Brexit border delays
The UK government had said that the drop in trade figures was largely because of Covid-related restrictions and teething effects of the UK’s departure from a single-market system.
Several studies done recently have shown that transporting goods from the European Union has become more painful for traders post-Brexit. Studies have also said transportation of goods have been caught up due to delays which may lead to the stock becoming expensive for consumers.
