Greatest fall since 1997: UK commerce with EU dives in first month of latest Brexit ties

Exports and imports from Britain to the European Union plunged in January – the primary month of the nation’s new commerce relationship with the bloc – in accordance with knowledge printed Friday by the Workplace for Nationwide Statistics (ONS).

Information confirmed that exports of products to the EU, excluding non-monetary gold and different valuable metals, plummeted by 40.7 % in January, whereas imports tumbled 28.eight %.

The figures present the “largest” month-to-month fall since data started in 1997, mentioned the ONS. It had beforehand warned that the hit to commerce from the Covid-19 pandemic would make it tough to determine a Brexit affect from new customs preparations in January’s knowledge. It, nonetheless, added there have been indicators that this harm commerce in the beginning of the yr. “Exterior proof suggests a few of the slower commerce for items in early January 2021 may very well be attributable to disruption attributable to the tip of the transition interval,” the ONS mentioned.

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It additionally famous that firms had been stockpiling forward of the tip of the Brexit transition interval, and will have been utilizing up that inventory as a substitute of shopping for new items in January.
Official knowledge confirmed on Friday that Britain’s financial system shrank by a much less extreme than anticipated 2.9 % in January from December because the nation went again right into a coronavirus lockdown.

“The financial system took a notable hit in January, albeit smaller than some anticipated, with retail, eating places, faculties and hairdressers all affected by the most recent lockdown,” mentioned ONS statistician Jonathan Athow.

Based on the information, the UK financial system shrank by 9.2 % year-on-year in January.

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