Trade with the EU

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February export figures releasedThe Office for National Statistics has released figures showing that UK trade with the EU recovered strongly in February, with exports increasing by £3.7bn, or 46.6%, after a £5.7bn decline a month earlier. Exports to the EU have bungeed back up, though they are still £2bn a month down on pre-Brexit levels. However, the end of the transition period and the imposition of much more EU red tape at customs borders has hit the EU far harder than the UK. Imports from the EU into the UK remain more than £5bn a month down on pre-Brexit levels, the drop almost two a half times the drop in exports. Anyone who had studied the figures pre Brexit cold have predicted that Brexit would create a greater impact on the EU than the UK because the amount the UK imports fro the EU far exceeds the amount we export to the EU.

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