Exports from Britain to the European Union but also the country’s imports from the EU during the first month of London’s new trade relationship with the European bloc, according to data released today.
Exports of products to the EU, excluding non-monetary gold and other precious metals, recorded a 40.7% dip in January, as announced today by the national statistical office ONS. Imports decreased by 28.8%.
The ONS, as pointed out by AMPE, had already warned that the blow to trade due to its pandemic COVID-19 makes it difficult to assess the impact of the new customs regulations implemented in January due to the Brexi. He said, however, that there were indications that this affected trade earlier this year.
According to the ONS, there is evidence to suggest that “part of the slowdown in trade in goods in early January 2021 can be attributed to the disruption caused by the end of the transition period”.
The statistics show that the weak data probably reflect a period of rest after the supply and storage of large quantities of products in November and December in view of the end of the transitional period of Brexit, while also pointing to the new nationwide lockdown which was imposed in Britain due to the coronavirus and which started in January.
“All of these are factors that potentially contributed to the decline in trade in goods in January,” the ONS said.
The deficit in Britain’s overall trade balance of goods, including outside the EU, shrank to ,8 9.826 billion in January from 14 14.315 billion in December.
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