UK exports to Europe drop 40% in January

Lorry at port

UK exports to the European Union fell 40.7% in January, based on the Workplace for Nationwide Statistics (ONS), whereas imports tumbled.

The figures are the primary because the introduction of latest buying and selling guidelines between the UK and the EU.

Regardless of the sharp fall, the ONS mentioned it was “doubtless the results of non permanent components”.

In the meantime, new information confirmed the UK financial system shrank by 2.9% in January because the third lockdown got here into pressure.

The financial system is 9% smaller than it was earlier than the beginning of the coronavirus pandemic.

The ONS mentioned January’s fall was a “notable hit” albeit smaller than some had anticipated.

Retailers, eating places and hairdressers have been all affected by the newest Covid-19 lockdown.

“Manufacturing additionally noticed its first decline since April with automobile manufacturing falling considerably,” mentioned Jonathan Athow from the ONS.”Nevertheless, will increase in well being providers from each vaccine rollout and elevated testing partially offset the declines in different industries.”He additionally pointed to a fall in each imports and exports to the EU, which fell “markedly” in January.

Exports of products fell by £5.3bn in January 2021, whereas imports fell by £8.9bn.

The top of the Brexit transition interval occurred as a brand new pressure of Covid-19 emerged within the UK, requiring lorry drivers to take assessments to cross the border on the English Channel.

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