April 10, 2021

Lakefront Hartwell

Complete News World

Brexit effects: Trade between the EU and Great Britain fell in January

Commodity trade between the EU and Great Britain fell in the first month of the British exit from the European market. EU exports to Great Britain fell 27.4 percent in January compared to the same month last year, the statistics agency Eurostat announced on Thursday. British exports to Europe also fell by 59.5 per cent. As a result, foreign trade surplus with Great Britain rose to 6 11.6 billion from .0 9.0 billion in the same period last year.

The 27 EU countries are said to have exported goods worth 18 billion euros to former member states. Meanwhile, British exports to the EU stood at 6.4 billion euros.

Last week, British statistics showed that exports to the EU fell by 41 per cent and imports by 29 per cent. Differences in methods can explain the differences: Due to the special Brexit regulation for Northern Ireland, Eurostat reports trading with the British province differently than in other parts of the UK.

As a result of Brexit, Great Britain withdrew from the EU internal market and customs on January 1. Additional methods and surcharges had a major impact on trade. There were also travel restrictions and order delays due to the corona epidemic.

Due to the epidemic, trade with other countries also declined. According to Eurostat, EU imports from third countries fell by 16.9 percent in the first month of the year, while exports fell by 10.8 percent. Overall, the EU recorded a trade surplus of 8. 8.4 billion in January, compared to a deficit of 2. 2.2 billion in the same month last year.

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