UK 🇬🇧 goods trade suffered steepest five-year fall on record, thanks to Brexit reducing flows both into and out of Britain.
🆘 The volume of UK goods imports and exports was 7.4% smaller in 2023 than in 2018, the largest five-year decline in goods trade since comparable records began.
The ONS reported that the volume of imports fell 7.4% compared with 2022 and was down 3.8% compared with 2018.
Meanwhile, exports fell 4.6% year on year, with substantial drops in exports to both EU and non-EU countries. Over five years, export volumes fell 12.4%.
Emily Fry, economist at the Resolution Foundation think-tank, said after years of data being affected by the pandemic and the energy price shock, the 2023 figures were a real “big sign” of the impact of Brexit.
“A clear implication of this [data] is that the new trade barriers that were put in place by Brexit are having an effect on trade,” she said.
Economists point out that the performance of the UK goods trade has been worse than that of other advanced countries.
“The UK’s weak trade performance is unusual among advanced economies,” said John Springford, deputy director of the Centre for European Reform think-tank.
He added that most countries saw an increase in goods trade after the pandemic, but “the UK did not participate in the boom thanks to the trade barriers that it imposed upon itself”.
“The obvious culprit is Brexit,” he said.
ft.com/content/6d044f…
https://x.com/lizwebstersbf/status/1764030759973576883?s=46&t=Uw4lJNwxFZFnX0Xs3doHYg
From Liz Webster of Save British Farming.
Huge shame Labour isn't ready to state its time to rejoin single market (that we were supposed to have access to according to majority of 2016 Brexiteers)