Compared with the second quarter of 2018 (Q2), the last stable period before the UK left the EU, total exports, including the EU, were down by 4.4% and imports by 2%.
Comparing June 2021 with June 2018, total UK exports (including to the EU) were down by 7.4% and imports by 2%.
These figures are taken from the latest trade bulletin published by the Office for National Statistics (ONS), and are, according to the British Chambers of Commerce (BCC), further signal of the dampening effect on EU-UK trade caused by the move to the new trading arrangements under the UK-EU Trade and Cooperation Agreement (TCA).
The ONS bulletin, which can be found here, shows that in Q2 2021 total imports of goods, excluding precious metals, were £12.8 billion (12.4%) higher than Q1 (January to March), with increases in imports from EU and non-EU countries.
Total imports of goods increased in June 2021, with increases in imports from EU and non-EU countries. However, total exports of goods fell in the same month, driven by falling exports to non-EU countries.
BCC Head of Trade Policy, William Bain, said: “The export data has been driven by increased sales to the EU (by 1.2%) as demand picked up following the release of lockdowns and the unbundling of pre-Brexit stockpiles — as firms begin to reorder. By contrast non-EU exports fell by 5.6% between May and June this year.”
The overall trade deficit widened in Q2 2021 to £5.7 billion, he highlighted, showing more action is needed to promote export-led growth.
