In its trade latest bulletin, covering April 2022, the Office for National Statistics (ONS) has shown that total exports of goods, excluding precious metals, increased by £2.2 billion (7.4%) compared with March 2022, driven by a £1.2 billion (8.1%) increase in exports to EU countries.
Exports to non-EU countries increased by £0.9 billion (6.5%) it goes on, in the bulletin available HERE.
Goods exports to the EU reached £16.4 billion in April 2022, their highest level in current prices since the series began in 1997.
The ONS points out that the UK leaving the EU and the subsequent transition period, along with the impact of Covid-19, global recession and supply chain disruption, have caused higher levels of volatility in trade statistics in the past two years.
It continues to be difficult to assess the extent to which trade movements reflect short-term trade disruption or longer-term supply chain adjustments, the ONS warns.
Responding to the latest figures, British Chambers of Commerce (BCC) Head of Trade Policy, William Bain, said that it was heartening to see an increase in the rate of exports to the EU and the rest of the world.
However, he continued, further progress is needed to meet the Office of Budget Responsibility’s (OBR) forecast of a net increase in UK exports of 9% across the whole of 2022.
“On the import side,” he warned, “there are early signals on the potential for delays, due to Covid outbreaks centred around major ports in China, which may impact the flow of certain goods into the UK.”
