BRITISH Chambers of Commerce yesterday flagged continuing concern over the weakness of UK goods exports to the European Union after data showed a sharp month-on-month fall in January.
Overall UK goods exports to the EU last year, following the country’s departure from the European single market, were down around 12 per cent on 2018 levels at £152 billion, official figures showed last month. The Office for National Statistics has said that “comparing 2021 with equivalent 2018 data provides comparisons of trade with our most recent ‘stable’ period”.
Seasonally adjusted data published yesterday by the ONS showed UK goods exports to the EU in January, excluding precious metals, were down £3bn or 20.7% on December.
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British Chambers noted comparisons “must be made with care” because the ONS had changed data collection methods since January 1. However, the business organisation added: “The ONS assesses that two-thirds of the fall in goods exports was attributable to these collection method changes. This means at least £1bn of the fall in goods exports in January is down to wider trade flow reasons.”
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British Chambers head of trade policy William Bain said: “It is noteworthy that exports to the EU continued to fall in January this year.
“ONS business insights and conditions data match our own, suggesting more traders experienced difficulties with paperwork on EU exports as 2021 went on, and in the early part of 2022. This is having a major effect on trade.”
The ONS noted yesterday that its business insights and conditions survey, published in February, showed “67% of exporters and 72% of importers faced challenges in late January to early February 2022 with additional paperwork, change in transportation costs and customs duties or levels being the top challenges for traders”.
It added that this compared with 64% of exporters and 61% of importers reporting trade challenges in January to February 2021.
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