Significant decline in bilateral trade between UK and EU
The latest data from the UK Office for National Statistics shows that due to the impact of the “Brexit” superimposed epidemic, compared with 2018 before the official “Brexit” process began, the UK’s total merchandise exports to the EU in 2021 will decrease by 20 billion pounds. According to the latest figures from HMRC, the number of UK businesses exporting to the EU has fallen from 27,321 in 2020 to 18,357 in 2021.
The EU is the UK’s largest trading partner. After “Brexit”, British companies face many trade barriers when exporting goods to the EU, and the tension between the UK and the EU has also hindered the growth of trade. British media believe that in the short term, the reasons for the continued decline in British exports to the EU are partly due to a series of complicated document procedures such as customs and border inspections that have been added after “Brexit”. Suppliers also need time to familiarize themselves with the new requirements. In the short term, there will be a backlog of goods at customs. At present, there are often long queues of lorries at the British border.British Trade and Commerce Committee co-chairman Hillary Ben said that action is needed to address the new trade barriers after Britain’s “Brexit” to save the British economy continues to decline.