Goods exported from the UK to the European Union (EU) fell by 40%, while imports from EU nations to the UK fell by roughly 29% according to the Office for National Statistics (ONS) in London.
The value of the goods exported by the UK to the EU fell by 5.6 billion pounds, with imports falling by a slightly larger 6.6 billion pounds. The most affected industries were car exports and medical/pharmaceutical products.
This is the largest drop in import/export trade between the EU and British nation since record keeping began back in 1997. The ONS contributed the sharp decline to “temporary factors” like pandemic lockdowns.
The UK posted a reduction of about 3% in their GDP following the institution of their third lockdown, which started in late December. The UK economy is approximately 9% smaller than it was at the onset of COVID-19.
© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.