UK exports to EU hit record 20 billion barrels in 20 months

UK exports to EU hit record 20 billion barrels in 20 months

The UK exports to EU countries fell by a record 20 billion barrels in just 20 months, according to new figures.

Sales to the EU fell more significantly in 2021 than exports to other countries in the world, the ONS data shows, as the UK to EU exports plunged 12 per cent between January and December of last year, compared to the previous year.

Non-EU exports were down by 6 per cent.

Exports were down by 10 per cent. The main reasons for supply chain disruption, new trade barriers and additional red tape were cited.

Annual UK goods imports from outside the EU have exceeded the value of those in the EU for the first time since ONS records began in 1997.

The global fuel imports from the UK's closest trading bloc in 2021 compared to 22.2 billion bn from all other countries in the UK in the year 2021 were reversed as the end of the transition period combined with an increase in global fuel imports reversed the historical trend, according to the latest data from Ebury.

Cornelius Clarke, head of desk supporting UK SMEs at Ebury, said the figures were tangible proof of the impact of Brexit on the UK's trading patterns.

Clarke told Business Matters that the end of the Brexit transition period has impacted trading relationships that many UK businesses have with their EU counterparts.

He said that the limitations faced by lorry drivers in response to the Alpha variant at the beginning of 2021 and the global supply chain bottlenecks were other factors at play.

In 2021, Chinese imports reached an all-time high despite the rise in shipping costs indicating that UK businesses are already diversifying their supply chains.

Clarke concluded that the ongoing free-trade negotiations with India could present a significant opportunity for UK importers to lower costs and barriers to trade with a growing global economic superpower.