EU-UK trade plunges after Brexit

Brussels, (Asian independent)┬áTrade in goods between the European Union (EU) and the UK has been deeply affected by Brexit, according to figures published by Eurostat, the bloc’s statistical office.

In the first two months of 2021, exports from the bloc to the UK fell 20.2 per cent compared to last year, while the EU’s imports from the UK recorded an even sharper decrease of 47 per cent, the figures published on Friday revealed.

As the Brexit transition period ended on December 31, 2020, duties are now imposed on goods traded across the English Channel, which discourages customers on both sides, reports Xinhua news agency.

The UK remained the EU’s third largest trading partner in January and February, following China and the US.

The EU’s imports from China grew 13.6 per cent year-on-year in the first two months, while its exports to China went up 9.3 per cent, according to Eurostat.

The bloc’s international trade has been heavily affected by the Covid-19 pandemic, causing a sharp decrease from February 2020 onward and a patchy recovery since then.

In February, the EU’s exports to the rest of the world fell 3.6 per cent and its imports dropped by 3 per cent compared to the same month of 2020.

Intra-EU trade remained unchanged in February year-on-year.