New figures from the EU Commission’s official statistics agency show the UK’s exporters have grown their EU business by 62% so far this year “despite Brexit.”

In contrast the EU’s trade deficit with the rest of the world has exceeded €300 billion for the first time.

Analysis from the CIBUK and Facts4EU shows the UK’s exports to the EU continue to rocket while the EU’s international trade balance continues to plummet.

Analysing the figures Deputy Chairman of the European Research Group David Jones MP said:

“The findings confirm that the UK never had any reason to doubt its own ability to thrive outside the EU, and that the British people made absolutely the right decision when they voted to leave.”

The former Minister added:

“This is an important piece of research from CIBUK and its affiliate Facts4EU.Org, and it would be good if the mainstream media caught up with it.

“Both before and after the referendum, we were told that UK trade with the EU would be irretrievably damaged by our departure. That has now been comprehensively debunked. UK exports to the EU are up strongly. At the same time, the EU’s external trade balance is collapsing alarmingly.”

The analysis shows the EU’s trade balance with the rest of the world declining to such an extent in August their trade deficit with the rest of the world had exceeded €300 billion.

[Source: EU Commission’s official statistics agency, 14 Oct 2022.] © Brexit Facts4EU.Org 2022

The UK on the other hand has secured £240 billion worth of trade per year (63.2% of the UK’s total trade) since leaving the bloc and now has 71 non-EU trade deals in place in addition to the 27 with EU member states.

Not stopping there Britain is currently working on various deals including free trade negotiations between the UK and the Gulf Cooperation Council (GCC), made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

Equivalent to the UK’s seventh largest export market, the GCC bloc’s demand for international products and services is expected to grow rapidly to £800 billion by 2035, a 35% increase – opening huge new opportunities for UK businesses.

A free trade deal would also open the door to increased investment from the Gulf, supporting and creating jobs across the country.

Another huge win for Britain would be joining the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership) which would deepen the UK’s access to fast-growing markets and major economies, including Mexico, Malaysia and Vietnam, for the benefit of UK business.

Joining the £9 trillion partnership will cut tariffs for UK industries including food and drink, and cars, while also creating new opportunities for modern industries like tech and services, ultimately supporting and creating high-value jobs across the UK. Unlike EU membership, joining does not require the UK to cede control over our laws, borders, or money.

UK trade with the group was worth £111 billion in 2019, growing by 8% a year since 2016.

Source: CIBUK 

2 COMMENTS

  1. 62% on which previous level?

    What is the current value of exports to EU compared to value of exports to EU in 2019?

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