Brexit Britain: UK exports to EU reach highest level on record

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New figures from the Office of National Statistics show British exports to the EU have reached their highest level on record driven primarily by increases in fuels, British made machinery and transport equipment.

The most recent statistics show UK exports to the EU reached £16.4 billion in April 2022, their highest level in current prices since the series began in 1997.

The ONS data showed that total exports of goods, with the exception of precious metals, increased by £2.2 billion, or 7.4 percent, in April 2022 compared with the previous month. 

A £1.2 billion (8.1 percent) rise in exports to EU markets drove this growth. Exports to non-EU countries were up by £0.9 billion (6.5 percent) month on month.

As far as imports were concerned, the total value of foreign goods (excluding precious metals) coming into the UK increased by £0.4 billion (0.7 percent).

Again, this trend was fuelled by trade with EU countries, imports from which were up by £1.1 billion (4.2 percent) in April. Imports from non-EU nations, meanwhile, declined by £0.7 billion (2.6 percent).

Responding to the latest data, William Bain, head of trade policy at the British Chambers of Commerce said:

“It is heartening to see an increase in the rate of exports to the EU and the rest of the world. Nevertheless, continued progress is needed to meet the Office of Budget Responsibility’s forecast of a net increase in UK exports of nine percent across the whole of 2022.”

Mr Bain noted the “welcome” increase in exports to the EU was driven by fuels, machinery and transport equipment.

Source: OSN

Photo credit: Pippa Fowles / No 10 Downing Street.

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