Following the release of new data showing that UK exports to the EU in January plummeted by 40.7%, while imports dropped by 28.8%, business associations have voiced concerns that Brexit could have a lasting impact on trade levels.
Figures from the Office for National Statistics (ONS) reveal that from December 2020 to January 2021, UK goods exports and imports to the EU plunged by £5.6bn and £6.6bn respectively, marking the largest monthly fall since comparative records began.
The biggest drops in exports to the EU were seen in the chemicals – particularly medicinal and pharmaceutical products – sector, which decreased by £1.6bn, as well as the machinery and transport equipment sector, which fell by £1.2bn.