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The United Kingdom exported goods worth £8.1 billion ($11.3 billion) to the European Union in its first month completely outside the bloc, a 41% decline compared to December, according to the Office for National Statistics. The drop off in trade is similar when compared to January 2020, ONS data shows.
Imports from the bloc tumbled 29% to £16.2 billion ($22.6 billion) in January compared with the previous month, when UK companies stockpiled goods ahead of the end of the Brexit transition period. The import and export figures do not include trade in gold and other precious metals.
The plunge in activity with its biggest trading partner led to the largest monthly declines in Britain’s overall goods imports and exports since 1997, the ONS said.
Since the United Kingdom completed its departure from the European Union on December 31, British exporters have had to contend with new border checks and customs processes that have delayed shipments to Europe. Prime Minister Boris Johnson’s…
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