EU trade figures recover in February, but have yet to rise above pre-pandemic levels, ONS reveals

Exports to the EU recovered in February, but are still far below pre-pandemic levels, official figures have revealed.

The research, published by the Office for National Statistics (ONS), is among the first to highlight the true impact of the pandemic and other factors on international trade.
According to the report, exports of goods to the EU – not including non-monetary gold and other precious metals – “partially rebounded” in February 2021, rising by 46.6 per cent (£3.7 billion).
It comes after a sobering January, when exports to the EU fell by 42 per cent, or around £5.7 billion, compared to the previous month.
The ONS said the increase in exports in February were primarily driven by the manufacturing, automotive, and pharmaceuticals sector.
The total value of goods imported from EU countries, meanwhile, rose by 7.3 per cent (£1.2 billion), following a record fall of £6.7 billion (negative 29.7 per cent).
It means that the UK economy grew by around 0.4 per cent in February, but is still 7.8 per cent smaller than pre-pandemic levels.
“Exports to the EU recovered significantly from their January fall, though still remain below 2020 levels,” said the ONS.
“However, imports from the EU are yet to significantly rebound, with a number of issues hampering trade.”
Commenting on the figures, Federation of Small Businesses (FSB) Chairman, Mike Cherry, said UK exports have “tumbled” since the end of the Brexit transition period.
“International sales are way down on where they were at this time last year. A fifth of small exporters have halted sales to the EU temporarily and some have already given up on selling into the bloc on a permanent basis,” he said.
The figures come after the launch of the SME Brexit Support Fund. Under the scheme, your business could claim up to £2,000 in grant funding to cover the costs of professional training and advice to adapt to new tax and customs processes.
For help and advice with related matters, please get in touch with our expert Brexit support team today.

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