EXCLUSIVE: UK exports to EU are up 26.6% since the Referendum
CIBUK.org
Posted On July 28, 2022
This report has been co-published with our affiliated organisation, Brexit Facts4EU.Org. We are most grateful for their original research into the raw data which backs what follows.
Despite Covid and ‘despite Brexit’, the UK’s exporters are steaming ahead
A CIBUK analysis of the true picture of the UK’s export performance since voting ‘Leave’
We have reviewed the latest trade figures for the United Kingdom from the Office for National Statistics. In this report we compare the 2021 totals with the pre-Referendum year of 2015.
We also review the latest Q1 2022 figures with the same period in 2016, just before we voted to leave the European Union.
With the unremitting flow of negativity from the BBC and others, readers would be forgiven for thinking that exports from Brexit Britain to the EU have fallen. In fact the opposite is true, as we show below.
Summary
Total exports of goods and services to the EU
Whole year numbers – 2021 compared with 2015, the pre-Referendum year
- 2015 : £ 223.3bn
- 2021 : £ 261.7bn – an increase of 17.2%
[Source: Latest ONS official data, UK total trade, seasonally adjusted, released Wed 27 July 2022.]
© Brexit Facts4EU.Org 2022 – click to enlarge
.
Without the Covid-19 effect, the increase would have been even higher
In 2021, much of the EU and the rest of the world was being affected by lockdowns and a general decrease in commercial activity. In order to get some indication of the effect of Covid-19 on exports, we looked at the drop in 2021 from the last pre-Covid year, which was 2019.
To take out any idea of a ‘Brexit effect’ on exports to the EU, we analysed the UK’s exports to the rest of the world. Total exports of goods and services from the UK to non-EU countries fell by 10.5% over the Covid years.
In other words, without Covid-19 we could have expected the UK’s exports to the EU to have been around 10% higher than our ‘red box summary’ above shows.
Let’s bring things up to date – how did Brexit Britain do in the latest results for Q1 2022?
Next we look at the ONS results for Q1 (Jan-Mar 2022), released yesterday. In this case we can review the quarterly data and compare Q1 2022 with the same quarter in 2016 – just before the UK’s EU Referendum.
And the news gets even better.
Summary
Total exports of goods and services to the EU
Q1 2022 versus Q1 2016
- Q1 2016 : £56.9bn
- Q1 2022 : £72.0bn – an increase of 26.6%
[Source: Latest ONS official data, UK total trade, seasonally adjusted, released Wed 27 July 2022.]
© Brexit Facts4EU.Org 2022 – click to enlarge
.
The fastest-growing economy in the G7
In 2021 the UK was the fastest-growing economy in the G7 – something not mentioned enough.
“For 2021 as a whole, UK GDP growth was 7.4%. This was the highest in the G7.”
– House of Commons Library report, 07 July 2022
The UK also out-grew the EU27 in the first quarter of this year, according to the official figures.
For the original article, click here: https://facts4eu.org/news/2022_jul_booming_brexit_britain
Trending Now
