EXCLUSIVE : Brexit Britain’s exports to the EU are up 62% already this year
CIBUK.org
Posted On October 16, 2022
Montage © CIBUK.Org
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.
Meanwhile the EU’s trade balance with the rest of the world “falls off a cliff”
Good news for the UK, whilst the deeply worrying news for the EU continues
On Friday while the UK’s news channels could only talk about Liz Truss and Kwasi Kwarteng, the EU Commission slipped out its latest dire news about the state of its international trade. The news for the UK was very good. The news for the EU itself was the polar opposite.
With our affiliated organisation Facts4EU.Org, CIBUK analyses and summarises the latest trade news from Brussels and reveals just how badly things are going over there. By the end of August the EU’s trade deficit with the rest of the world had exceeded €300bn for the first time.
Conversely the UK’s exporters have grown their EU business by 62% so far this year…. “despite Brexit”. The rest of the great news for Brexit Britain is below.
Summary
UK’s exports to EU continue to rocket, EU’s international trade balance continues to plummet
1. UK’s exports to the EU, Jan-Aug 2022
- Jan-Aug 2021 : €90.7bn
- Jan-Aug 2022 : €147.1bn
- Increase this year : + 62.2%
[Source: EU Commission’s official statistics agency, 14 Oct 2022.]
© Brexit Facts4EU.Org 2022 – click to enlarge
2. EU’s worsening trade balance with the rest of the world
- Jan-Aug 2016 : € 167.9
- Jan-Aug 2017 : € 134.6
- Jan-Aug 2018 : € 100.2
- Jan-Aug 2019 : € 110.8
- Jan-Aug 2020 : € 110.1
- Jan-Aug 2021 : € 91.8
- Jan-Aug 2022 : – € 309.6
[Source: EU Commission’s official statistics agency, 14 Oct 2022.]
© Brexit Facts4EU.Org 2022 – click to enlarge.
Former Minister the Rt Hon David Jones MP gave us his comments on our report
“This is an important piece of research from CIBUK and its affiliate Facts4EU.Org, and it would be good if the mainstream media caught up with it.
“Both before and after the referendum, we were told that UK trade with the EU would be irretrievably damaged by our departure. That has now been comprehensively debunked. UK exports to the EU are up strongly. At the same time, the EU’s external trade balance is collapsing alarmingly.
“The findings confirm that the UK never had any reason to doubt its own ability to thrive outside the EU, and that the British people made absolutely the right decision when they voted to leave.”
– The Rt Hon David Jones MP, speaking to our Chairman, Sun 16 Oct 2022
1. UK’s exports to the EU continue to grow fast
The success story for the UK’s exporters to the EU continues. UK goods exports to the EU27 in the first eight months of this year amounted to almost €150bn. This compares with just over €90bn up until the same point a year ago. This is an increase of 62.2%.
Sales from the UK to the EU27 grew more than three and a half times as fast as the sales flowing in the other direction – in just one year.
And no, this is not purely about increased UK exports of energy products, as we have previously reported.
2. EU’s trade balance with the UK and the rest of the world continues to deteriorate fast
The EU27 recorded a trade deficit of €309.6 bn, compared with a surplus of €91.8 bn in January-August 2021. Every month for many years the EU Commission was proudly announcing its positive trade balance with the rest of the world. All that has now changed.
The EU as a whole is now importing more goods than ever before and it is this which is driving the worrying deterioration in its trade figures. This downward trend started long before Covid and long before the Russian energy crisis, as our chart above shows.
For the original version of this article, click here: https://facts4eu.org/news/2022_oct_brexit_boost
