EUs trade surplus with UK first 7 months 2021, ie post Brexit trade deal, was €82.1bn, notably up from same months in 2020, €56.7bn
Driven by 17.1% or €16bn fall in UK exports to EU.
Trade into EU from every other major partner up.
EU exports to UK grew by 6.2%, or €9bn..
Driven by 17.1% or €16bn fall in UK exports to EU.
Trade into EU from every other major partner up.
EU exports to UK grew by 6.2%, or €9bn..
These are pretty stark figures from Eurostat, calculated on a slightly different basis to the UK ONS ones.
Obviously the pandemic period affects most of the 2020 figures and all of the 2021 figures, but that affected all nations.
Only UK exports are down, and significantly so.
Obviously the pandemic period affects most of the 2020 figures and all of the 2021 figures, but that affected all nations.
Only UK exports are down, and significantly so.
different basis used by Eurostat vs ONS includes… not being seasonally adjusted, using International Merchandise Trade Statistics basis eg. shipping part eg engine or wing, internally to subsidiary…
But shd be able to compare UK trade in/out of EU with others on this basis
But shd be able to compare UK trade in/out of EU with others on this basis
Some Trade experts point to eurostat basis for UK exports to EU in 2020, was as member state, as internal trade done on a country of despatch basis, whereas now as a third country it would be on an origin basis, eg stripping out a Chinese made shirt reexported from UK to France..
ONS figures here…
I make that imports from EU into UK up from £122bn to £125bn in first 7 months of 2021 vs 2020, whereas UK exports to EU go up more £79.5 to £87.5bn. Deficit smaller. Eurostat books much lower figure for UK exports this year…see above.
UK also has HMRC figs
I make that imports from EU into UK up from £122bn to £125bn in first 7 months of 2021 vs 2020, whereas UK exports to EU go up more £79.5 to £87.5bn. Deficit smaller. Eurostat books much lower figure for UK exports this year…see above.
UK also has HMRC figs
HMRC numbers slightly different but close enough to ONS on UK exports to the EU vs last year. Eurostat numbers v different. Will look at line items to assess why, poss reasons - seasonal adjustment, currency, change of basis there and here, & change in methods…
rough calculations to compare HMRC/ ONS and Eurostat data - it is the YTD 2021 EU imports from UK, (which should match UK exports) that are significantly different. That partly reflects the reclassification of goods shipped from UK, which originate elsewhere: but £20bn worth?
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