New data has shown how the value of UK exports globally have risen since Brexit.
Figures from The Office for National Statistics detailed how exports to the EU rose 7.9% in July this year, worth £1.3 billion. Exports to non-EU countries also grew by 5.4% and £800 million.
Despite difficulties for UK exporters trading with the EU following Brexit, growth was seen this summer thanks to higher demand and increased exports of fuel, machinery and transport equipment.
The UK’s GDP also saw a small uplift of 0.2% during that time, despite an increasingly difficult economic situation for both the UK and EU nations as the recovery from Covid was halted by Russia’s invasion of Ukraine.
Business Brexit wounds still evident
Despite strong trade growth this summer, the picture for UK businesses has been difficult since the UK’s departure from the European Union and, in particular, the Single Market.
Since the departure, 33% of UK exporters have ceased export activity with the EU bloc with most blaming a new raft of red tape and increased costs of doing business.
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New HMRC data has shone a light on the difficulties exporting UK businesses have faced over the last three years.
The number of UK businesses exporting goods and products into the EU trading bloc fell by 33% between 2020 and 2021, from 27,000 to 18,000.
Additional red tape as a result of Brexit has been blamed as the primary cause.
Michelle Dale of UHY Hacker Young told City A.M. that: “Businesses are not getting enough support from the Government to navigate the post-Brexit trading minefield.
“A lot of SMEs can’t afford professional advice to cope with Brexit-related red tape. Many are likely to have decided trading with the EU is not worth the cost.
“Fewer UK companies exporting to the EU will result in lost opportunities for growth and expansion in Europe.”
Despite the negative data trend, HMRC has urged caution when comparing data from before January 2021 as the way in which the government collects data has changed.
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