Hey Pravda, this is a weird way to say trade with EU plummeted.
If this leads to less reliance on the EU for the UK, due to lower imports and exports with the EU, but growing global imports and exports, then that will ultimately be good for the UK.
It will be more interesting to see if services continue to grow like that, especially since the UK does not have a service agreement with the EU.
Well we’re looking at trade balances, which could be trending by the Imports falling faster than the exports. We’d need exports and imports seperated [https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/uktrade/july2021](https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/uktrade/july2021), and beware that this doesn’t include the lost trade agreements of the EU to other countries.
Isn’t looking at the ratio without looking at the absolutes kind of silly though?
Both imports from the EU and Exports to the EU are significantly down however Imports have fallen harder than exports which leads to this trend however crucially UK trade overall is simply down across the board. There have been some signs of recovery but it remains to be seen how quick that will be.
All things equal this could be viewed as interesting or a positive but all things are not equal.
4 comments
Hey Pravda, this is a weird way to say trade with EU plummeted.
If this leads to less reliance on the EU for the UK, due to lower imports and exports with the EU, but growing global imports and exports, then that will ultimately be good for the UK.
It will be more interesting to see if services continue to grow like that, especially since the UK does not have a service agreement with the EU.
Well we’re looking at trade balances, which could be trending by the Imports falling faster than the exports. We’d need exports and imports seperated [https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/uktrade/july2021](https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/uktrade/july2021), and beware that this doesn’t include the lost trade agreements of the EU to other countries.
Isn’t looking at the ratio without looking at the absolutes kind of silly though?
Both imports from the EU and Exports to the EU are significantly down however Imports have fallen harder than exports which leads to this trend however crucially UK trade overall is simply down across the board. There have been some signs of recovery but it remains to be seen how quick that will be.
All things equal this could be viewed as interesting or a positive but all things are not equal.