In a recent article published by the Economical and Social Research Institute, they have estimated that UK to EU trade has declined by 16% and EU to UK trade has declined by 20% since the beginning of Brexit on January 1st 2021.
Trade between the EU and UK has recovered to most of its pre-2021 level in value terms since then, but it remains significantly below what it might have been if it followed the growth rate of other trade partners.
A large factor of this has of course been the NI Protocol, which almost 2 years on is still causing difficulty and confusion among businesses not only within the UK but beyond. Not to mention other factors such as the Port Strikes, Covid-19 and Russia’s invasion of Ukraine.
While life is steadily getting back to a somewhat normal, the increase in the cost of living definitely isn’t helping matters when it comes to businesses export and import goods.
Westmond Logistics are constantly keeping up-to-date with the latest industry and Brexit news to keep our customers compliant. If you would like to find out more about how we can help your business trade within the EU or UK, simply visit https://www.westmond.com/ or get in contact with one of the team today!
