Sharp decline in trade between the EU and the UK

It has been determined that trade between the UK and the European Union (EU) has fallen sharply following Brexit.

According to the report titled “Post-Brexit UK Trade” prepared by Aston Business School, headquartered in Birmingham, when monthly data is evaluated, Britain’s exports to the EU decreased by 27 percent in the 2021-2023 period, while imports from the EU decreased by 32 percent. The contraction in trade was due to the decline in the diversity and density of exported products.

According to annual data, exports decreased by 17 percent and imports by 23 percent.

In this context, the Trade and Cooperation Agreement signed between the UK and the EU on 30 December 2020 due to Brexit caused disruptions in sectors affecting exports and imports.

The downturn in trade will hit harder in 2023, but the report says this signals that the post-Brexit transition in UK-EU trade relations is not just a short-term disruption, but that there will be deeper structural changes that will continue.

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