According to data released yesterday, UK trade with the European Union dropped in the first quarter after the former exited the customs bloc. The Office for National Statistics came out with data reporting that U.K. exports in goods contracted by 18% with the European Union. Imports collapsed by 22%. U.K. trade with the rest of the world was little changed, with exports edging up 0.4% while imports fell 0.9%.
Marketwatch.com does state that the statistics agency cautioned it was too early to make sweeping conclusions. “With only one quarter of data available, and the ongoing pandemic and recession, it is too early to assess the extent to which this reflects short-term trade disruption or longer-term supply chain adjustments,” the ONS said.
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