UK exports of goods fell 14 percent in the quarter to January compared to the same period in 2020, before the pandemic, according to the World Trade Watch released on Friday by the Dutch Bureau of Economic Policy Analysis. , known as CPB. . This was in stark contrast to the global average of 8.2% growth over the same period. The data, which incorporates data from the National Statistics Office for the United Kingdom, also showed that Britain had little to do with the performance of all the advanced countries where exports of goods increased by 5%. The analysis also showed that the United Kingdom performed poorly in the long run, as it was the only country monitored by the CPB where exports of goods remained below the 2010 average. “While most other advanced economies have seen strong trade recovery, UK exports remain below pre-pandemic levels,” said Jonathan Portes, a professor of economics at King’s College London. Earlier this week, the Office for Budget Responsibility warned that UK trade was “lagging behind in terms of domestic economic recovery” and “lost much of its global trade recovery. . . suggesting that Brexit may have been a factor. ” As a result, the UK has become a less trade-intensive economy, which was expected to cut 4% of its productivity over the next 15 years, he added. The OBR noted that “none of the new free trade agreements or other regulatory changes announced so far would be sufficient” to have a significant impact on its UK trade forecasts. It is estimated that leaving the EU would result in the UK’s total imports and exports being 15 per cent lower than if Britain had remained part of the EU. Earlier in the month, Michael Sanders, an external member of the Bank of England’s Monetary Policy Committee, said Brexit had “reduced the openness of the economy, trade and labor mobility”, reducing the degree of pressure. capacity could be mitigated by imports and migration. . A fortnightly ONS survey released on Thursday found that more than half of UK companies that had changed their supply chain had switched to more domestic procurement since the end of the Brexit transition period in January 2021.
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