Market news
18.03.2021, 10:59

U.K.’s trade with Europe remains below 2020 levels - Sixfold

Bloomberg reports that according to high-frequency data from the consultant Sixfold, Britain’s trade with the rest of Europe remains below levels prevailing a year ago. 

The average weekly volumes of border crossings for both imports and exports were down about a fifth from the same period a year ago, according to the unit of the logistics platform Transporeon. Its Chief Executive Officer Stephan Sieber said it’s too early to tell how much of a structural shift has appeared due to Brexit and that more friction is coming end of March and over the Easter holiday.

U.K. Prime Minister Boris Johnson’s has described lower trade as temporary “teething problems” that are already passing. Figures from the Office for National Statistics on Friday revealed a 41% plunge in exports to the European Union from December to January and a 29% drop in imports.

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