海角视频 exports and imports fell at the fastest level since records began as the post-Brexit trade agreement with the EU threw up huge disruptions to trade, new data shows.
New figures from the Office for National Statistics (ONS) shows that exports of goods from the 海角视频 fell by 19.3% in January, driven by a 40.7% reduction in exports to the EU.
Imports into the 海角视频 also fell, with both figures the largest reductions since records began in 1997. That led to the country's trade deficit more than doubling to £12.8bn.
ONS statisticians have warned, however, that the January figures could be distorted by stockpiling ahead of the end of the Brexit transition period and say there are signs that disruption to trade is starting to ease.
Meanwhile, separate figures show that 海角视频 GDP fell by 2.9% in January as the new lockdown measures hit the economy.
Reacting to the export figures, British Chambers of Commerce head of economics Suren Thiru said: “While changes in data collection limit historic comparisons, the significant slump in 海角视频 exports of goods to the EU, particularly compared to non-EU trade, provides an ominous indication of the damage being done to post-Brexit trade with the EU by the current border disruption.
“Continued coronavirus restrictions and the unwinding of Brexit stockpiling also added to downward pressure on trade between the 海角视频 and EU in January.
“The practical difficulties faced by businesses on the ground go well beyond just teething problems and with disruption to 海角视频-EU trade flows persisting, trade is likely to be a drag on 海角视频 economic growth in the first quarter of 2021.”
The figures on GDP mean that the 海角视频 economy was 9% below its pre-pandemic levels in January though it appears businesses have adapted better to