New Brexit rules caused major shock to UK-EU trade, says report
Analysis of changes in trade patterns for 1,200 products found a "sharp drop" in the number of trade relationships between UK exporters and EU importers, with "lower-value relationships" affected.
While exports to the EU appear to have recovered after falling earlier in 2021, the authors argue that this reflects an increase in sales of costly large machinery. The recovery in level of exports towards the end of last year suggests many British exporters have successfully got to grips with the extra red tape - paperwork and checks. But that rebound partly reflects the sale of bulky, expensive items such as machinery.
It's a reminder, even as exporters discover new markets, that reducing obstacles in existing ones remains an issue for some. Martin McTague, chair of the Federation of Small Businesses, said more should be done to help businesses with increased paperwork, adding: "Small business must be at the centre of free trade agreements."
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