The UK’s exports to the EU soar by 59% this year - should we tell the BBC?
Wheels come off the EU’s wagon as its trade deficit to the rest of world deepens
Montage © Facts4EU.Org 2022
In May alone the UK’s exports to the EU rose by 70% compared with May 2021
We always know it’s a Friday afternoon when the EU Commission quietly slips out some bad news. Yesterday (Friday, 15 Jul 2022) the Commission’s statistics agency released the EU’s latest trade figures – with the United Kingdom and with the rest of the world.
The news for the UK is good. For the EU it is decidedly not.
The report below has been produced by FactsEU.Org for our affiliated organisation CIBUK.
Brexit Facts4EU.Org Summary
The EU’s international trade – with the UK and with the rest of the world
The first five months of this year
1. The UK trading with the EU
- The UK’s exports to the EU : Up by 58.8% since the same period last year
- EU’s trade surplus with UK has fallen – down by 18.4% since pre-Covid year 2019
- In May alone, UK exports to EU were up by 69.9% compared with May 2021
[Source: Latest EU Commission (Eurostat) official data, released Fri 15 July 2022.]
© Brexit Facts4EU.Org 2022 - click to enlarge
2. The EU’s performance in trading with the rest of the world
- EU recorded a €35bn deficit in May
- Total deficit this year: €163.3bn (Jan-May)
- Last year (2021) : A surplus of €69.4bn (Jan-May)
© Brexit Facts4EU.Org 2022 - click to enlarge
The UK’s exporters are hard at work
The United Kingdom is still the EU’s second-largest export market, after the United States. Its ‘Treasure Island’. Now it seems the trade balance may be shifting.
Despite the EU Commission’s valiant attempts to make it as difficult as possible for British businesses to export to the EU, many of these companies are managing to get their products through.
Many more are now pivoting away from the EU and finding new markets around the world. As one company CEO told us recently:
“I now find it’s much easier for us to sell to almost any other country in the world than to say Germany, France, Spain, or other EU countries.”
The EU’s international trade position is sinking relentlessly
The EU has become accustomed to reporting an international trade surplus. This is now changing.
The trend of the EU’s international trade surplus has been on a downward trajectory for a while now. Below we show this, based on the EU Commission’s own official figures.
© Brexit Facts4EU.Org 2022 - click to enlarge
Observations
For years we have been told that the United Kingdom could not survive on its own without being a member of the European Union.
This was always patently false on every level. The idea that the world’s fifth largest economy could not hold its own as an independent country was an absurdity. Nevertheless, this mantra was repeated – and still is – over and over again.
Our report above puts some facts behind the assertion by Brexiteers that: “We’ll do just fine without EU membership, thank you”. Not only that, but our report clearly shows the EU has some serious problems. Its once invincible trade surplus has disappeared down a hole into a large and growing deficit.
Add to this the imminent crisis of Italy’s sovereign debt exceeding €2.5 trillion and we seem to be looking at an accident waiting to happen. Italy is the EU’s (and the Eurozone’s) third largest economy. Its technocrat Prime Minister Mario Draghi resigned this week but Italy’s President refused to accept his resignation.
Perhaps this puts the UK’s current leadership contest into some context…
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[ Sources: EU Commission ] Politicians and journalists can contact us for details, as ever.
Brexit Facts4EU.Org, Sat 16 July 2022
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