Forget the EU 27, what about the Commonwealth 56?

UK’s exports to Commonwealth nations surged by £14 billion last year

Montage © Facts4EU.Org 2023

A Facts4EU.Org summary on a club of 2.5 billion people – over 5 times larger than the EU

On Monday next week 56 trade ministers from the Commonwealth will meet at Marlborough House in London. Last year the UK’s exports to the Commonwealth rose by an astonishing 22%.

Brexit Facts4EU.Org looks at a market of consumers over five times more numerous than the EU.

Brexit Facts4EU.Org Summary

The UK and the Commonwealth - 2022

UK exports to the Commonwealth were worth £78 billion
UK had a trade surplus with the Commonwealth of £3 billion, but a massive deficit with EU
Value of UK exports to the Commonwealth up by 22% in cash terms in 2022
The Commonwealth accounted for 9.6% of UK exports
The top 5 countries for UK exports were Australia, Canada, India, Singapore and South Africa

[Sources: House of Commons Library | Commonwealth of Nations.]

About the Commonwealth of Nations

The Commonwealth's roots go back to the British Empire but today any country can join. The last two countries to join did so last year.

King Charles III is Head of the Commonwealth, succeeding to this position following the passing of the United Kingdom’s late Monarch Queen Elizabeth II. He is currently Head of State in 14 of the member countries.

Today the Commonwealth is a voluntary association of 56 independent and equal countries. It is home to 2.5 billion people, and includes both advanced economies and developing countries. The member governments have agreed to shared goals like development, democracy and peace and all these values are encompassed in the Commonwealth Charter.

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The Commonwealth is predicted to outpace the EU economy in the next few years

Brexit Facts4EU.Org Summary

A short Facts4EU summary of the economic weight of the Commonwealth

The combined GDP of Commonwealth countries in 2021 was $13.1 trillion (USD)
It is estimated to reach $19.5 trillion by 2027, almost doubling in 10 years from $10.4 trillion in 2017
By contrast, EU GDP was worth $17.2 trillion in 2021 and its economic powerhouse (Germany) is now in recession
Bilateral costs for trading partners in Commonwealth countries are on average 19% less than between those in non-member countries
Half of the top 20 global emerging cities are in the Commonwealth: New Delhi, Mumbai, Nairobi, Kuala Lumpur, Bangalore, Johannesburg, Kolkata, Cape Town, Chennai and Dhaka

[Source: The Commonwealth of Nations | World Bank]

Observations

On 01 January 1973 the United Kingdom joined what was then called the ‘European Economic Community' (EEC). This had a devastating impact on many Commonwealth countries, with the EU imposing large tariffs on Commonwealth products imported into the UK.

On Monday and Tuesday of next week the trade ministers of the 56 Commonwealth members will gather in London. Brexit Britain, freed from the Customs Union and the EU Commission’s rules on not talking to other countries is back on the global stage.

In many ways it is surprising that so many countries are prepared to forgive, and to re-establish normal trading relationships with the UK again. With many of these countries amongst the fast-growing economies in the world, we look forward to further growth in UK exports around the globe, and to cheaper imports from our Commonwealth partners.

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[ Sources: EU Commission | Commonwealth of Nations | World Bank ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Wed 31 May 2023

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Reader Comments 7

1. Ashley Great Britain , Wednesday, May 31, 2023, 10:15:

We were made by the EU,To reduce and in cases abandon our trading ties with the commonwealth.
This meant we became a reliant captive market for the EU.
This was all by design and aided by disgraceful complicit UK ministers and civil servants.
I am so glad we are re linking our ties to the commonwealth in our life times.
Many commonwealth nations are our true friends and cousins, Not jealous,Deceitful,spiteful EU nations.

2. Sparky , Wednesday, May 31, 2023, 13:30:

Of course trade increased 2021 to 2022, that was due to Covid. The highest level of trade with Commonwealth Countries as a % of trade was around 2010, when we were in the EU.
Commonwelath trade is about the same with as Germany.
UK joined the EU (EEC) because of a declining UK economy which couldn’t rely on the Commonwealth, the Empire became the Commonwealth as countries gained independence.
In 2022 trade for UK was: 45% EU, 14% USA, 9% Commonwealth. Will be interesting to see how those develop.
Hopefully this will be an area for growth now we have shot ourselves in the foot by leaving the EU.

3. Ashley Great Britain , Wednesday, May 31, 2023, 14:20:

2 sparky.
In 1973, when we entered, our annual national growth rate in real terms was a record 7.4%
Macmillan deliberately misled the House of Commons — and practically everyone else — that merely minor commercial negotiations were involved.
Macmillan left Heath to take matters forward and Heath, along with Douglas Hurd, arranged for the Tory party to pay a large sum of money to become a (secret) corporate member of Monnet’s Action Committee for a United States of Europe.

4. Sparky , Wednesday, May 31, 2023, 14:57:

Piece in USNews. The Australia and New Zealand trade deals signed by Liz Truss could boost trade by 53% and 59% respectively. Trade with Aust and NZ is 0.9% and 0.2% respectively, so essentially a big boost of nothing.
George Eustice stated in the HOC last year that the Aust and NZ trade deals were not very good for UK, a bold statement from him as he was part of the team that negotiated the deals for Liz Truss. They rushed this through to get the headlines.
Rishi is in the USA next week, a trade deal with USA is not on the agenda and it's not being progressed. Trade deal with USA was going to be one of the big wins of Brexit.
.
3 AGB. Wouldn't surprise me if the politicians lied about the EEC, they played down concerns to get it through but that was a long time ago. When membership went to a referendum in 1975 (67% in favour) UK GDP was -1.5% and the country was plagued with strikes, discontent, high inflation and power cuts. Sounds familiar.

5. Gazzablack , Wednesday, May 31, 2023, 15:14:

Just for sparky (2)
I know he likes to namecheck ' interesting articles and interviews' so I thought I'd bring two to his attention.
.
Bloomberg reports that Germany is at risk of a long slow decline, with consequences for the whole of the EU.
.
Politico.EU reports that, facing a prolonged energy crisis many German firms face the unpleasant option of either shutting down of moving elsewhere.
.
Germany's previous growth provider (it's Industry) has been in secular decline since 2018.
German industrial output is now down by over 10% relationship e to 2010- 2019 trend.
Alarm bells are ringing.
.
But you've really got to feel for Irish farmers.
In the week that the Australian and New Zealand trade deals come into effect in their most valuable export market, they also find out that their government wants to cull 10% of their herds to meet climate emission targets.
.
By the way, Goldman Sachs is telling people to buy £s and sell €s, and the head of Mercedess Benz has been banging on the German chancellor's door calling for there to be no tariffs on cars between the EU and UK, just as David Davis once predicted.

6. Captain Thunderbolt , Thursday, June 01, 2023, 00:20:

4. Sparky
The Australia and New Zealand trade deals signed by Liz Truss could boost trade by 53% and 59% respectively. Trade with Aust and NZ is 0.9% and 0.2% respectively, so essentially a big boost of nothing.
-
You seem to be forgetting that even Charles de Gaulle could not fathom why the UK wanted to join the EEC when the UK had access to cheap agriculture from the Commonwealth nations. which was cut off when it joined the EEC. The current low trade volumes are because of the high 'Common Customs Tariff enforced upon AU/NZ when it was a member of the EU.
You are also under the misconception that there was no cost to trade with the EU the cost of membership is a tariff by other means.

7. Captain Thunderbolt , Thursday, June 01, 2023, 00:39:

4. Sparky
Wouldn't surprise me if the politicians lied about the EEC, they played down concerns to get it through but that was a long time ago. When membership went to a referendum in 1975 (67% in favour) UK GDP was -1.5% and the country was plagued with strikes, discontent, high inflation and power cuts. Sounds familiar.
-
interesting you bring up the 75 referendum, in 1975 there was 40,086,677 registered voters which the results show that 17,378,581 voted yes to remain in 2016 there was 46,500,001 voters and only 16,141,241 voted to remain a net loss of 1.237.340 voters for remain. Leave on the other hand 8,470,073 votes in 75 and 17,410,742 votes in 2016 a net increase of 8.940.669 with only a net increase of 6.413.324 registered voters extraordinary don't you think that yes could not increase its vote after 41 years

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