‘Bonzer’ results from UK-Australia trade deal after only 6 months

Success of UK’s new trade deals – Brexit Facts4EU.Org brings you one stellar example

Montage © Facts4EU.Org 2024

Despite naysayers Brexit Britain is flying, while EU has yet to agree anything ‘Down Under’

The UK-Australia Free Trade Agreement only came into effect 6 months ago and already the results are spectacular, defying all the doom-mongers from the ‘Rejoin’ campaigns.

Last week Goldman Sachs produced a research paper claiming that the UK economy had significantly underperformed other advanced economies because Brexit had reduced trade. What’s worse, although they admit that not all of the UK’s economic problems can be attributed to Brexit, most of the media have chosen to report their conclusions as correct and solely due to the UK leaving the EU.

Today we bring you the early results of the UK-Aus Free Trade Agreement which are just one example of why Goldman Sachs were wrong with their gloomy projections. This is a deal which was not possible while the United Kingdom was still a member of the EU’s empire.

Brexit Facts4EU.Org Summary

UK-Australia Trade Deal

The increase in UK goods exports to Australia, 2022-2023

Furniture : 200.0%
Cars : 119.0%
Ships : 107.7%
Road vehicles other than cars : 84.4%
Railway equipment : 75.0%
Aircraft : 69.0%
Live animals : 59.3%
Telecoms & sound equipment : 40.0%
Mechanical power generators : 31.3%
Animal feeding stuffs : 28.6%
Works of art : 24.1%
Electric motors : 23.3%
Miscellaneous electrical goods : 21.2%
Vegetables & fruit : 20.0%
General industrial machinery : 19.6%
Mechanical power generators : 19.6%
Specialised machinery : 18.2%
Scientific instruments : 15.8%
Dairy products & eggs : 13.0%
Sugar : 12.5%

[Source : Latest trade figures from the Office for National Statistics, Feb 2024.]

It wasn’t only Goldman Sachs, it was the British Establishment too

A recent Goldman Sachs report dismissed the UK’s new trade deals, but they may be interested to know that although the UK-Australia trade deal only came into effect 6 months ago, the early results are spectacular.

When this Free Trade Agreement was signed it was universally discredited. The National Farmers Union were up in arms and most mainstream media commentators dismissed it. Naturally Facts4EU covered this major coup (here, here, and here) and felt very optimistic.

Our optimism has been vindicated in the latest set of trade figures from the Office for National Statistics.

Despite the fact that this is a phased deal which comes into play over several years it is already making a big difference, as our figures above show.

What about the supposed damage to UK farming?

Before the National Farmers Union start complaining again about cheap food imports, we have news for them.

Meat imports from Australia have only increased by 6% and most other food imports fell. Only sugar increased significantly but it was still only about 10% of total UK sugar imports.

The EU’s failure is in marked contrast to the UK’s success

Montage © Facts4EU.Org 2024

And what about the EU and Australia? The EU’s failure to reach an agreement with Australia makes for awkward reading in Brussels, which had trumpeted this proposed deal for years. The Commission started trade talks with Australia six years ago back in 2018, which makes the breakdown all the more frustrating for the Australians.

The UK and Australia signed a free trade agreement (FTA) in December 2021. This followed an ‘Agreement in Principle’ in June 2021, where most of the deal had been agreed.

The agreement came into effect at midnight on 31 May 2023. In its 32 chapters it covers a wide range of issues, including the removal of most tariffs on trade between the UK and Australia.

Other provisions cover trade in services, digital trade, public procurement and intellectual property. UK citizens aged under 35 will be able to travel and work in Australia more easily. There are provisions covering technical barriers to trade, and sanitary & phytosanitary (SPS) measures relating to food safety, and animal and plant health. There are also chapters on small business, the environment, and animal welfare.

Observations

Rejoiner organisations such as Goldman Sachs are fond of producing forecasts based on 'modelling'. We are rather more fond of publishing facts.

It is worth noting that we do not yet have the figures for services exports, as these are reported a considerable time after those for goods. Given that Australia is part of the Anglosphere we expect these will also have grown fast.

The simple facts show that just the signing of the UK-Aus trade deal has stimulated UK exports to that continent. We fully expect this progress to continue over the coming years. And all of this would not have been possible without Brexit.

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[ Sources: Office for National Statistics | Australia's DFAT ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Mon 26 Feb 2024

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Reader Comments 9

1. terence patrick hewett , Monday, February 26, 2024, 05:21:

Abandoning the Commonwealth in 1973 was a deeply shaming episode in Britain's history: but by dint of their own efforts, Oz and NZ have gone from strength to strength. We in the UK owe them: they returned our betrayal with loyalty, but now with an understandable level of mistrust, which was never there before. Brexiteers will need all their courage and ingenuity to prevent a second betrayal by the quisling rejoiniacs, embedded in deep state institutions.

2. Sparky , Monday, February 26, 2024, 05:43:

Good positive news for Uk exports on the face of it. In the month of November 23 the UK had a trade surplus with Australia of £163m. However in the year Nov 2022 to Nov 2023, UK exports to Australia decreased by £9.3m whilst UK imports from Australia increased by £62m so although this period overlaps the trade deal of May 23 the indication are that Australia is benefiting much more than the UK. Time will tell.

3. Ashley Great Britain , Monday, February 26, 2024, 07:02:

2 sparky.
-
Wow I can't believe you didn't say let's take a look at bojo's wallpaper or 350mil on a bus.
Nice to see for once that you are happy we have an Australia trade deal.
Your right to point out the idiosyncrasy with the 6 month review but its a very new merger.
The Uk export numbers are far better than most expected, And this will only get better over the months and years.
We can be well chuffed so far.

4. Sparky , Monday, February 26, 2024, 10:03:

3 AGB. Now you mention it!! You shouldn’t assume that anyone that voted remain wants see the UK to fail.
.
A bit more detail. Comparing total trade by country, and reflecting Australia trade as a percentage of EU trade. In 1997 Australia trade was equivalent to 3.3% of EU trade. In 2016 it was equivalent to 3.8%, in 2023 it was equivalent to 3.6%.

5. NH , Monday, February 26, 2024, 10:53:

2. Sparky, "UK exports to Australia decreased by £9.3m"
I am not sure what you are referring to. The official figures quoted by facts4EU above are the latest release and they show an increase in exports of £2.2 Billion for the four quarters to Q3 2023. The % increase in exports was higher than the % increase in imports and we have a huge trade surplus with Australia so this is definitely very good trade.
.
4. Sparky, "reflecting Australia trade as a percentage of EU trade"
The whole point of Brexit is we could continue to trade with Europe, without paying huge amounts to subsidise competitor countries and all the parasites in the EU, and at the same time we could improve trade with the rest of the world which has far bigger potential than the EU. This has happened and it's continuing. Remainers told us UK trade with he EU would collapse, now you seem to be bragging about the fact we are still trading well with the EU.

6. LuxuryBalloon , Monday, February 26, 2024, 12:19:

The EU-loving, remainer British farmers should not worry: tariffs on beef and sheep meat will only be eliminated after 10 years as part of the UK-Australia deal. Sugar tariffs will be eliminated after 8 year and dairy tariffs after 5 years.

7. Andy , Monday, February 26, 2024, 13:15:

Sparky no4.
“You shouldn’t assume that anyone that voted remain wants see the UK to fail.”
One doesn’t quite know how you have the brass neck to write that. In all the hundreds of comments you have posted here never once have you accepted the democratic will of the British People as expressed by the 2016 Referendum. Quite the contrary in fact. And in all your comments comes a glee, delight and a fervent wish to see the ruin of Britain.
I cannot quite understand why someone would be so zealous and fervent in their support of the European Union, which is basically a Fascist construct and takes on more of those characteristics with every year that passes.

8. Have You Wondered , Monday, February 26, 2024, 15:41:

.
Another contrast is:
.
Mercosur - 25yrs and failed to negotiate despite €45billion !
.
The Eu's Von der Leyen tried to buy off the South Americans with €45 billion (of EU taxpayers money) to get the Mercosur deal that they've been trying to negotiate for 25yrs over the line by the end of the year 2023 - and failed despite the sweetner - where did the money go?
.
I wonder if the EU electorate are aware that is costing every person in the EU circa. €1000
.
Look up: Oh - bother. Force of habit. Can't evidence fact any more as Facts4EU prides itself on. You'll have to look it up yourselves instead. There's free speech for you.
.
Next thing you know, readers won't be able to even hint on what they're commenting on because of more legislation tying us in knots.
.

9. Ashley Great Britain , Tuesday, February 27, 2024, 07:16:

4 sparky.
-
Yes most remain voters seem to be accepting of the fact we left the EU but there's plenty who aren't.
The Uk/Aus trade figures will improve, And of course you need to add their benefit to all our other trade, Including the EU.
It really is a good thing that we still trade tariff free with the EU, While we can achieve bespoke deals around the world with whom we wish.
Although only one part of Brexit, That really is the best of both worlds.
-
7 Andy.
That's the feeling of most of us.
If only those rejoiners would invest their time and money into our independence and prosperity. As it seems so fanatical there must be an agenda.
Steve Bray is a prime example of someone who is either clueless, Or accepting peace under his enslavement.

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