Since 2016, UK exports to Trump’s USA grew 1.5 TIMES FASTER than exports to EU

Might they grow even faster with a pro-Brexit, pro-UK Donald Trump back in the White House?

Montage © Facts4EU.Org 2024

The stark economic facts of life for Sir Keir Starmer - and the questions he now faces

Yesterday (Mon 11 Nov 2024) we showed that President-Elect Donald Trump’s USA bought £187 BN in goods and services from the UK last year. This next part in the Facts4EU.Org exports series is even more revealing. Since the EU Referendum, Brexit Britain’s exports to the US have grown over one-and-a-half times faster than its exports to the EU.

Using the latest official data from the Office for National Statistics, we demonstrate just how important it is for Sir Keir Starmer to start mending the relationship with ‘The Donald’ - a relationship which has particularly been affected by the rash comments of his new Foreign Secretary, David Lammy. Our analysis shows how the British economy has benefited from exports to the US, both while Donald Trump was President from 2016-2020 and up to last year.

Our report indicates a huge opportunity for the United Kingdom, now that a pro-UK and pro-Brexit US President will soon be back in the White House.

Brexit Facts4EU.Org Summary

Exports of UK goods and services post-Referendum, 2016 – 2023

1. The EU’s exports of goods and services to the US compared to the EU27, 2016 – 2023

The chart below shows very clearly that the UK’s exports of goods and services to the US have grown by almost 70% since the Referendum in 2016. This rate is over 1.5 TIMES the growth rate of UK exports to the EU in the same period.

© Brexit Facts4EU.Org 2024 - click to enlarge

[Source: ONS, Nov 2024.]

2. Total 2023 UK exports to the EU27 and to the Rest of the World (RoW)

  • EU27 : £356.3 bn (41.4%)
  • RoW : £505.0 bn (58.6%)

[Source: ONS, Nov 2024.]

© Brexit Facts4EU.Org 2024 - click to enlarge

The independent UK has been able to sign trade deals since leaving the EU

International trade is what is known as “an area of exclusive competence” for the EU Commission. In practice this means that EU member countries are prevented from striking their own trade deals with countries outside the EU and instead must wait – in many cases decades – for the Commission to do this.

A good example is the trans-pacific CPTPP trade deal which is due to come into force in one month’s time. Facts4EU last analysed this deal here, and it was given prominent coverage by GB News. In a matter of weeks the United Kingdom will become the first member of this important trading bloc outside of those who were the founder members.

This will mean being part of a trading bloc containing more consumers than the EU’s ‘Single Market’. It also has the potential to grow far larger – and much faster – than the EU in the coming couple of years. The EU tried – and failed – to secure membership for many years. The UK achieved it in less than two years.

Brexit Britain and President-Elect Trump’s USA

Many readers will remember when the then-President Obama visited the UK back in 2016. At a press conference he stood alongside the then-British Prime Minister David Cameron, who smiled as Obama threatened the British people that they would go “to the back of the queue” for a trade deal with the US.

We are now eight years further on from those dark days. In practice since that time, the UK’s exports have grown faster to the US than to the EU, as we have shown above.

Observations

In January, President Trump will have a Republican-controlled Congress and it is possible that a UK-US free trade agreement could be done. In the meantime, the UK’s innovative approach to doing State-by-State trade deals, started by Dr Liam Fox and continued by Liz Truss, Kemi Badenoch and others, seems to be working.

In Part IV we will look at the state-by-state trade pacts in more detail and the information this report contains is extraordinary. Don't miss it!

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[ Sources: Office for National Statistics | World Bank | U.S. Bureau of Economic Analysis ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Tues 12 Nov 2024

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