For the third consecutive month, the UK’s exports to the EU grew and reached their highest level ever in April. This is actually the truth despite the difficulties brought on by Brexit and recent legal disputes between Brussels and London over the UK government’s plans to modify the Northern Ireland protocol.
According to the Office for National Statistics (ONS), exports from the UK to the EU rose for the third consecutive month in April 2022, reaching their highest level ever recorded. According to the ONS data, overall exports of goods—aside from precious metals—rose by £2.2 billion, or 7.4 percent, in April 2022 when compared to the prior month.
This gain was driven by an increase in exports to EU markets of £1.2 billion (8.1%). Exports to non-EU nations increased by £0.9 billion (6.5%) from one month to the next. Regarding imports, the overall value of foreign products entering the UK (excluding precious metals) grew by £0.4 billion (0.7 percent).
Yet again, trade with EU nations, whose imports increased by £1.1 billion (4.2%) in April, contributed to this trend. While imports from non-EU countries decreased by £0.7 billion (2.6 percent). Following lower levels for much of 2021, ongoing analysis suggests robust imports of industrial and transport equipment from the EU in 2022.
HMRC is still evaluating the effects of this modification and the factors influencing the recent import trends.
The impact of the coronavirus (COVID-19) pandemic, the global economic downturn, and supply chain disruptions have all contributed to higher levels of volatility in trade figures over the previous two years, as did the UK’s exit from the EU and the ensuing transition period. It is still challenging to determine how much trade movements are caused by short-term trade disruptions or longer-term supply chain changes.
In April 2022, imports from EU nations outpaced those from non-EU nations by £0.6 billion. Due to the significant increases in fuel imports in the last months of the year, non-EU imports were larger than EU imports throughout the most of 2021. In April 2022, exports to non-EU nations were £1.4 billion less than exports to EU nations.
With increasing exports come the documentation and heavy customs procedures. We, at tradePhlo are here to make it easier for you. You can also complete the declaration via HMRC Approved CDS-ready custom declaration software like tradePhlo which lets you complete a customs declaration starting at £7 per declaration and in just 10 – 15 minutes. tradePhlo can also support you in completing your IPAFFS pre-notification before your goods arrive in the UK.
To learn more about the process of submitting a declaration through TradePhlo, click here.