Trade from UK to EU declined by 16 per cent due to Brexit, reveals new study

The Brexit was an extremely polarising event in the British history and a new report shows that it led to a drop of almost 16 per cent trade from the United Kingdom to Europe. When it comes to trade from Europe to the UK, the figures showed that trade suffered by almost 20 per cent.

According to the report titled ‘How has Brexit changed EU-UK trade flows’, the trade between the UK and the rest of the world has somewhat been constant in comparison to other years. However, when it comes to Europe, the disparity in numbers shows a clear impact of the Brexit decision.

The study was published on Wednesday by the Economic and Social Research Institute.

The main reason behind the drop in trade is the impact of Brexit on the supply chains. With a number of borders coming under fresh consideration, the delivery of goods has taken a hit.

Peter Norris, co-convener of the Brexit monitoring group, the UK Trade and Business Commission, had also said that “recovering lost trade with Europe should be a top priority” for the country.

“The government can do this by removing the barriers to trade which Brexit created.”

It was evident from the fact that one of the main countries with whom UK’s trade has suffered the most is Ireland. In the aftermath of Brexit, a lot has been discussed about the borders between UK and Ireland with the disruption in supply chain causing a major dent in the business relations.