Brexit and EU trade - Statistics & Facts
On April 27, 2021, the European Parliament ratified the EU-UK Trade and Cooperation Agreement (TCA), almost four months after its provisional application. Although the United Kingdom left the European Union in January 2020, the terms of the transition period meant that the trading relationship between the two parties remained largely unaltered throughout 2020. This changed in January 2021, when the TCA provisionally came into force, and the United Kingdom ceased to be a member of both the Single Market and the Customs Union. As a result of this sudden change in the UK's trading relationship, the value of goods exported to the European Union fell by approximately 5.3 billion British pounds, while imports fell by 7.2 billion pounds. This dramatic fall in trade was also likely exacerbated by the fact that the terms of the TCA were still being negotiated a week before it came into force, leaving businesses on both sides of the channel little time to adapt to changes. In March 2021, almost 40 percent of British exporters were still experiencing additional paperwork, and 15.2 percent disruption at UK borders.
Key insights
- Share of UK exports to Europe
- 53%
Detailed statistics
Leading trading markets of the UK in 2021
- Share of UK imports from Europe
- 56.1%
Detailed statistics
Leading trading markets of the UK in 2021
- Forecasted impact of TCA deal on UK GDP
- -2.25%
Detailed statistics
Impact of EU-UK trade agreement on GDP by 2022
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