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Donkeyman
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14-03-2021, 11:46 AM
1

Trade figures since Brexit !!

The media and particularly the BBC have been vociferous in
making the figures for two months since brexit allegedly occured
sound like a calamity!! When in fact , although our exports to EU
fell by £5B , our imports from them also fell, by £8B !!
This means that we are in fact £3B better off.!!
This is exactly what should be happening and we should be happy
about this ??
The UK businesses that are losing out by exporting to EU will now
be encouraged to seek markets elsewhere and hopefully importers
of EU goods will now start to import more from the wider world ??
Obviously Rome is not built in a day, but this trend should be
encouraged imo ??

Donkeyman! 👍😃😃👍
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swimfeeders
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14-03-2021, 11:56 AM
2

Re: Trade figures since Brexit !!

Originally Posted by Donkeyman ->
The media and particularly the BBC have been vociferous in
making the figures for two months since brexit allegedly occured
sound like a calamity!! When in fact , although our exports to EU
fell by £5B , our imports from them also fell, by £8B !!
This means that we are in fact £3B better off.!!
This is exactly what should be happening and we should be happy
about this ??
The UK businesses that are losing out by exporting to EU will now
be encouraged to seek markets elsewhere and hopefully importers
of EU goods will now start to import more from the wider world ??
Obviously Rome is not built in a day, but this trend should be
encouraged imo ??

Donkeyman! 👍😃😃👍
Hi

Very early days so far, so things are hard to judge.

We still need to import many things, and will do for years to come.

It is irrelevant who we import them from.

It is wait and see time.
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Bread
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14-03-2021, 12:38 PM
3

Re: Trade figures since Brexit !!

The reduction in trade is temporary but its no surprise the remain campaign have jumped on it because for a few weeks they can pretend they were right.
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Banchory
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14-03-2021, 01:07 PM
4

Re: Trade figures since Brexit !!

Originally Posted by Donkeyman ->
The media and particularly the BBC have been vociferous in
making the figures for two months since brexit allegedly occured
sound like a calamity!! When in fact , although our exports to EU
fell by £5B , our imports from them also fell, by £8B !!
This means that we are in fact £3B better off.!!
This is exactly what should be happening and we should be happy
about this ??
The UK businesses that are losing out by exporting to EU will now
be encouraged to seek markets elsewhere and hopefully importers
of EU goods will now start to import more from the wider world ??
Obviously Rome is not built in a day, but this trend should be
encouraged imo ??

Donkeyman! 👍😃😃👍
If the government data is to be believed itís a £5.6b drop in exports to the EU and a £6.6B drop in imports from the EU

https://www.ons.gov.uk/economy/natio...de/january2021

However, putting this into context this is a £5.6B hit to the UK whereas the £6.6 B hit to the EU is spread across the 27 countries and is a much smaller proportion of their overall trade and therefore much less impact on EU economies

Remember over 40% of our trade is with the EU whereas trader with the UK is less than 8% of total EU trade
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Bread
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14-03-2021, 01:23 PM
5

Re: Trade figures since Brexit !!

Originally Posted by Banchory ->
If the government data is to be believed itís a £5.6b drop in exports to the EU and a £6.6B drop in imports from the EU

https://www.ons.gov.uk/economy/natio...de/january2021

However, putting this into context this is a £5.6B hit to the UK whereas the £6.6 B hit to the EU is spread across the 27 countries and is a much smaller proportion of their overall trade and therefore much less impact on EU economies

Remember over 40% of our trade is with the EU whereas trader with the UK is less than 8% of total EU trade

Not really because we are also sourcing goods locally which isn't shown in those figures. It's also mostly to do with the pandemic- trade is starting to return to normality now.

The November/ December stock piling has also had an impact on trade import and export figures - especially compared to when stock piling was being done and to now when we aren't doing it and the consequences of the pandemic
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scot37
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14-03-2021, 01:28 PM
6

Re: Trade figures since Brexit !!

Originally Posted by Banchory ->
If the government data is to be believed itís a £5.6b drop in exports to the EU and a £6.6B drop in imports from the EU

https://www.ons.gov.uk/economy/natio...de/january2021

However, putting this into context this is a £5.6B hit to the UK whereas the £6.6 B hit to the EU is spread across the 27 countries and is a much smaller proportion of their overall trade and therefore much less impact on EU economies

Remember over 40% of our trade is with the EU whereas trader with the UK is less than 8% of total EU trade
But we don't do much trade with many of these 27 countries. Most of our trade with 6 or 7 of our nearest neighbours.
https://www.visualcapitalist.com/vis...otal%20imports.
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Donkeyman
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14-03-2021, 01:35 PM
7

Re: Trade figures since Brexit !!

Originally Posted by Banchory ->
If the government data is to be believed itís a £5.6b drop in exports to the EU and a £6.6B drop in imports from the EU

https://www.ons.gov.uk/economy/natio...de/january2021

However, putting this into context this is a £5.6B hit to the UK whereas the £6.6 B hit to the EU is spread across the 27 countries and is a much smaller proportion of their overall trade and therefore much less impact on EU economies

Remember over 40% of our trade is with the EU whereas trader with the UK is less than 8% of total EU trade
Nit picking the figures does not alter the FACT that we are £3B
BETTER OFF Banchory??

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Banchory
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Kent
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14-03-2021, 02:04 PM
8

Re: Trade figures since Brexit !!

Originally Posted by scot37 ->
But we don't do much trade with many of these 27 countries. Most of our trade with 6 or 7 of our nearest neighbours.
https://www.visualcapitalist.com/vis...otal%20imports.
Itís still spread and the UK trade loss would surpass that on any individual EU country. No matter how yo try you canít make a silk purse out of a sows ear
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Banchory
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14-03-2021, 02:15 PM
9

Re: Trade figures since Brexit !!

Originally Posted by Donkeyman ->
Nit picking the figures does not alter the FACT that we are £3B
BETTER OFF Banchory??

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Donkeyman!
Tell that to our exporters, they would beg to differ. Your math is also poor as the government figures put the differential at £1b but itís a vey simplistic view to look at a small reduction in balance of trade when the percentage fall in exports is sufficiently large enough to put our exporters into financial difficulty.

I would expect the delta it the motor trade which is suffering due to a number of reasons such as fossil fuels, vivid and possibly brexit
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scot37
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14-03-2021, 02:26 PM
10

Re: Trade figures since Brexit !!

Originally Posted by Banchory ->
Itís still spread and the UK trade loss would surpass that on any individual EU country. No matter how yo try you canít make a silk purse out of a sows ear
But not spread evenly over the 27 countries as you suggested.
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