UK exports to EU fall by £300m in August
UK exports to the European Union fell by £300million in August, according to UK trade figures from the Office for National Statistics (ONS).
The economy contracted unexpectedly at the height of summer as factories and consumer service businesses struggled, putting the UK on track to contract overall in the third quarter.
Gross domestic product (GDP) fell 0.3% from growth of 0.1% the previous month, which was revised down from the previous estimate of 0.2%.
Economists had expected zero growth in August.
Commenting on the data, ParcelHero head of consumer research David Jinks said: “UK exports to the EU continued to fall in August, down £300m. In contrast, exports increased by £700 million (an increase of 4.1%) to non-EU countries.
“Imagine the kind of export volumes the UK would now be getting around the world if the Brexit negotiations hadn’t led to such disastrous new tariffs and red tape.
“Trade in this Brexit-free multiverse would be booming. If our exports from the EU had continued to increase at their pre-Brexit levels and if our exports outside the EU had increased this month, UK plc would have skyrocketed.
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