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Brexit Britain’s trade balance with non-EU world is positive, but with the EU it’s still negative
Montage © Facts4EU.Org 2024
Brexit Facts4EU.Org reveals that the EU’s ‘Treasure Island’ continues to deliver for the EU27
Yesterday we published the good news about the UK’s soaring exports of goods and services around the world. Today we look at certain countries which Brexit Britain is exporting to. Specifically we look at how the UK is making money from the non-EU world, but not from the EU.
As the newly independent UK continues to re-assert itself on the world stage – freed from the shackles of the EU’s trade and foreign policies – Facts4EU.Org publishes some very interesting official statistics, just released.
Brexit Facts4EU.Org Summary
1. Top 3 countries buying from the UK
- USA : £191.5 bn
- Germany : £60.8 bn
- Ireland : £57.4bn
[Source : Office for National Statistics, 26 Apr 2024, calendar-adjusted current prices.]
© Brexit Facts4EU.Org 2024 – click to enlarge
2. Who does Brexit Britain have the best trade balance with?
(Exports minus imports, 2023)
- Exports to EU27 : £357.2 bn
- Imports from EU27 :£465.9 bn
- Balance :-£108.7 bn
-
Exports to non-EU world : £507.4 bn
- Imports from non-EU world : £432.0 bn
- Balance +£75.3 bn
[Source : Office for National Statistics, 26 Apr 2024, calendar-adjusted current prices.]
© Brexit Facts4EU.Org 2024 – click to enlarge
EU’s ‘Treasure Island’ continues to deliver for the EU27
In 2023, the EU27 countries ‘made’ over £100bn profit in their trade with the United Kingdom. Economists will dispute this because of the way they evaluate trade, but for most people if you sell more than you buy, you’re in profit.
The EU27 have consistently sold far more to the UK than they have bought from us. Last year (2023) this continued. The UK’s trade balance (exports minus imports) with the EU for goods and services was -£108.7 billion.
Conversely, the UK’s trade balance with the non-EU world for goods and services was once again in surplus. The UK ‘made a profit’ of £75.3 billion.
When Rishi was in Berlin last week, did he ask Chancellor Scholz about the deficit?
As we have reported, the German economy is in trouble. Their all-important manufacturing base is in difficulty and they are in recession. All the latest forecasts show this is set to continue. Meanwhile Brexit Britain’s economy is growing again.
Despite Germany’s problems, they continue to sell far more to the UK than they buy from us.
Observations
The latest trade figures from the ONS on Friday could not be clearer. The US is by far the largest market for UK goods and services. No EU27 country comes close – not even Germany.
We must get reports like this out there
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[ Source: Office for National Statistics, 26 Apr 2024 ] Politicians and journalists can contact us for details, as ever.
Brexit Facts4EU.Org, Sun 28 Apr 2024
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