UK commerce with the EU bounced again in February from a historic plunge the earlier month as companies handled extra paperwork and border friction.
The most recent official information reveals that exports to the EU rose by £3.7 billion - or 46.6% - following a £5.7 billion decline in January.
Nevertheless, February’s exports to the EU have been nonetheless 11 per cent beneath the identical month final yr. Imports of products from the EU rose by £1.2bn - or 7.3% - in February.
They’d suffered a report £6.7 billion decline - 29.7% - in January because of the disruption.
The broader UK economic system loved a slight enhance in February, rising 0.4 per cent regardless of ongoing lockdown measures. Financial output remained 7.8 per cent down on its degree a yr earlier and three.1 per cent beneath the preliminary restoration peak in October 2020.
Gross home product (GDP) fell lower than beforehand thought in January, down 2.2 per cent, not 2.9 per cent as had been estimated, the Workplace for Nationwide Statistics reported.
Restrictions have been in place to various levels throughout all 4 nations of the UK all through January and February.
All essential sectors of the economic system remained beneath their pre-pandemic ranges, with companies nonetheless notably decrease than the preliminary restoration peak in October 2020.
Manufacturing was down 4.2 per cent in comparison with February final yr, building was down 4.3 per cent and companies - which make up the majority of the economic system - stays 8.8 per cent down.
The most recent figures point out the dimensions of restoration required as companies companies, together with outlets, eating places and hairdressers, start to re-open their doorways this week.
Retailers and pubs reported brisk commerce on Monday, with queues forming exterior shops on excessive streets as footfall doubled from the week earlier than.
An Workplace for Nationwide Statistics (ONS) spokeswoman stated: “The economic system confirmed some enchancment in February after the massive falls seen firstly of the yr however stays round 8 per cent beneath its pre-pandemic degree.
“Wholesalers and retailers each noticed gross sales choose up slightly, whereas manufacturing improved with automotive producers experiencing a partial restoration from a poor January.
“Development grew strongly after revised figures confirmed that they had struggled within the final couple of months.
“Exports to the EU recovered considerably from their January fall, although nonetheless stay beneath 2020 ranges.
“Nevertheless, imports from the EU are but to considerably rebound, with numerous points hampering commerce.”
Suren Thiru, head of economics on the British Chamber of Commerce, stated: “The most recent information confirms a modest return to progress in February.
“Nevertheless, coming after a contraction in January, it does little to change the prospect of a downbeat first quarter for the UK economic system.
“The pick-up in output in February mirrored a broad-based enchancment in exercise with all the principle sectors recording a rise in progress.
“The readability supplied by February’s announcement of a street map for reopening additionally helped assist output within the month.”
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