UK exports to EU begin to partially rebound after slump in January

Official data showed that UK exports to the EU rose by 46.6%, although this was after a slump in January of 42% as businesses struggled with new customs trade rules. Imports from the EU also rose , but were still falling, down 7.3%, after a 29.7% fall in UK imports to the EU in January .

Other data from the Office for National Statistics show that the UK   The economy grew by 0.4% in February. However, the Office for National Statistics said the economy was still 7.8% lower than a year earlier, before the impact of the pandemic . Covid restrictions were in place to varying degrees in all regions of the UK during January and February .

An ONS spokesman said: “After a sharp fall at the start of the year, the economy improved in February but remains around 8% below pre-pandemic levels.”

“Exports to the EU have recovered significantly from January , although they are still below 2020 levels. However, imports from the EU have not yet rebounded significantly, with a number of issues hampering trade.”

Sarah Hewin of Standard Chartered Bank told the BBC's Today programme that the UK's economic outlook is improving. "Confidence seems to be growing as vaccinations spread. We know that in many cases households have been saving up their savings during the lockdown . As lockdown restrictions are eased, people will be able to go out and spend those savings, which will be significant , and the UK economy will then get a strong boost. "

It is reported that people are now keen to go out and spend money . As shoppers flocked to reopened stores, foot traffic on all streets in the UK increased by about 218.2% week-on-week by 10 a.m. yesterday , a huge increase of 505.1% compared with Monday, April 13, 2020.

The latest data from retail experts Springboard shows that shopping centres saw the biggest increase in footfall, up 339.7 per cent, while high streets saw a 232.8 per cent rise and retail parks saw a 58.2 per cent increase.

The increase in passenger traffic means the gradual recovery of the British economy, which will also affect the volume of trade between the UK and the EU.

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