The latest UK trade figures could show just how catastrophic Brexit has been

Tory MP Desmond Swayne says new Brexit paperwork is 'monstrous'

A new world trade monitor published on Friday doesn't make for good reading as far as the UK is concerned, with the country's underperformance being blamed on Brexit.

According to the Netherlands Bureau for Economic Policy Analysis, UK goods exports fell 14 per cent in the three months to January in comparison to the same time in 2020 pre-pandemic, the Financial Times reported.

While the UK saw a fall, it was a different story everywhere else with the global average seeing a rise of 8.2 per cent in the same period.

The monitor also included data from the Office for National Statistics, which revealed how the UK's performance was inadequate when looking at advanced countries where exports rose by five per cent.

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In the long term, the information showed that the UK export economy has been underperforming, as exports remain below a 2010 average.

This information comes as the Office for Budget Responsibility (OBR) said the UK has “missed out on much of the post-pandemic global economic recovery," suggesting "Brexit may have been a factor".

It also warned UK trade "lagged behind the domestic economic recovery," and the country has become less trade-focused as a result is expected to cause a four per cent reduction in productivity over the next 15 years.

Remain supporter Lord Andrew Adonis has described how UK trade has been "decimated" in light of the new world trade monitor's findings.

As a result of these findings, the hashtag "BrexitHasFailed" began to trend on Twitter as Remainers shared their anger at the latest figures.

Meanwhile, earlier this month Michael Saunders, a member of the Bank of England’s monetary policy committee said Brexit had "reduced the economy’s openness, in trade and labour mobility."

Paul Dales, chief UK economist at Capital Economics said although a change in methodologies complicated the UK's trade data, he added: "the bigger picture [is] that exports [are] still struggling to recover from Brexit and the pandemic”.

So these findings along with the OBR's comments kind of dampens the Brexit optimism that the UK's global trade would be improved from the trade deals the government had made since leaving the EU.

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