Exports to EU hit £12.2bn during month of Brexit

Published by Bdaily Business News


Exports from UK firms to European Union countries rose by around £1bn in June despite the uncertainty of the EU referendum, according to new data.

Figures from HMRC’s latest UK Overseas Trade Statistics report showed that EU exports during the month stood at £12.2bn, up by 8.7% in comparison to May.

Imports from the continent, meanwhile, hit £20.5bn – a rise of £1.9bn or 10% against the month previous.

Similarly, non-EU imports rose from £17.5bn in May to reach £19.7bn in June. Non-EU exports grew by 5.6% to £12.7bn during the period.

In total, the EU accounted for almost half (49%) of all of June’s UK exports.

Doron Cohen, the CEO of online money transfer service Covercy, said of the figures: “While it may have [been] expected that exports in particular might slow significantly down to the EU due to a potential ‘Brexit’, this was not the case as exporters in the UK appeared to keep calm and carry on in the best British tradition.

“In fact, exports actually increased by over 8% compared to May.”

He added: “However, we’ve yet to see how Brexit has actually affected UK companies who export to the EU.”…