Published by Global Banking Finance Review

  • HMRC’s newest UK Overseas Trade Statisticsfor June 2016 show £1bn increase in UK exports to EU countries
  • However, new research also shows how SMEs overcharged hundreds of pounds in needless fees for each international transaction hampering abilities to expand
  • Some SME exporters could be overpaying an average of £52,800 a year due to unnecessary fees for cross-border transactions

New trade figures from HM Revenue & Customs (HMRC) today reveals that the UK’s exports to EU countries increased by £1 billion  during June, the month of the ‘Brexit’ referendum.

The latest statistics for UK overseas trade released today, regarding June’s figures shows:

  • EU exports in June 2016 were £12.2 billion, an increase of 1.0 billion (8.7%) compared with May 2016’s statistics
  • EU Imports for June 2016 were £20.5 billion, an increase of £1.9 billion (10%) compared with May
  • Meanwhile, non-EU Exports for June 2016 were £12.7 billion, an increase of £0.7 billion (5.6%) in May
  • While non-EU Imports for June 2016 were £19.7 billion, an increase of £2.2 billion (13%) compared with May
  • Overall, the proportion of all UK exports to the EU was 49% for June, while exports to key European partners like Germany increased to £2.8 billion (a 12.4% rise on May)

Commenting on these figures, Doron Cohen, CEO of Covercy said:

“While it may have 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 & Carry On’ in the best British tradition. In fact, exports actually increased by over 8% compared to May. However, we’ve yet to see how Brexit has actually affected UK companies who export to the EU.”

Before & After Brexit:

UK Firms Vastly Overpay On International Transactions Due To Banks’ Fees

While today’s statistics show how little the impending Brexit vote affected…