Unlike other G7 economies, UK trade has not recovered since the COVID 19 pandemic. This has affected ‘UK trade overall and bilaterally with the EU’, according to a Bruegel study. As Figure 1 shows, EU-world trade in goods grew by 51.8 % between 2016 and 2024, while EU-UK trade in goods increased only by 1.7 % during the same period. The divergence is less pronounced for EU-UK trade in services.
Trends in EU-UK total trade versus trade between the EU and the rest of the world (trade in goods and services, imports and exports)
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