Will the UK cutting ties with Europe damage or aid our deals abroad? Trade with the EU still holds substantial meaning, but may not be as much as it previously did. According to the Office of National Statistics (ONS) about 44% of UK exports in goods and services went to other countries in the EU in 2017- £247 billion out of £616 billion total exports. That share has generally been declining, since exports to other countries have increased at a faster rate.
We also need to take into account the growth speed of the developing world- countries such as Argentina and Australia that are gaining wealth and starting to expand into the international trading platform. This leaves less share of the economy to the EU, with the developing world expected to grow further over the coming years. 53% of our imports into the UK came from other countries in the EU in 2017, but by 2022 the EU’s share of the world economy is expected to drop to 15%.
As an economy, the UK must be as prepared as possible for whatever outcome. One thing is certain, the UK will continue to trade with business partners from across the globe whether there is a no deal Brexit or not, but the question is; how difficult will it be?
To help prepare for whatever the outcome we have highlighted our top tips for trading abroad post Brexit.