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UK-wide Trade stats out today for September and Q3 2020. 
The next batch of stats will be released around 2 weeks before the end of the transition period, so this is pretty much the last look we're going to get while there is still time to act.
https://bit.ly/2Iv8AHl
The next batch of stats will be released around 2 weeks before the end of the transition period, so this is pretty much the last look we're going to get while there is still time to act.
https://bit.ly/2Iv8AHl
The overall trend seems to show exports growing at a slower pace than imports, but from a stronger initial position after their crash in early Q2. 
UK Services exports dipping by £0.3bn shows that even the most productive sectors of the economy are facing severe challenges.
UK Services exports dipping by £0.3bn shows that even the most productive sectors of the economy are facing severe challenges.
Growing imports can probably be put down to pent-up demand being let off as the economy opened up.
A big boost in the number of new cars sold also supports this, but lockdown 2 will probably result in another import dip for Nov 2020 when those stats are released
A big boost in the number of new cars sold also supports this, but lockdown 2 will probably result in another import dip for Nov 2020 when those stats are released
Imports in September increased £3.6bn (8%) to £49.2bn vs Exports staying at the same level as August at £48.5bn. It's the first trade deficit (£600m) since May.
Q3 was much stronger than Q2, with imports (£140.5bn) and exports (£144.7bn) growing 14.0% and 10.6% respectively.
Q3 was much stronger than Q2, with imports (£140.5bn) and exports (£144.7bn) growing 14.0% and 10.6% respectively.
Annually is where we get to see the real damage brought by COVID.
In the 12 months to Sep 2020, UK imports were worth £597bn. That's £111bn less than in the 12 months prior, or for scale, roughly the entire 2019 GDP of Ecuador
not being imported into the UK. 
In the 12 months to Sep 2020, UK imports were worth £597bn. That's £111bn less than in the 12 months prior, or for scale, roughly the entire 2019 GDP of Ecuador
not being imported into the UK.
Exports for the same period were valued at £602bn, a drop of £75bn on the previous year.
All of this just shows the scale of the damage done and the challenges traders are still facing. Another lockdown and the end of transition is going to add to those challenges.
All of this just shows the scale of the damage done and the challenges traders are still facing. Another lockdown and the end of transition is going to add to those challenges.
You'd think that with all of this, the last thing that government would want is to leave the customs union and single market without a deal, making the lives of importers and exporters EVEN MORE challenging, but we shall see...
