EU exports to Britain jump as trade surplus widens
Exports to Britain from the European Union jumped over the last month helping to widen the bloc’s trade surplus, according to official figures released today.
Figures from Eurostat, the EU’s official statistics agency, show exports to Britain rose 4.7 per cent in June compared to May, despite the UK leaving the EU’s single market at the beginning of the year.
The 27-country bloc recorded in a 22.3 per cent increase in exports to reach a total of €188.3bn. Imports jumped 29.6 per cent resulting in a trade surplus of €14.8bn, down from €20bn in June last year.
Imports from Britain to the EU contracted sharply by 20 per cent compared to the same period in June 2020.
However, these statistics contrasted with figures released by the Office for National Statistics yesterday which shows UK exports to the EU climbed £14.3bn, while imports increased by £19.1bn in June.
The discrepancy is due to a change the way the EU calculates trade with Britain after Brexit.
Last month, the ONS said: “Statistics Eurostat publishes for 2021 are not on the same basis as statistics for previous years.”