UK exports to the EU increased by £1bn in run up to Brexit

Over the same period, imports from the EU increased by £1.9bn to £20.5bn and by £2.2bn to £19.7bn from non-EU countries

The value of UK exports to countries in the European Union (EU) increased by £1bn to £12.2bn in June 2016, the month of the EU referendum, according to the latest figures from HM Revenues & Customs.

Exports to non-EU countries also increased by £0.7bn (5.6%) to £12.7bn over the same period.

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At the same time, imports from the EU increased by £1.9bn to £20.5bn, a 10% increase on May, while imports from non-EU countries rose by by £2.2bn in June to £19.7bn.

In total, exports to the EU accounted for 49% of all UK exports in June and exports to major markets such as Germany increased to £2.8bn (12.4%).

The news comes just a few weeks after the government announced the launch of the UK’s biggest export directory to help businesses promote themselves to a global audience.

 


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Doron Cohen, CEO of Covercy, said of the findings:

“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.”

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