The UK saw the export of goods fall by £5.3 billion in January, as a result of a 40 per cent drop in exports to the EU, according to the latest figures from The Office for National Statistics (ONS.)

Britain lost a total of £5.6 billion worth of exports to the EU in the first month of the year.

Imports of goods, excluding non-monetary gold and other precious metals, also fell significantly. Imports dropped by £8.9 billion, or 21.6 per cent, driven by a £6.6 billion reduction in imports from the EU.

“In both current price and chained volume measures, the January 2021 monthly fall in goods imports and exports are the largest monthly falls since records began in January 1997,” said the ONS.

Total imports of goods from non-EU countries, excluding non-monetary gold and other precious metals, fell by £2.4 billion (12.7 per cent) in January 2021 while exports increased by £0.2 billion (1.7 per cent.)

The total trade deficit for January 2021, excluding non-monetary gold and other precious metals, narrowed by £3.7 billion to £1.9 billion; imports decreased by £9.2 billion (17.6 per cent) and exports decreased by £5.5 billion (11.8 per cent).

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