UK trade 2024
Think tank: UK in a Changing Europe
Author(s): Jonathan Portes; Sarah Hall; Stephen Hunsaker
June 4, 2024
This report from UK think tank UK in a changing Europe sets out the key recent trends in UK trade, outlines where uncertainties lie and what the policy implications are.
UK trade has, since the 2016 referendum, become a hotly debated subject. Which is not to say that it is simply a Brexit story; the uncertainties currently shaping UK trade are far from unique to the UK. Supply chain disruption associated with international conflicts, and a geo-political environment that is generally less conducive to trade, are impacting trade globally.
In the immediate years following Brexit, trade data was complicated by the Covid-19 pandemic and a significant rise in global energy prices following Russia’s invasion of Ukraine. 2023 data released by the Office for National Statistics provides one of the first opportunities to assess the UK’s post-Brexit trade performance in detail.
This report uses these data to set out the key recent trends in UK trade, outline where uncertainties lie and what the policy implications are.
