G erman exports to the UK plunged by almost a third in the first month under post-Brexit trading arrangements, new figures have revealed. The end of the Brexit transition period was blamed by Germany's official statistics body for a 30pc year-on-year plunge in exports to the UK in January but economists predicted the trade slump will ease. New customs rules for exporters exacerbated a tumble in trade already triggered by the Covid crisis amid complaints of post-Brexit arrangements causing higher costs and delays for businesses. January's drop compares to a 15.5pc fall in imports from Germany over 2020 but the latest slump in trade was still not as severe as the worst months of the first lockdown. The tumble in German imports at the start of the UK's life outside the EU was also worsened by many businesses stockpiling in December as Brexit talks went down to the wire. "We expected very weak eurozone exports to the UK for January, in part due to teething problems at the border, but also due to the fact that hoarding had already fulfilled a lot of British demand for European goods," said Bert Colijn, eurozone economist at ING. "We see a very strong surge in… Read full this story
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