Imports slump after Brexit stockpiling

• Britain’s trade balance, measuring the gap between imports and exports, jumped to a record surplus of £4bn in November, from a deficit of £1.3bn in October, as companies reduced their imports of goods in the month after the Halloween Brexit deadline.
• City economists had been expecting a deficit of about £2.6bn.
• According to the ONS, imports slumped by 7.8% on the month, while exports rose, suggesting that UK firms rushed to stockpile goods before the 31 October deadline and then made fewer orders in November.
• The same may well happen to a lesser extent as Britain actually leaves the EU – from there, the opposite may well happen as companies realign to new trading conditions.

Source: ONS

 

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