Pandemic and Brexit collision results in £ 18bn loss in travel services trade

Monday, November 22, 2021 12:59

The collision of the pandemic and exit from the European Union (EU) has resulted in a loss of £ 18 billion in trade in travel services, according to the latest figures.

While total exports and imports of services increased in the second quarter, trade in services remained well below pre-Covid-19 levels, the Office for National Statistics (ONS) revealed.

Weaker travel services trade weighed on the numbers, amid a series of pandemic restrictions across the UK and the rest of the continent.

Exports of travel services fell almost 67% from the second quarter of 2019, the equivalent of around £ 6.9 billion in trade.

As travel services imports plunged more than 80%, representing a loss of around £ 11.9 billion.

Trade with the EU declined over the two years, a period of rapid transition for the UK.

Exports of services to the bloc were more than 20% lower than those of non-EU countries.