British exports to the EU fell by more than 40 percent in January

The ONS emphasizes that this is the largest monthly decline in bilateral trade since the regular release of this data began in 1997.

According to the statistical office, one of the reasons for the unprecedented decline in bilateral trade in January may have been that both the UK and EU trading partners increased their stocks to prevent possible disruptions before the end of the transitional period following the end of the British Brexit period in January. (MTI)