Brexit blow: exports to Japan slump after ‘landmark’ free trade deal

[pellinore]

The first major free trade agreement signed by Britain after Brexit has been branded a failure after new figures showed exports had fallen since it came into force.

Liz Truss signed a “historic” deal with Japan as trade secretary in October 2020, describing it as a “landmark moment for Britain”. It was claimed it would boost trade by billions of pounds and help the UK recover from the pandemic.

However, figures collated by the Department for International Trade show exports to Japan fell from £12.3bn to £11.9bn in the year to June 2022. Exports in goods fell 4.9% to £6.1bn and services fell 2% to £5.8bn.

The decline is a significant setback for supporters of Brexit who claimed global trade with non-EU countries would help compensate for any losses from leaving the single market.

Brexit blow: exports to Japan slump after ‘landmark’ free trade deal | Brexit | The Guardian

Edited November 27, 2022 by pellinore

[pellinore]

The Brexiters defence of (the undefensible) Brexit puts me in mind of this old legal joke:

"Your honour, my client has promised to put his life of crime behind him and earn an honest living in the future".

"But he has just stolen the usher's wallet!"

"Your honour, it would be unreasonable to expect perfection on Day One".

[L.A.T.1961]

Another story from the G using half the facts.

The yen has devalued substantially against the £ in the last 15 months and buying any UK goods in Japan is about 25% more expensive today. 

So exports to Japan reducing by a few % is hardly surprising and more reasonably shows a desire to buy UK produce in Japan despite a change in economic fundamentals.

Not as you will see the G provide that fact anytime soon. 

[itsnotoutthere]

As I said, there is a (now boring) theme to all of Silvers posts.