The new rulebook for UK-EU trade

Tim Doggett from the Chemical Business Association reviews the implications of the Rules of Origin for UK–EU trade for the chemical industry the uk’s international trade figures over the last two years have been riding a rollercoaster as a result of Brexit, the end of the transition period, and the impact of the COVID-19 pandemic. The figures have shown what the Office of National Statistics (ONS) describe, in something of an understatement, as a ‘higher level of volatility.’ The latest trade data, released recently, revealed an increase in the UK’s total exports of goods following a decrease at the beginning of 2021. In March, trade increased with both the EU and non-EU countries. The figures also show an increase in chemical exports. They increased by £500 million (€581 million), with a £300 million increase in exports to non-EU countries. This was driven by increasing exports of organic chemicals to the US which included component parts for vaccine production. But these figures are relative and only compare one month’s numbers with the previous month. Taken over a longer period, they present a different picture. According to the ONS, the first quarter of...