With countries such as Germany, China, United States, Netherland and Norway having made up the top importing partners moving goods into the UK, the realities of Brexit kicking in will likely alter the future of global trade partners with the UK. What are these changes coming for UK exports? UK imports into the EU were expected to fall in the three months to September 2017, as the UK exited the European Union. However, forecasts have suggested that the impact might be less than anticipated due to the ongoing economic expansion in the EU. The fall in UK trade flows could lead to a small boost in the value of UK exports, but such an increase in export volumes could mean fewer exports from the EU.
Prior to Brexit, the UK was benefitting from the trade deals the EU had made with any non-EU country. Upon Britain’s exit from the EU, the EU boasted approximately 40 trade deals with 70 countries.
Although Britain has done well to negotiate separate deals with a good number of these 70 countries, with less than ten to make up the full complement of 70, what this essentially meant was that a different set of rules and regulations would naturally come to the fore. The UK is a major trading partner for exporters targeting this market and now an opportunity has opened up for new trading partners who wouldn’t have to operate within the trade laws governing the EU as a single market.
The different set of regulations would require these new trade partners to work closely with the likes of Freightline Carriers, as these types of established logistics players are in the best position to ensure compliance with the emergent checklist for bringing goods across the UK border. This would include the likes of documentation regarding freight vehicles, such as insurance, vehicle tachograph charts, confirmation of the vehicle’s pre-approval to cross into the EU, etc.