Collision of pandemic and Brexit pushes £18bn loss in travel services trade
The collision of the pandemic and leaving the European Union (EU) has tipped an £18bn loss in travel services trade, according to the latest figures.
While total service exports and imports grew in the second quarter, trade in services remained well below levels seen prior to Covid-19, the Office for National Statistics (ONS) revealed.
Weaker travel services trade weighed on the figures, amid a raft of pandemic restrictions across the UK and the rest of the continent.
Travel services exports have fallen nearly 67 per cent in comparison to the second quarter in 2019, the equivalent of around £6.9bn worth of trade.
While import of travel services has plunged more than 80 per cent, representing an around £11.9bn loss.
Trade with the EU has dwindled over the two years, a period of rapid transition for the UK.
Service exports to the bloc were more than 20 per cent lower than with non-EU countries.