Brexit's toll on UK exporters deepens as global trade ranking plummets

UK exporters are facing significant challenges since Brexit. A majority report that the post-Brexit trade deal has made selling into the EU more difficult. Meanwhile, the country’s global ranking as a goods exporter has dropped sharply. The UK’s goods exports have declined notably in recent years. Between 2019 and 2024, its share of global goods exports fell by a fifth. The country has also slipped from the 11th-largest goods exporter to 14th place worldwide.

Many sectors have struggled under the new trade arrangements. The UK has lost its competitive edge in industries like road vehicles, chemicals, medicines, and electronic microcircuits. Smaller firms have been hit the hardest by the downturn.

A recent survey found that 54% of UK exporters believe the post-Brexit deal has hindered their ability to sell into the EU. Only 16% feel it has helped them expand their exports. The overall cost of the decline in goods exports is estimated at £74 billion for exporters.

At the same time, services have grown in importance. They now make up 59% of total UK exports, an increase of 11 percentage points since 2019. Sophie Hale of the Resolution Foundation argues that this shift should not be seen as a negative development. The UK’s export landscape has changed markedly since Brexit. Goods exports have fallen, and the country has lost ground in key global markets. However, the rise in service exports has partly offset these losses.