The UK’s market share in the United States, Germany and China decreased during the coronavirus pandemic. However, this is due not only to the covid-19, but also to the increase in tensions in trade relations around the world or weak growth in labor productivity.
A new study from the Lloyd’s Banking Group Center for Business Prosperity shows that the UK has lost some of its position in the US, Germany and China markets in recent years. That is, in countries that are the largest markets for British goods. “In some key destinations, the UK has seen a sharper decline in exports and declining global competitiveness,” the study said.
The biggest drop in British exports occurred in exports to the United States. Both in absolute and relative numbers. Between 2017 and 2019, British exports to Germany increased by only 8.5 percent, while Italy, the Netherlands, Spain and the USA recorded a significantly higher increase in exports to the market of the largest European economy. The authors of the study attribute this to the consequences of the referendum on the withdrawal of Great Britain from the European Union. At the same time, there is also a slowdown in labor productivity growth and a coronavirus pandemic in the last year.