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According to a trade body representing hauliers, exports from the UK to the European Union (EU) plummeted by 68% last month in the post-Brexit trade deal era, per Reuters.

Key highlights

Trade was disrupted after the end of a transition period following Britain’s departure from the EU.

Some businesses have struggled with new customs declarations and health certificates as the coronavirus pandemic also hits firms.

International members at the Road Haulage Association (RHA) reported a 68% fall in exports in January.

RHA Chief Executive Richard Burnett said: “I find it deeply frustrating and annoying that ministers have chosen not to listen to the industry and experts.”

Market reaction

The pound is unfazed by the above piece of news, as it benefits from the broad market optimism around the US stimulus.

GBP/USD was last seen trading 0.5% higher at 1.3737.

  • GBP/USD Price Analysis: On the way to 1.3760 resistance