Freight Transits At UK Ports Recover to Pre-Brexit Levels
Transits through British ports have climbed back to pre-Brexit levels and delays are showing signs of creeping down.
Levels of traffic dropped by more than a quarter after the trade deal was struck and delays jumped by 15 per cent as port officials struggled with the new rules, according to Huq Industries high frequency index. But freight volumes have risen back to 94 per cent of normal levels before Covid-19 – roughly equal to their pre-Brexit levels – and they appear to be still rising.
At the same time, delays have failed to increase and are even showing early signs of reducing. They are currently hovering at just over the 10 per cent mark on pre-Brexit levels.
The figures come as European hauliers have reported that the cost of transportation has also nearly dropped to pre-Brexit levels following a dramatic reduction last week, especially from the UK’s major trading partners – Germany, France and Italy.
Initially freight costs jumped by a quarter after the transition but are now at the same level as those seen at the end of 2020, according to the Times.The delays and costs at the UK border increased because of the extra bureaucracy caused by the UK leaving the European Union.
Huq Industries publishes high-frequency economic data across a range of themes derived from its first-party geo-mobility data. Our first-party, verified and compliant data supports a broad range of applications in financial services, real-estate, and public sector and CPG. Whichever research themes you are following, Huq offers a fast and reliable means to measure business and societal trends with confidence.
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