Tuesday, August 16, 2022

Trade with foreign retailers grows to £7.7 billion despite Brexit fears

Brexit has failed to dent cross-border trade as new research reveals overseas spending continued to rise last year.

New data from online retailer VoucherCodes.co.uk has found that spend from overseas retailers saw growth of 0.4 per cent to 12.8 per cent. 

The figure topped £7.7 billion last year and is expected to increase by a further 8.9 per cent to £8.4 billion over 2017.

Across Europe values rose by a massive 20 per cent to £32.5 billion, demonstrating European consumers‘ willingness to trade with the UK amid tumultuous circumstances. This is again expected to rise next year to £37.7 billion.

Compared with the rest of the EU, Britain trades cross-border at around half the rate of Germany, France and The Netherlands. 

The UK also spends more in terms of value but with this year’s predicted £8.4 billion cross-border spend set to dwarf Spain‘s £1.9 billion.

READ MORE: Brexit boosts tourist spend by nearly 50%

“Brexit or no Brexit, cross-border trade is becoming increasingly attractive to consumers for so many reasons,” VoucherCodes managing director Claire Davenport said.

“Not only does it allow shoppers the access to so many more products at potentially cheaper prices, but delivery options are developing enabling customers to get the products delivered faster than ever, particularly for countries that are in close proximity,

“More and more retailers are now expanding internationally and often the customer is not even aware they are making an overseas purchase

“With varied payment options widely available and simplified return policies, consumer confidence in cross-border trade is growing at an unprecedented rate and is offering a fantastic solution for both consumers seeking lower cost and available items, and retailers looking to increase global sales”.  

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