Trade

    • Germans spent 11% less on British goods

      Germans spent 11% less on British goods

      Britain is expected to drop out of the list of Germany's top 10 trading partners by the end of 2021, official German statistics reported. Germans spent £13.8bn, or nearly 11%, less on British goods in the first six months of 2021, according to data from the Federal Statistics Office, quoted by BBC. Britain has been in Germany's top 10 trading partners since 1950. The change is seen as a result of Brexit-related hurdles and by the end of 2021 UK is seen sliding to 11th spot on the list.

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    • UK retail sales drop on rising pandemic

      UK retail sales drop on rising pandemic

      UK retail sales posted a surprising fall in July on the back of rising new Covid-19 cases. The surge of the Delta variant of the virus managed to offset the expected boost in shopping, following England's successful run in the European soccer championship. The registered fall in July retail sales was 2.5%, far from the expected 0.4% month on month rise, Reuters elaborated.

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    • EU posts €69.6bn 6-month trade surplus with UK

      EU posts €69.6bn 6-month trade surplus with UK

      Eurostat announced that the EU exports to Britain posted a 4.7% month on month increase in June while trade with European goods with the rest of the world decreased. At the same time Eurostat noted that imports from UK were "nearly unchanged", Reuters reported. The increased EU exports to Britain are coupled with a 0.6% drop in the bloc's exports to the rest of the world on the month, Eurostat said.

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    • No breakthrough in UK-EU trade talks

      No breakthrough in UK-EU trade talks

      Britain and the EU failed on Wednesday to agree any solutions to ease post-Brexit trade with Northern Ireland, news wires reported. The standoff is not only deepening mistrust between the two sides but could also cloud a weekend G7 summit, according to Reuters.

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    • Crucial talks on Northern Ireland to resume

      Crucial talks on Northern Ireland to resume

      Crucial talks on a part of the Brexit deal that governs trade with Northern Ireland are to resume this week, expectedly on Wednesday, with both sides urging reason to prevail, news wires reported. While Britain called on the EU to be more pragmatic, Brussels urged London to help rebuild trust.

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    • UK in talks to join the Trans-Pacific trade accord

      UK in talks to join the Trans-Pacific trade accord

      UK announced it had stepped up efforts to join the Trans-Pacific Partnership, BBC reported. The new alliance is seen as a substitute to the EU. UK hopes to join the other 11 member countries shortly. The British government, which asked to become a member of the TPP in February, said membership was a huge opportunity in a post-Brexit world.

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    • Crypto miners squeezed by new crackdown

      Crypto miners squeezed by new crackdown

      Big international crypto miners suffered intensive pressure from China and that hampered the price of Bitcoin and other crypto assets, Reuters reported. The operation of Beijing was focused on Bitcoin mining and trading. A State Council committee led by Vice Premier Liu announced the crackdown as part of efforts to fend off financial risks.

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    • EU trade ministers to discuss US steel dispute

      EU trade ministers to discuss US steel dispute

      EU trade ministers will discuss today in Brussels a dispute over steel and aluminium tariffs with US officials, German Economy Minister Peter Altmaier said. "We have the opportunity to create a new basis for global trade politics with the new US administration," he said.

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    • Germany sees 2021 GDP grow by 3.5%

      Germany sees 2021 GDP grow by 3.5%

      Strong demand on international markets has given Germany the steam to accelerate economy at faster than expected pace, Reuters reported. The biggest European economy is now expected to grow by 3.5% in 2021, up from previous government forecast of 3% issued earlier in January. The upwards change is linked to better than expected results in the last quarter of last year in combination with robust commodity demand from China and US. Germany is expected to further grow by another 3.6% in 2022.

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