The current pandemic has negatively impacted pretty much every industry across the world. And did you know that it has significantly impacted the exports industry?
Thanks to a comparative analysis report by Freightline Carriers, we are able to dig deeper into the negative impact the pandemic has had on exports and the ever so important industry.
The Power of Exports
The UK economy relies heavily on the success of exports. Unfortunately, the pandemic has hit the industry hard, causing a domino effect across all of the UK. Using statistics provided by the Office For National Statistics, the report was created to focus on the impact of 10 certain commodities being exported between the time frame of May 2019 to May 2020. The following commodities really stood out the most to us.
Electronic equipment being exported stayed pretty steady through most of 2019 and even the first couple of months of 2020. But, it did take a huge dip at the beginning of the pandemic. Especially during lockdown restrictions, exporting electronics really took a hit.
We were a little surprised by this finding since everyone still needs electronics, especially during the lockdown. However, the ability to get out and purchase electronics during the lockdown had to play a role in the decline, which dropped from £1,801 million to £1,411 in just 12 months.
One of the biggest declines in exports had to be motor vehicles. In just ONE month, the numbers dipped from £3,058 million to £698 million. The alarming drop started right when lockdown started which was March 23rd. The sharp decline really isn’t that big of a surprise, but when the industry will recover is unknown.
Arts & Antiques
The exports of arts and antiques did see a spike in the summer of 2019. However, the numbers just kept decreasing and took the largest dip during the government lockdown and beyond.
This isn’t as surprising as some of the other commodities since the slowdown in production along with the cancellation of art shows and antique shows across the world. This is one industry that might take a long time to finally recover from the negative impacts of the pandemic.
Of course, it isn’t a shock that the exports of aircraft decline exponentially due to the pandemic. Aircraft exports remained pretty steady right until the pandemic hit in 2020.
Even right before the lockdown, the fear of flying and spreading Covid-19 caused a dip. The entire aircraft industry might have been hit the hardest out of all. From canceled flights to lowering prices to an all-time low, the travel industry along with aircraft has really been hurt.
Some Positive News
Not all of the numbers are negative though! Pharmaceutical products actually saw an increase in exports, especially during the pandemic. In just one year, the exports of pharmaceutical products increased by £181 million.
The exports of these products continue to remain steady, mainly due to the many experimenting with different products to find a vaccine and treatment options for Covid-19.