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<p>UK trade flows are increasing, with the latest figures showing that in the 12 months
ending February 2022 UK exports were up almost £50bn (8.2%) compared to the previous
12 months, whilst imports were up 15.6%.</p><p> </p><p>Since the beginning of 2020
UK trade flows have largely been lower, driven by factors associated with the COVID
pandemic, global recession, supply chain disruption, and adjustment to a new trading
environment.</p><p> </p><p>The impact of the global recession hit the UK harder than
many other countries, in part because of our specialisation in services, which have
been more negatively affected by COVID than goods production. Understanding the full
impact of the different shocks, uncertainty and multiple factors in play will take
time.</p>
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