UK loses £20bn as Brexit, COVID-19 halt 1.5 SMEs from Int’l trade

UK loses £20bn as Brexit, COVID-19 halt 1.5 SMEs from Int’l trade

Over 1.5 million UK SMEs have stopped trading internationally this year which could cost the UK £20 billion, due to the impacts of COVID-19 and uncertainty around Brexit. New research released by British fintech, Currensea, reveals that of the 80 per cent of British SMEs (4.72 million businesses) that trade internationally in any given year, 1.18 million have had to pause directly because of the global pandemic and a further 283,000 because of Brexit. In the new report, Currensea described the development as a significant loss for SMEs as international…

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Global Pandemic: Nigeria’s foreign trade plunges 28% to N6.24trn in Q2

Insurance sector contracted by 12.05% in Q4 – NBS

As the global economy continues to count losses to the impacts of coronavirus pandemic, the Nigerian economy has recorded significant fall in its foreign trade portfolio in the second quarter of the year. Forign trades, both import and export, within the period suffered by 27.46 per cent to N6.24 trillion, according to the latest report by the National Bureau of Statistics (NBS). This is coming following an  earlier disclosure by the NBS that the country’s capital imports fell by 78.6 per cent in the second quarter of the year to…

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