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Wednesday, July 25, 2012

Lies, lies and damned lies.

Much of the UK’s trade with non-EU countries goes via massive containers which pass through Rotterdam or Antwerp in transit.  Under EU figures, this is counted as trade with the EU even though it is clearly non-EU trade.  This distortion is serious (some estimates suggest that it causes a discrepancy of up to 8%) and often known as the ‘Rotterdam Effect’.