The report additionally discovered the number of commerce export items has dropped, with 1,645 fewer varieties of British merchandise exported to each EU nation.
The report doesn’t embrace the service sector, which has carried out higher than many specialists had anticipated since Brexit.
The authors mentioned there was a “noticeable worsening of EU-UK commerce in 2023”.
“The damaging impacts of the [trade agreement] have intensified over time, with 2023 exhibiting extra pronounced commerce declines than earlier years,” the authors added.
Farmers, clothes makers, and wooden and paper producers have been among the many hardest hit industries, with many sub-sectors’ EU export worth falling by well-over half.
The most important drop in export worth was for edible fruit and nuts, which nosedived 73.5%.
Commerce with smaller and extra distant international locations within the EU has been affected essentially the most, whereas commerce with bigger and nearer international locations has been affected the least.
The authors mentioned many smaller British producers had given up on exporting small quantities to some EU nations for the reason that creation of many types of post-Brexit commerce crimson tape or non-tariff limitations.
A authorities spokesperson informed the BBC it should “work to enhance our commerce and funding relationship with the EU and tear down pointless commerce limitations, whereas recognising that there might be no return to the one market, customs union or freedom of motion.”
The BBC understands that in current conferences with authorities, enterprise representatives have been invited to contribute early concepts on “resetting” the commerce relationship with the EU, with a concentrate on “financial safety”.
Progress is unlikely till subsequent 12 months, when the brand new European Fee is firmly established, and the UK has itself accomplished new industrial and commerce methods.