–
- DPA
-
Tuesday, December 8th, 2020
|
–
According to an Ifo study, Brexit will hit Great Britain’s trade much harder than that of the EU and Germany. “Both sides will lose in Brexit, only the United Kingdom will lose significantly more. A trade agreement from January 1 is in the interests of both sides,” said the head of the Ifo Center for Foreign Trade, Lisandra Flach, in Munich on Tuesday.
The increase in trade costs caused by Brexit will have less of an impact on companies in the EU than on companies on the island, Flach said. In 2019, the United Kingdom reportedly handled 50 percent of its imports and 47 percent of its exports with the EU. This makes the EU the largest market for the UK. Conversely, only 4 percent of EU exports went to Great Britain, 6 percent of EU imports came from the island.
According to a study by the Munich Ifo Institute, Germany is completely dependent on imports from Great Britain for only nine goods. These are organic chemical products, certain fats and oils as well as material for films, nuclear reactors, boilers, machines, apparatus and mechanical devices. Conversely, the British imported 53 goods exclusively from Germany. (dpa)
Photo: Pexels
– .
