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MNI BRIEF: Brexit To Hit UK Harder Than EU: Ifo

MNI (London)
LONDON (MNI)

Analysis conducted by Germany's Ifo institute in Germany shows that Brexit is hitting the UK harder than the EU. The EU's share of UK trade is larger than vice versa. "Both sides loose with Brexit, but UK looses significantly more. A trade deal from January 1 would be in both interests" said Lisandra Flach from the Ifo.

The UK handled 50% of their imports and 47% of their exports with the EU27 in 2019, hence the EU is the largest market for the UK. On the other hand, the EU27 handled 4% of their exports and 6% of their imports with the UK in 2019.

"In all European countries only a few products are dependent on imports from the UK. As a result, the increase of trade costs due to Brexit will have a smaller impact on companies in EU27 countries than expected on UK companies," Flach added.

MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
Policy NewsCEEMEABriefUKStoryRegion
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MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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