Brexit special info: Foreign trade with Great Britain has already collapsed dramatically

It is no secret that trade between Germany and Great Britain would collapse noticeably in the wake of Brexit. But the extent to which the collapse since the British referendum three years ago has already been felt can be seen in a recent special report from the Federal Statistical Office. The declines are dramatic! The overall significance of the UK as a foreign trade partner for Germany is also falling noticeably.

According to statisticians, in the period from January to July 2019 Great Britain ranked 7th among Germany’s most important trading partners with a foreign trade turnover (exports and imports) of 68.5 billion Euros. Compared to 2018, the United Kingdom has thus lost another place in the ranking of Germany’s most important trading partners. In 2015 – the year before the Brexit referendum – the United Kingdom still ranked 5th. Exports are falling so sharply. Quote from the statisticians:

In particular, German exports to the United Kingdom have been falling steadily since the referendum in 2016. Prior to the referendum, German exports rose steadily from 2010 to 2015 and peaked at 89 billion Euros in 2015. Already in 2016 German exports fell by 3.5 % to 85.9 billion Euros. In 2017 and 2018, exports fell further by 0.6 % and 4.0 % respectively compared with the previous year. In 2018, only goods worth 82.0 billion Euros were exported to the United Kingdom.

The biggest loser of Brexit is the automobile industry

Not only the German, but even more the British car industry is the biggest loser of Brexit. This has been shown for some time by the data of the British Automobile Association (here the latest news). The Federal Statistical Office therefore also examines the automobile industry in detail. The declines are dramatic. Quote:

In 2018, cars and parts worth 22.5 billion Euros were exported to the United Kingdom. Compared to 2015, this was a decrease of 22.7%. German imports of motor vehicles and vehicle parts also fell sharply: by 13.4% from 2015 to 2018. In 2015, 6 billion Euro worth of cars and parts were still imported from the United Kingdom, while in 2018 the value of imports was only 5.2 billion Euro.

The latest results of the Federal Statistical Office also confirm the declining trend. From January to July 2019, exports of motor vehicles and vehicle components fell by 9.7 % compared with the same period last year and imports of these goods by 9.1 %. From January to July 2019, motor vehicles and vehicle parts worth 13.0 billion Euros were exported and 2.8 billion Euros imported.

Please follow and like us:

Be the first to comment

Leave a Reply

Your email address will not be published.