Germany's exports to UK continue to decline in 2021

Germany's exports to UK continue to decline in 2021
January 29, 2022, 8:37 am

Brexit-EU/Pixabay

The Xinhua reported that the Federal Statistical Office (Destatis) said on Friday, one year after the United Kingdom's (UK) withdrawal from the European Union (EU), Germany's exports to the UK decreased by 2.5 percent year-on-year to 65.4 billion euros (72.8 billion U.S. dollars) in 2021.

In 2020, the first year of the COVID-19 pandemic, Germany's exports to the UK had already plummeted by 15.3 percent.

After the UK ceased to be part of the EU's single market, the two sides concluded a comprehensive trade and cooperation agreement, which entered into force on Jan. 1, 2021.

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In 2021, the UK fell from fifth to eighth place in terms of exports and from 11th to 13th place in terms of imports in the ranking of Germany's most important trading partners Destatis said.

The German ifo Institute said on Friday: "Brexit has had an unfavorable impact on trade between the EU and the United Kingdom."

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Although the trade and cooperation agreement did manage to avoid higher tariffs, barriers such as inspection certificates as well as other documents and requirements "make the border crossing more time-consuming and complicated, resulting in higher trade costs," the ifo Institute said.

Source: xinhua

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