The share of UK goods exports to the European Union has fallen over recent years, from 7.1% in 2015 down below 6%. This is largely due to weaker demand for luxury items such as cars and wine among other factors but also reflects changing trade patterns caused by Brexit which will continue into this decade according an new study published today!
Britain's share of EU27 goods exports has steadily declined over the last few years. The country’s shrinking export market is most likely due to increased competition with other countries who have experienced economic growth more recently than us Brits do here at home.
This means less money coming in from Europe as well - 3% fewer profits or selling prices than what they would have had if there were no Brexit negotiated agreement between Britain and European Union leaders back when David Cameron first announced plans on Brussels becoming Prime Minister.
The researchers found that as the pandemic progressed, more trade was diversion away from Great Britain and into other countries. “Some of this negative impact on economic performance and exports already occurred before Brexit," said Director at ifo Center for International Economics Lisandra Flach."
The uncertainty caused by the 2016 referendum has meant that companies have had to adapt quickly, with most products now facing at least one new barrier when they cross from UK borders into Europe.
The Trade and Co-operation Agreement (TCCA) managed an unexpected side effect - it avoided higher customs fees but instead there is a waiting period before entering your goods or services on either side of EU's external border