UK exports to the EU are lower “at 16% of what they would have been without Brexit”, according to a report published by the (Irish) Institute for Economic and Social Research, reports The Guardian.
The EU exports to the UK “declined even more, by 20%”, according to this study published on Wednesday, October 19 by the Economic and Social Research Institute. The Institute urges “a significant reduction in the number of products traded between the UK and the EU”though, “In terms of value, trade has returned to the level before 2021”.
Europe more efficiently
The effect of Brexit “doesn’t look that big compared to Britain’s trade with the rest of the world”, explains the British daily. However, exports from Great Britain have “slowly increased” compared with “EU performance grows faster”.
The researchers started from a scenario where trade in certain goods with Great Britain would have followed the same growth rate as with other European partners if Brexit had not taken place.