FILE PHOTO: A lorry arrives at the Port of Dover following the end of the Brexit transition period, Dover, Britain, January 1, 2021. REUTERS/Peter Cziborra
While all countries grappled with the tumult of COVID-19, the United Kingdom lost market share in its biggest export markets - the United States and Germany, the research showed. “The UK’s decline in exports to the U.S. appeared the sharpest in both absolute and relative terms and the most prolonged among the major European countries .”
“This to some extent paints a picture of slowing UK exports to Germany following the 2016 Brexit referendum, which may indicate some decoupling between the two economies,” economists Jun Du and Oleksandr Shepotylo said in the report.