Trade
Brexit Cut Trade Between UK and EU by Close to 20%, ESRI Says
- ‘Significant’ drop in trade seen between UK and most EU states
- Ireland had large drop in imports from UK, no export impact
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Brexit resulted in a “substantial negative impact” for trade in both directions between the European Union and the UK, according to Ireland’s Economic and Social Research Institute.
Trade from UK to the EU dropped 16% while there was a 20% decline in trade from the EU to the UK, compared to a no-Brexit scenario, the ESRI said in a working paper published Wednesday. The analysis looked at product-level data on goods trade flows for 2021 -- the first full year of the UK’s withdrawal from the bloc.