What the Germany election result means for UK trade

Official statistics for the first six months of 2021 published earlier this month indicated the UK is expected to drop out of the list of Germany’s top 10 trading partners by the end of this year.

Germans spent £13.8bn, or nearly 11 percent, less on British goods in the first six months of 2021, according to data from the Federal Statistics Office.

Experts claim German companies have been looking to source goods from EU based firms rather than UK ones.

Two sectors hit particularly hard include agriculture and pharmaceuticals which have dropped 80 and 50 percent respectively.

Exports of British food and drink to Germany fell by 49.4 percent compared to the same period two years ago.

Despite this, the UK is still buying a lot from Germany, with imports up 2.6 percent to $32.1bn in the first six months of the year.

Trade has been a key topic of discussion between the UK and Germany – especially when Ms Merkel and UK Trade Minister Greg Hands met in Düsseldorf last month.

source: express.co.uk