Flemish trade with UK back to pre-Brexit levels

Five years after the United Kingdom left the European Union, trade between Flemish companies and the UK has returned to pre-Brexit levels. That reported Flemish public broadcaster VRT on the basis of figures from Leuven University (KU Leuven).

Today, it’s exactly five years since Brexit took effect. For many companies that exported goods and services to the UK, Brexit brought with it a lot of red tape. Companies exporting fresh goods and food in particular suddenly had to provide many documents if they wanted to continue to sell their products in the UK. ​ 

Despite these difficulties, figures from Leuven University (KU Leuven) show that exports by Flemish companies to the UK are now back to the level they were at before the UK left the European Union. Some sectors are even performing better than before. According to the Flemish foreign trade agency Flanders Investment & Trade (FIT), the fact that trade with the UK is now at pre-Brexit levels is evidence of Flemish companies’ resilience.

FIT also points to the intensive support measures taken by the Flemish government to help businesses that trade with the UK. “Brexit subsidies, the Brexit helpdesk and the advice campaigns have helped companies through a difficult period,” explained Lionel Orens, FIT’s economic representative of Flanders in the UK, to VRT. The Brexit helpdesk, set up to help companies cope with the new regulations, is still active and offers more than just administrative help.

Despite the recovery, the percentage of Flemish trade that is accounted for by trade with the UK has fallen back. The UK is currently Flanders’ fifth largest trading partner. The KU Leuven study also demonstrates that exports from Belgium as a whole to the UK have fallen by 13 per cent compared with pre-Brexit levels. ​ According to Orens, this isn’t just due to Brexit. He also points to the impact of the coronavirus pandemic and the difficult economic situation caused by the war in Ukraine.

^{#FlandersNewsService | Illustration © BELGA PHOTO DIRK WAEM}

Related news

UK Chancellor in Brussels to renew ties with EU

The UK's Chancellor of the Exchequer, the country's chief financial minister, met her counterparts from the 27 European Union member states in...

belganewsagency.eu