A no-deal Brexit could damage smaller economies trading with the UK, hit EU exports hard, but bring substantial gains for China according to new research from UNCTAD.
The research concludes that the UK and its future trading partners need to reach bilateral deals quickly – or lose out. The costs are considerable with the EU standing to lose out on $34.5 bn in exports to the UK. The second biggest loser in the event of the UK’s no-deal departure from the EU would be Turkey, taking a $2.4 bn export hit. China could gain an additional $10.2 bn in exports to the UK, and the USA could add $5.3 bn in exports to the UK.