January 16, 2021

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Brexit costs Belgian companies almost 1 billion euros …

Brexit costs Belgian companies almost 1 billion euros ...

Vehicles that have been exported to our country are the hardest hit.

Photo: Photo News

With an export value of 18.1 billion euros, the estimated British import duties for Belgian companies in the event of a no-deal Brexit would amount to almost 1 billion euros per year. This emerges from new calculations by the federal economy.

The tax of EUR 935 million corresponds to an average British import duty of 5 percent.

Vehicles make up more than a fifth (21 percent) of our exports. They are hardest hit: no less than 34 percent of all UK import duties (315 million euros). For our most exported cars and trucks, the UK tariff would be 10 percent.

The impact on our chemical and pharmaceutical industries (18 percent of our exports to the UK) is estimated at 47 million euros per year.

Britain, like the EU, has high import tariffs on foreign agricultural products. As a result, the primary sector bears 41 percent of all UK import duties. Potato products are the most important for our country.

The UK government has released a new list of tariffs that will go into effect in May in the event of a no-deal Brexit. These tariffs are more detrimental to important export products leaving our country.

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