The Association of German Chambers of Industry and Commerce (DIHK) has found exports to Britain fell by £2.5billion (€3billion) to £62billion (€73.6billion) in the first 11 months of 2019. The damning figures represents a four percent decline compared to the same period in 2018. Eric Schweitzer, President of the DIHK has described Brexit as a “historic turning point” for German business.
The UK will finally exit the European Union in just four days time on January 31, before entering 11 months of trade negotiations in the transition period.
Mr Schweitzer said the next 11 months will “reduce the pressure” for German businesses but conceded the “economic upheavals” are already being felt today.
He said: “The UK’s exit from the EU is a historic turning point for German companies.
“The transitional phase until the end of the year will reduce the pressure somewhat for German companies, but the economic upheavals are already visible today.”
German exports to the UK has fallen by €3bn in 2019 (Image: GETTY)
German businesses have already felt the strain of Brexit (Image: GETTY)
Prime Minister Boris Johnson has secured Brexit for the January 31 deadline, but several EU officials have cast doubt over the timetable for a trade agreement by the end of the year, when the transition period is set to end.
With the prospect of further uncertainly, Mr Schweitzer has warned there will be “negative consequences” if a deal is not agreed by the end of the year.
The trade chief has said there must be a breakthrough in future economic relationships “otherwise there will be negative consequences for companies on both sides of the channel”.
He added: “To achieve this, a basic agreement is necessary by the end of the year - to avoid customs duties and to further enable supply chains, data traffic, smooth goods traffic and services.”
Boris Johnson has said the UK will honour the December 31 deadline (Image: GETTY)
In London this afternoon, the Prime Minister reiterated the UK