UK on course to drop from Germany’s top 10 trading partners
The UK is expected to drop out of the list of Germany’s top 10 trading partners by the end of this year, official German statistics suggest.
Germans spent £13.8bn, or nearly 11%, less on British goods in the first six months of 2021, according to data from the Federal Statistics Office.
The UK has been in Germany’s top 10 trading partners since 1950.
But with Brexit-related hurdles taking a toll, it looks set to drop to the 11th spot by the end of 2021.
The UK left the European Union’s (EU’s) single market – which allows frictionless trade and the free movement of people between its members – at the end of 2020 after four years of wrangling.
Since then, customs checks have been implemented, which have complicated trade.
As a result, German companies have been looking to source goods from EU suppliers instead of UK ones – and this trend is increasing, an expert said.
“More and more small and medium-sized companies are ceasing to trade [with the UK] because of these hurdles,” said Michael Schmidt, president of the British Chamber of Commerce in Germany.
They “simply can’t afford the extra burden of keeping up to date and complying with all the kicked-in customs rules, such as health certificates for cheese and other fresh products”, he added.
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September 9, 2021
As expected the ECB left their interest rates unchanged this afternoon but were perhaps slightly more dovish than expected when they only moderately slowed their pace of bond purchase. Meanwhile attention once again turns to the FED to indicate their own tapering plans as post Jackson Hole they seem the most likely central bank to do so at this point. I do still like the look of a lower […]
Both AUD and EUR are up a significant amount over the last couple weeks. However if we do not see a meaningful break above the previous highs of 1.1900 then I do see consolidation in EURUSD, and a possible downtrend beginning to form once again for the pair. We have the ECB this week but […]
August 19, 2021
This afternoon we saw a further fall in AUDGBP to 0.5225, even though we saw strong AUD employment figures released earlier today. This just gives me further confidence to hold onto my short, as even positive data cannot seem to outweigh the current issues AUD is facing with the delta variant and China’s recent struggles. Off the back of this […]
August 16, 2021
So we saw weaker Chinese data released and this in turn caused the aud to underperform all session. On top of this Australia’s is continuing to face new problems with the delta variant also forcing further restrictions to be put into place. I am still short AUDGBP at 0.5320 from the start of last week, […]
August 9, 2021
We have witnessed an interesting week so far in terms of economic data and there is still more to come. I do still believe EURGBP will fall further, and the next pivotal level is April’s low of 0.8471. if this support is broken I will look to sell the pair as it continues to fall. […]
August 9, 2021
To close out last week I sold AUDGBP at 0.5321, with my stop loss set at 0.5358. This is based on the problems China is continuing to face with the containment of the delta variant, on top of their recent poor growth numbers. This then has a direct impact to the AUD which is directly correlated with China’s economic […]
August 2, 2021
The last week I remained neutral, not taking any positions. However, I do still remain bullish for sterling, especially against the euro, at least in the short term. The main reason behind this is that the UK are still looking very good to come out of this 3rd wave of COVID first, with many suggesting […]
July 26, 2021
To start the week I currently have no live positions, however one currency beginning to catch my eye is sterling. This is mainly due to the fact that the virus data is beginning to slow down suddenly, and people are starting to think the UK could be finally starting to head towards heard immunity. This […]
July 5, 2021
Nonfarm Payrolls came in stronger than consensus on Friday, however this seemed to be priced in already as we didn’t see a significant reaction off the back of those numbers. With EURUSD seeing little movement, I decided to me cash in a small profit at 1.1830 feeling that remaining all square as we entered the […]
July 1, 2021
I stated on Monday I would be looking to enter a short position in EURUSD, which I have now entered today as it started to break below the 2020 lows of 1.1853. However, we then saw slightly weaker ISM figures come out of the US, but the lack of momentum in the reversal has convinced […]
June 28, 2021
To start off this week I will remain all square, as we look to build up to a data driven end to the week with EUR CPI and the obvious Nonfarm Payrolls. I will be looking to hopefully sell the rallies in EURUSD with weaker numbers expected out of Europe. Also I am beginning to […]
June 24, 2021
I started the week buying GBPJPY at 152.65, and as expected we saw a strong bounce in sterling crosses through the week helping drive GBPJPY up to 155.00. And this allowed me to raise my stop to 154.20 Wednesday afternoon to protect a healthy profit. Unfortunately, the hawkish tone beginning to come out of other […]