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Forecasted losses from WTO tariffs UK in Belgium 2019, by export sector

Sectors with the biggest forecasted export losses in Belgium in 2019 in the event of a no-deal Brexit scenario

by Brigitte van de Pas, last edited Nov 6, 2018
Forecasted losses from WTO tariffs UK in Belgium 2019, by export sector This statistic displays the five sectors with the biggest forecasted export losses in the Netherlands in 2019 in the event of a no-deal Brexit scenario. In a "no-deal Brexit", the UK leaving the EU single market and customs union without a free trade deal, Britain would have to adopt rules set by the World Trade Organization (WTO). According to this 2018 forecast, in which the pound is expected to decrease by 20 percent and the current WTO tariffs of 4-5 percent are applied, the vehicle industry in Belgium is expected to lose 0.5 billion euros, making it the sector hit hardest by the Brexit. In total, Belgium would lose roughly three billion euros over all sectors.
According to estimates from the International Monetary Fund (IMF), the economic output of the EU-27 could be reduced by 1.5 percent of GDP by 2030. Ireland, the Netherlands, Denmark and Belgium, all countries with close trading links to the UK, would be hit hardest. Germany would lose 0.5 percent of its GDP due to industrial supply chains. Nations with financial ties to the City of London, such as Malta, Cyprus and Luxembourg, would also be negatively affected by a "no deal".
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Sectors with the biggest forecasted export losses in Belgium in 2019 in the event of a no-deal Brexit scenario

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