Ever since the Brexit referendum almost 3 years ago, Dutch exports to the UK have basically come to a standstill. ING reports that other countries grew by 17%, while Dutch exports to the UK has seen no growth. But on the other hand, the demands for housing has increased, making the Dutch housing market even more strained.
The instability of the pound has taken a huge effect, with products being more expensive overall, making imported products not as desirable. Dutch businesses are feeling the strain of this and Brexit has meant that many different industries are affected. The top 5 exports to the UK from the Netherlands is fruit and veg, ICT equipment, cars, medicine and petroleum products – therefore they will be affected the most. Transport, wholesale, industry, agriculture and technology has also been affected. The sales of cars/car parts and even tourism has been affected too.
There has also been a chain effect when it comes to the decline. For example, British consumers are buying fewer cars, which means that there is less car production in the country. As Germany has a strong market share with the UK market, then this also affects the production in Germany, which in turn affects us, as prices rise.
Fewer British tourists are staying in the Netherlands
Yeah – I found this hard to believe too, but it’s true. Every year tourists from all over the world and the EU rises. British people have been breaking records for years, however, once the EU referendum took place this growth slowed and the growth from other EU countries have now overtaken the Brits. With the pound falling, it meant that going abroad was more expensive and has deterred some people from visiting.
