The UK is a vital export destination for the Czech Republic, will Britain leaving the EU heavily affect trade?
In recent years’ trade between the two has grown, last year alone the Czech Republic exported 207 billion crowns across, accounting for 5.4% of the Czech Republic’s total exports. The main items that are shipped over include electrical appliances, car parts and toys. The scale of car parts sold resulted in Skoda being voted as the most reliable car brand in the UK. The UK also exports across, with the Czech Republic receiving 73 billion crowns worth of goods in engineering products and pharmaceuticals.
The Transport Union feels there will not be any significant decrease in trade with Britain leaving the EU as they will feel the pressure in maintaining ties with other countries as most of their exports are with EU member states.
Other impacts may include a potential decrease in tourism as the pound drops and the Czech Republic is not the incredibly affordable destination for the English. If a recession occurs in the UK this may have an effect on Germany’s economy and in turn on the Czech Republic.
We will have to wait and see.