Ireland’s food exports and imports could each drop by about a third if the European Union and United Kingdom fail to agree a future trade deal, according to a new London School of Economics report.

The report, Vulnerabilities of Supply Chains Post-Brexit, predicts Irish food exports will fall by 29.9 per cent and imports will decline by 33.6 per cent in the event there is no trade deal.

Declines are still expected if a free trade agreement is reached with the authors predicting that Ireland’s food exports will decline by 11.1 per cent and food imports will fall by 12.6 per cent under that scenario.

Researchers at the UK college said Ireland is “likely to be the most negative affected” on disruptions to food trade should no deal be agreed for the end of the transition period on December 31st.

Irish food trade with the UK is most affected based on the fact that 43 per cent of all Irish food exports go to the UK. The country facing the next worst impact on food trade is Cyprus, but its decline in food exports are a fraction of Ireland’s at 17 per cent under a no-deal scenario.



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here