More than half of Portugal's exports to the United Kingdom are from North Portugal, pharmaceuticals, furniture, textiles, shoes, etc ... as examples, are exposed with 27% compared to what is the fourth largest market in this region.
The North is the region that exports the most from Portugal. It is also the one that will be lost by the divorce between the United Kingdom and the European Union (EU), a process that will certainly lead to the degradation of international trade in goods between the two parties.
Britain is the fourth largest external market amounted by EUR 1,845 billion in 2017, which makes a 8.3% share in the total amount of the exports from Northern Portugal in that year. Consistent with the information disclosed in this study, the comercial, business and tourism links between the North and the UK are importante. But and this is important for both sides and the sideffects, above all are the pharmaceuticals with the highest relative exposure to the British market, accounting for 27.1% of the revenues of 49.8 million euros.
Auto parts products, who have the greatest impact in the region for and with the UK, achieving revenues of approximately 450 million euros, shown as an 11.5% exposure. Followed by electrical equipment with a turnover of 380 million and textiles and clothing with a turnover of 347 million where the respective British market generates 12.2% and 8.4% of the total sales.
Commercial surplus of almost US $ 1.4 billion
In terms of trade balance, the surplus generated by the North of the country in 2017 only in relation to the United Kingdom, they where the eighth largest supplier, with 2.9% of the total and close to 1.365 billion euros.
We must have the notion that Portugal is in the first half of the board of European countries with higher potential for suffering the effects caused by brexit. Given that the UK market is our fourth largest market with 3.6 billion euros of exports, accounting for more than 6.6% of our total exports. And that there are estimates of possible declines around an average value of 20% with repercussions that may translate into losses with an amounting of 1% of our Portuguese GDP.
However and as much as we may be trying to calm and shuffle the data on the consequences of the leaving of the UK in relation to Brexit, the only certainty at this point and moment is there is that there is a total "uncertainty".
"Uncertainty + Brexit" its dimension, its size and the consequences that it brings to our economy, but also to the international and European economy have no evaluation possible at this time, as there are no data or measures to measure the impact it will have on all of us.
Source: Jornal de Negócios