Tuesday, 07 April 2020
How will Brexit affect Croatian trade How will Brexit affect Croatian trade Pixabay

Croatian Chamber of Commerce states that Brexit should not have considerable consequences on trade between the two countries

By  Jan 30, 2020

"Looking at overall bilateral economic relations between the two countries, which are relatively modest, and the fact that Croatia has been in the European Union since 2013, according to our estimates the United Kingdom's exit from the European Union should not have considerable consequences and a direct effect on the Croatian economy and the operation of Croatian businesses," commented the Croatian Chamber of Commerce.

Brexit is due to finally happen this Friday and the rest of Europe is working out future relationships with the UK. A large number of British tourists visit the Croatian coastline every year and there were concerns that the number would drop due to the uncertainties surrounding Brexit. Rumours of possible visas, extra driving documents and health cover have swirled in the media, although according to current advice many of the key factors won’t change at least until the end of this year.

The concern that trade between Croatia and the UK could be affected also seem to be unfounded, at least for now, as the Croatian Chamber of Commerce have stated that Brexit will not “dent Croatia’s economy.”

Trade between the two countries is relatively small anyway with only between 1 and 2 percent of the total export and import of Croatia connected to the UK. Tourism does make up a slightly larger figure with an estimated 4.5 percent of all foreign spending coming from UK tourists.

There are however some Croatian businesses that could have more serious concerns, the pharmaceutical industry is a major exporter to the UK, with around 15 percent of all Croatian exports coming from this industry.

The UK is Croatia’s 15th largest export market, and in 2018 Croatia exported foods to the value of just over 218 million Euros. Whilst on the flip side the Croatia is the UK’s 20th most important market, and exported around 295 million Euros of products in 2018.

According to information form the state statistics bureau, some 820,000 Britons holidayed in Croatia in 2018, an increase of 9.4 percent over 2017.

 

The Voice of Dubrovnik

THE VOICE OF DUBROVNIK


Find us on Facebook