LONDON: Britain’s “increased export opportunity” to India, if it is outside the European Union, will be $3.2 billion, according to the Standard Chartered Trade Performance Index, which was released on March 13.
The United Kingdom’s current exports to India are worth $5.5 billion. The predicted figure for exports if Britain remains in the European Union is $9.1 billion, while it stands at $12.3 billion if the country is outside the EU, giving rise to an “increased export opportunity” of $3.2 billion, according to the analysis of Notional Post-Brexit UK Exports.
The United Kingdom’s current export to China is worth $24 billion, and its increased export opportunity if it is outside the EU is $10.1 billion. The report said that like all G7 Countries, the United Kingdom would significantly benefit from focusing on China, but it also faces a sizeable opportunity to capitalize on its current relations with India. According to the report, UK businesses missed projections by $4.6 billion with China and $3.6 billion with India.