DIHK President Eric Schweitzer says further declines in trade are to be expected
The British withdrawal from the EU will do "massive damage" to German companies with UK interests, according to the German Industries and Chambers of Trade group (DIHK.)
"Further declines in trade are to be expected in the coming months," said DIHK President Eric Schweitzer.
Four out of ten German companies expect worse business while every tenth company plans a shift from investments in the United Kingdom to other countries.
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Further declines in trade are to be expected in the coming months
The DIHK survey was carried out in February with a total of 2,200 companies – the 1,300 responses by companies with business relations with Britain have only now been evaluated.
Schweitzer appealed to politicians that obstacles to the movement of goods and should be "as low as possible should be".
Meanwhile, the German ministry of finance warns of financial market risks through a hard Brexit.
It is said if EU and UK fail to agree on a withdrawal agreement "financial market stability could be jeopardised".
Finance minister Wolfgang Schäuble fears that the brief negotiation period of two years is not sufficient to conclude a free trade agreement with the British.