The Covid/Brexit cocktail: UK lost market share in US, Germany and China | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Food
    • Habitat
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Multimedia
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
The Business Standard

Monday
December 11, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Food
    • Habitat
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Multimedia
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
MONDAY, DECEMBER 11, 2023
The Covid/Brexit cocktail: UK lost market share in US, Germany and China

Global Economy

Report
08 March, 2021, 09:55 am
Last modified: 08 March, 2021, 10:09 am

Related News

  • 6 dead, nearly 2 dozen injured after severe storms tear through central Tennessee
  • US business leaders start to rally around Republican candidate Nikki Haley
  • Top US university president quits after anti-Semitism uproar
  • US Veto: Israel's license to kill
  • How the US uses its veto power at the UN in support of Israel

The Covid/Brexit cocktail: UK lost market share in US, Germany and China

The United Kingdom performed particularly badly due to a long-term stagnation in productivity growth

Report
08 March, 2021, 09:55 am
Last modified: 08 March, 2021, 10:09 am
The Covid/Brexit cocktail: UK lost market share in US, Germany and China

The United Kingdom lost market share in the United States, Germany and China during the Covid-19 pandemic due to global trade chaos, Brexit and poor productivity, according to new research published on Monday.

The United Kingdom performed particularly badly due to a long-term stagnation in productivity growth, according to the report by Aston University's Lloyd's Banking Group Centre for Business Prosperity.

While all countries grappled with the tumult of Covid-19, the United Kingdom lost market share in its biggest export markets - the United States and Germany, the research showed.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"In some key export destinations – Germany, the UK and China - the UK seems to have suffered a sharper decline, experienced a slower recovery, and seen its global competitiveness dwindle," the report said.

"The UK's decline in exports to the US appeared the sharpest in both absolute and relative terms and the most prolonged among the major European countries (except for France)."

Between 2017 and 2019, the UK increased total exports to Germany by 8.5% - less than the export growth achieved by Italy(12%), the Netherlands (14%) and Spain (20%), as well as the United States (24%).

"This to some extent paints a picture of slowing UK exports to Germany following the 2016 Brexit referendum, which may indicate some decoupling between the two economies," economists Jun Du and Oleksandr Shepotylo said in the report.

The research, based on United Nations trade statistics, also indicates that the UK lost market share in China.

"The combination of Covid, Brexit and the UK's long-term productivity challenges will put British businesses in an adverse position for the foreseeable future," the report said.

The United Kingdom's relatively poor productivity has puzzled economies for years: explanations vary from a poor employee skills and low research investment to demand-side factors such as the financial crisis.

Top News / World+Biz

UK economy / British economy / Market economy / US markets / Germany / UK / US / Economic Impact of Coronavirus / Economic Effect of Covid-19 / Brexit impact / Brexit chaos

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Representational Image. Photo: Collected
    28 aspirants regain candidacy on second day of appeal
  • The deep sea port in Matabari from the ocean. Photo: Foisal Ahmed
    Shipping ministry starts process to form Matarbari Deep Seaport Authority
  • File photo of Envoy Textile factory. Photo: Salauddin Ahmed Paulash/TBS
    Bangladeshi textile millers seek loan concession, increased LC limit

MOST VIEWED

  • Photo: Times of India
    Abir Hassan, first Bangladeshi to graduate from Indian Military Academy
  • 10m barrel oil, 300b cubic feet gas found in Sylhet
    10m barrel oil, 300b cubic feet gas found in Sylhet
  •  ZARA ATELIER. Collection 04; The Jacket. Photo: Collected
    When art imitates cruelty: Dissecting Zara’s latest shoot
  • Photo: euronews
    Apps that use AI to undress women in photos soaring in use
  • Two-thirds of LPG sellers hold on to bulk importers to stay afloat in dollar crisis
    Two-thirds of LPG sellers hold on to bulk importers to stay afloat in dollar crisis
  • BNP declares fresh round of blockade on Tuesday-Wednesday
    BNP declares fresh round of blockade on Tuesday-Wednesday

Related News

  • 6 dead, nearly 2 dozen injured after severe storms tear through central Tennessee
  • US business leaders start to rally around Republican candidate Nikki Haley
  • Top US university president quits after anti-Semitism uproar
  • US Veto: Israel's license to kill
  • How the US uses its veto power at the UN in support of Israel

Features

Shashtho Chaka – Healthcare on Wheels has two buses, they plan to use one bus for the urban slums and another one for remote areas in villages.  Photos: Courtesy

Shashtho Chaka: Driving healthcare up to the doorstep of the poor

4h | Panorama
Russia has become increasingly critically dependent on Beijing. Even state-owned refiners in India are being pressured by Russian oil suppliers to pay in yuan.
Photo: Bloomberg

The yuan is finally showing some muscle in international trade

4h | Panorama
Khandaker Hasib Rafin’s Starlet Glanza V is one of the finest examples of the model to roam around Dhaka’s streets. Photo: Akif Hamid

1999 Starlet Glanza V: The uncrowned prince

21h | Wheels
Jamal Jamaloo: The song, dance and magic

Jamal Jamaloo: The song, dance and magic

22h | Features

More Videos from TBS

Fraud is now at hand due to AI

Fraud is now at hand due to AI

23m | Tech Talk
Unemployment among Asian workers and Black men rises in November

Unemployment among Asian workers and Black men rises in November

1h | TBS World
Installation of 5% of target EFD machines in 3 years

Installation of 5% of target EFD machines in 3 years

1h | TBS Economy
Wealth and income of ministers and state ministers increased

Wealth and income of ministers and state ministers increased

16h | TBS Stories
EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]