Where next for trade as Brexit talks begin?
MANUFACTURING and the motor industry in particular may be the sectors most affected by Brexit figures suggest.
Official figures show 52 per cent of exports from the East Midlands currently end up in the European Union.
The East Midlands exported £15.7bn globally in 2016, and £8.2bn of that came from trade with the EU.
Car-making, which accounts for 59 per cent of the total region exports is likely to be most affected by Brexit.
In 2016, the East Midlands also exported machinery and transport equipment worth £9.2bn.
Other manufacturing industries - such as prefabricated buildings, sanitary, furniture, footwear, professional, scientific and controlling instruments and apparatus - account for 12 per cent of the total exports from the East Midlands or £2bn.
Theresa May officially began the UK’s exit from the EU at the end of March by triggering Article 50.
It will now take months or possibly years to renegotiate trading terms for our key industries with the EU.
However, alternative markets are available and those on the Leave side of the Brexit debate say it is to these new trading partners we should look to protect industry from any negative impact.
North America is currently the second biggest trade partner.
In 2016, exports to the North America accounted for 12 per cent of the £15.7bn of global exports, or £1.9bn worth.
A White House spokesman told reporters that Donald Trump was ‘a leader in the effort to call for Brexit’ following the triggering of Article 50.
That would appear to put Great Britain in a strong position to boost trade with North America in case of a so-called ‘hard Brexit’ if the UK is left outside of the EU single market and customs union.
In 2016, the UK exported goods globally worth £290.7bn, 49 per cent of which ends up in the European Union, or £142.9bn.
England’s exports account for three quarters of the total, worth £221.1bn, with 48 per cent - £106.8bn of that from trade with European countries.
Car-making industries accounted for the most exports to the EU, at 41 per cent or £119.4bn.
Manufacturing industries - such as prefabricated buildings, sanitary, furniture, footwear, professional, scientific and controlling instruments and apparatus - followed, accounting for 14% of £290.7bn, £41.9bn worth.
North America is the next biggest trade partner.
In 2016, England exported £51bn worth of goods to North America worth £290.7bn or 18 per cent
President Barack Obama famously said the UK would go ‘to the back of the queue’ following Brexit.
His successor Donald Trump appeared to be taking a more favourable view of post-Brexit Britain.
He said Brexit will be good for the British people before his inauguration.
However in his first speech after being sworn in he cast doubt on any trade deals by repeatedly vowing to put America first through the use of protectionist policies on trade, manufacturing and immigration.