Market and product
German chemical association says British EU exit would hurt industry
A British vote to quit the European Union would hurt the bloc's economy and damage the chemical industry on both sides of the Channel, German chemical industry association VCI said Tuesday, urging Britons to stay.
It said a vote to leave would cause a medium-term slowdown of exports of the chemical and pharmaceutical industry to the UK and a decline in direct investment on both sides of the Channel.
In 2015, the German chemical industry sold products worth Eur12.9 billion ($14.5 billion) in the UK -- 7.3% of its total exports. The largest portion was specialty chemicals and pharmaceuticals.
At the same time, German chemical companies imported Eur5.6 billion worth of products.
Britain is holding a referendum on Thursday, June 23, to decide if the country should stay or quit he EU.
Source:Platts
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