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One-third SMEs exporting to Europe brace for Brexit impact
By Korea HeraldPublished : July 4, 2016 - 14:51
[THE INVESTOR] A third of small and medium enterprises exporting to the UK and Europe expect Brexit to have a negative impact, a survey showed on July 4.
In a Korea Federation of SMEs survey on 179 SMEs that export to the UK and the EU, 33.3 percent said that exports will be negatively affected by the development.
Destabilization of the foreign exchange market was the most commonly cited reason, followed by tariffs, and UK’s likelihood of falling into a slump after the country exits the EU.
Regarding countermeasures, the surveyed companies requested more government support, including overseas marketing support from Seoul, forex stabilizing measures, and a separate trade pact with the UK.
By Choi He-suk (cheesuk@heraldcorp.com)
In a Korea Federation of SMEs survey on 179 SMEs that export to the UK and the EU, 33.3 percent said that exports will be negatively affected by the development.
Destabilization of the foreign exchange market was the most commonly cited reason, followed by tariffs, and UK’s likelihood of falling into a slump after the country exits the EU.
Regarding countermeasures, the surveyed companies requested more government support, including overseas marketing support from Seoul, forex stabilizing measures, and a separate trade pact with the UK.
By Choi He-suk (cheesuk@heraldcorp.com)
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Articles by Korea Herald
