Brexit sparks Norway export concern / News / The Foreigner

Brexit sparks Norway export concern. Britain’s formal announcement of exiting the EU impacts Norway’s fish revenues negatively. The United Kingdom began the process of leaving the European Union, with sterling was near crucial market levels for traders, Wednesday. Sterling is below its 200-day moving average of $1.2681 since the vote for Brexit in June.

brexit, trade, fish, export, paywall



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Brexit sparks Norway export concern

Published on Thursday, 30th March, 2017 at 13:41 under the news category, by Sarah Bostock.

Britain’s formal announcement of exiting the EU impacts Norway’s fish revenues negatively.

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Photo: © Hans-Petter Fjeld/Wikimedia Commons


The United Kingdom began the process of leaving the European Union, with sterling was near crucial market levels for traders, Wednesday.

Sterling is below its 200-day moving average of $1.2681 since the vote for Brexit in June.

The exchange rate of the pound is not the only challenge to overcome, as Norway will no longer have a trade agreement with the UK.

Being part of the European Economic Area means that Norway pays EU tariffs and sale quotas on fish.

Though Britain is currently a member of the EEA, being ex-EU may mean it faces the same reality regarding its products.

Finn-Arne Egeness, seafood analyst at Nordea, informs NRK that their analysis shows that the seafood industry could “lose over a million per day as a result of Brexit.”

“The value of sterling drops when there is an expectation of lower activity in the UK economy,” he said. “Imported goods are therefore more expensive, and, consequently, demand for a commodity [like] Norwegian fish.”

Britain remains the fourth biggest buyer of Norwegian seafood, with an export value of around NOK 5bn.

Fishing in the UK is under 0.5% of Britain’s economy, which receives the majority of seafood from Norway and Iceland.

Norway is a major supplier of the ingredient for fish and chips.

At the same time, the Scandinavian country and the UK are building towards a free trade agreement, but this can only be negotiated once Britain is no longer in the EU.




Published on Thursday, 30th March, 2017 at 13:41 under the news category, by Sarah Bostock.

This post has the following tags: brexit, trade, fish, export, paywall.





  
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