LEXINGTON, KY, USA - Since the United Kingdom ranks second as a destination for Kentucky exports, its decision to leave the European Union is expected to have some impact on some Kentucky businesses.
Kentucky World Trade Center President Ed Webb and his staff are telling companies in the bluegrass state doing business with Britain to ‘pause.’
Webb says it looks as if it could be a four year process for ‘Brexit’ to fully play out. Still, he says it’s likely to be felt here. “Exporting will be tougher for Kentucky into the UK. That’s a challenge of the currency depreciating obviously.”
But, the trade center CEO expects Britain to remain a key trading partner with the Commonwealth. Webb says, by no means will any Kentucky business exit the UK. “They’re just too strong and they’re too important to us for the reasons I just gave you, political, economic, and as I mentioned emotional.”
Webb says Kentucky’s three big exports to the UK are the automotive, chemical, and aerospace industries. The Kentucky World Trade Center C-E-O says aerospace is the state’s number one export.
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