The reluctant member state bought chemicals goods worth 22.3 billion euros ($31 billion) per year on average from fellow EU countries over 2007-2014 and sent exports with a value of 20.3 billion euros/year to them, resulting in an intra-bloc trade deficit of 2 billion euros/year ($2.8 billion) for the U.K.

U.K.-based chemicals makers generated overall revenues of 46.3 billion euros/year on average in the same period, marking a nearly 9% share in the EU-28 total of 531 billion euros/year on average, according to CEFIC figures.

In 2014, the share in EU chemicals revenues (551 billion euros) had been smaller at 7.3%, with Britain being dwarfed by Germany (26.7%), France (14.3%) and, to a lesser degree, by Italy (9.5%) and the Netherlands (9%), according to CEFIC’s “Facts and Figures 2016” report.

“The member companies of Cefic … had jointly supported the U.K. remaining part of the Union, since it opens markets and reduces trade barriers for UK industry, benefitting society,” CEFIC said in a statement, after nearly 52% of the British electorate opted to leave the bloc and Prime Minister David Cameron resigned. 

“Given this importance for Europe, we need to work closely to ensure that existing trade and investment is not weakened and future opportunities are seized…. We look forward to playing our part towards carving out a strong and reformed Europe.”

Anglo-Dutch Shell, which operates chemicals facilities in the U.K. (Mossmorran, Stanlow), the Netherlands (Moerdijk) and in Germany’s Rhineland, said in an emailed notice: “Although Shell was in favour of the U.K. remaining in the EU, we respect the decision of the majority of the British people who voted to elect to leave. We will work with the UK government and European institutions on any implications for us.”

“Our priority is to continue providing reliable, affordable energy to our customers in Europe and the U.K.” the group added.