The Netherlands could lose an annual 4.3% of its €36.7bn exports if Britain does leave the European Union, according to Dutch trade insurance company Euler Hermes, quoted by the Telegraaf.

The only EU country which will be harder hit is Germany, which is set to see 6.1% of its exports disappear if the British vote for Brexit on June 23,  the company has calculated.

The trade insurers are often called in to insure global transportation of imports and exports.

Four countries

It expects the UK to lose £240bn in investments in the first four years following Brexit.

According to the company’s researchers, the total 60% loss of exports will hit just four countries: the Netherlands, Germany, France and Ireland. Companies in the sectors finance, cars, machinery, chemicals, agrifood, textiles and energy will be particularly affected.

Euler Hermes reached its figures on the basis of free movement of capital, goods, services and people between the EU and the UK. Brexit will mean import tariffs and customs forms which will become an obstacle to trade.