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Holger Bingmann, president of the Federation of German Wholesale, Foreign Trade and Services, said that German exporters to the United Kingdom lost nearly $4 billion in the first half due to Brexit concerns, The Indian Express reported citing Deutsche Welle. Mr. Bingmann said that a hard Brexit would result in "immense additional costs" for German exporters in the form of customs and the bureaucracy of logistics, transportation, data protection and taxes.