Britain should concentrate less on the emerging economies and more on high-growth markets if it wants to increase its share of global exports, a report by financial services company EY says today.
Launched to coincide with United Kingdom Trade & Investment’s (UKTI) export week, EY Item Club’s analysis draws research undertaken over the past three years.
EY said that although the consensus in recent years has been a move towards the Brics – Brazil, Russia, India and China – UK companies “need to shift their focus and have a more balanced portfolio that combines high growth and high value markets”, such as America, China and Europe.
Mark Gregory, EY’s chief economist, said: “America, China and Europe should be at the core and India as the development bet – with the latter really showing accelerated growth towards the end of the next decade.
“These markets combine higher growth and demand and fit well with the UK’s existing and potential capabilities in goods and services.”