UK exporters to shift towards new markets

THE UK is expected to see a boost in exports to developing economies, with firms selling more goods to fast growing countries, while trade to Europe declines.

Exports in goods to many emerging markets are forecast to flourish in the next five years, audit giant EY said yesterday.

EY’s research predicts that trade in goods to Brazil and China will rise by over five per cent each year until 2017. Goods exports to advanced economies are expected to decline in the same period. Ireland, Germany, France and the US are all projected to buy less from the UK in 2017 than at present.

Manufacturing strongholds in the midlands are expected to get the lion’s share of the benefit. The west midlands’ goods exports are expected to grow by 8.1 per cent annually until 2017, with 6.1 per cent for the east midlands.

EY’s chief economist, Mark Gregory, said the news was not entirely positive for exports: “Our analysis suggests UK goods exporters are lagging behind the wider UK recovery. We are seeing a decline in demand from our traditional large trading partners for UK goods to 2017”.