Exports to eastern Europe, the Middle East and north Africa are expected to rise over the next three years, while demand from China’s middle classes will also prove to be a boon for the UK’s economic growth.
“UK exports to the Middle East and north Africa... are set to rise by 10 per cent a year during 2013-15 and by seven per cent a year during 2016-20,” it says.
And trade to traditionally wealthier countries should also recover from 2016 onwards, the report expects.
“The forecast predicts that the US will overtake Germany to become the most important market for UK exports by 2030,” HSBC said.
Ireland, France and China complete the UK’s top five destinations for exports, and will still produce the most demand for British companies’ goods in 2030, the report says.