BRITAIN is failing to rebalance its exports, an HSBC report warns today, with the top destinations for UK goods and services set to stay exactly the same throughout the coming decades.
Germany, the USA and France will still be the top three buyers of UK exports in 2030, despite politicians’ insistence that the country needs to shift its sales towards emerging markets.
The report argues exports to Asia will grow at nine per cent per year, still too slow to affect the export league tables.
However, there will be some rebalancing away from financial services, with industrial machinery and transport exports expected to account for fully half of the growth over the next decades.
But the UK will also have to face off threats to some of its strongest industries as emerging markets develop, the report warned.
“Despite several emerging market economies having already moved into traditional markets of the UK chemical industry, it is managing to remain competitive by innovating new products,” the report said.