Tuesday, 13 March 2018

UK exports to a group of emerging nations could be $10bn more a year

The UK is missing out on £10bn worth of exports a year to a group of emerging economies, according to a study by Standard Chartered bank.

Annual exports to what Standard calls the Emerging 7 (China, India, Pakistan, Nigeria, Bangladesh, Vietnam and Indonesia) are currently worth £24bn.

But the bank, which specialises in financing international trade, calculates it should be £34bn a year.

Of all the G7 countries, the UK could be a big beneficiary of closer trade.

Standard Chartered urges the UK to orientate its Emerging 7 (E7) trade policy accordingly.
Michael Vrontamitis, the bank's head of trade for Europe and Americas, said: "With the UK settling into a slower pace of growth and Brexit on the horizon, UK businesses need to look more widely for growth.

"It is clear that the E7 countries represent multi-billion-dollar trading opportunities for the UK and British businesses searching for export diversification and growth.

BBC        News.