The UK has the potential to considerably boost exports by at least £10 billion to a group of seven emerging economies, according to a recent study by Standard Chartered.
The analysis revealed that UK exports to the group of Emerging 7 (E7) countries (China, India, Pakistan, Nigeria, Bangladesh, Vietnam and Indonesia) is currently worth £24 billion, but should be worth up to £34 billion a year.
Michael Vrontamitis, Standard Chartered’s head of trade for Europe and Americas, was quoted by the BBC as saying:
“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.”
Germany is the only G7 country fulfilling its export potential to the group of E7, according to the study.
International Trade Secretary, Liam Fox welcomed the report.
He said: “As an international economic department, we are supporting businesses meet this demand, target overseas markets and succeed on the global stage, so we create more jobs and prosperity in every part of the country.”
The report didn’t bring up the potential loss of exports to the EU because of Brexit. The EU is currently Britain’s biggest and closest market and some have questioned whether boosting trade with the E7 will be enough to help offset the loss of trade to the EU.