BRIC offers potential for growth

According to a recent report from the Ernst & Young ITEM Club it is the emerging BRIC (Brazil, Russia, India and China ) economies that offer the greatest potential for UK exporters.

The report, ‘The outlook for UK exports’ predicts that the total export value of UK goods and services will increase by 8.5% a year over the next 10 years, but that the total value of goods and services exported into the BRIC countries will increase by 11.7% a year to 2020.

At present, just 5% of UK exports reach the BRIC countries. Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club, believes that the UK Government must do more to support exporters.

“The government has an important role to play in facilitating the re-orientation of exports towards emerging markets and breaking down the regulatory barriers for companies that wish to break into those countries. Government policy should also be focused on supporting competitiveness through improving skill levels and providing incentives to invest, which would help to close the productivity gap with competitors in other countries.”