Export growth: where is it coming from?

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After last week's trade figures, we blogged about the fact that goods exports to non-EU countries exceeded goods exports to EU countries in May. This is only the second time this has happened, and suggests that UK exporters are really making inroads in faster-growing economies outside of Europe.

As an article in the Telegraph has pointed out today, the growth in exports to the BRIC economies has been particularly notable. In 2005 the BRIC economies received 3.9% of UK goods exports. In the first quarter of 2012, this figure was 8.1%.

And another point worth noting. Goods exports to Ireland accounted for 5.7% of UK exports in Q1 2012. The UK exports more goods to the BRICs than it does to Ireland.

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