As Britain’s economy stumbles toward a likely recession, exports will be extremely important. However, the share of exports going to Europe has fallen in the past decade. Britain isn’t able to focus on production of capital goods, like machine tools, that appeal to rapidly industrialising economies. Fortunately, the recent success of Britain’s car industry is positive. Domestic car sales fell by 4.2% but exports to China rose 23%, and sales to India were up by 67%.
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