We all hear a lot about the limited growth opportunities of the PIGS – Portugal, Italy, Greece and Spain and go-go growth in the BRICs – Brazil, Russia, India and China. It’s a shame, therefore that the PIGS are far more important for UK exports than BRICS.
A shame, but true. Britain exports twice as much to Spain as to China, for example. Here is the chart.
The better news – though it is too late for this recovery – is that the export shares are moving slowly but consistently towards BRICs from PIGS – below is that chart:
All data from ONS Pink Book.
