Sign up to BQ Breakfast to receive daily news:

Exports to BRICS more than double

Monday 18 February 2013 6:00

UK firms have more than doubled their exports to Brazil, India, China, Russia and South Africa – the so-called BRICS nations – new figures show.

Exports to the emergeing BRICS economies have jumped from £12.7bn in 2007, the last full year before the recession struck, to £27.1bn in 2012, according to the Office for National Statistics (ONS).

The BRICS now account for 5.56% of total UK exports, compared with just 3.34% in 2007.

“The structure of our exports is changing,” said Gerard Lyons, economic adviser to London mayor Boris Johnson and the former Standard Chartered chief economist. “It just takes time to change. Small firms can’t be jumping on planes the whole time.”