The Office for National Statistics have released figures which shown that British exports experienced in 2009  their the biggest fall since 1947 when records first began. Exports in total fell 9.5% in 2009 and leaves many wondering what happen to the increase predicted in government circles due to the weak pound against other currencies.

The recession also brought about  a reduction in imports of 10.3%. The figures from the O.N.show that for 2009 the UK’s goods trade deficit narrowed by £11.5bn to £81.9bn

December however showed that the country bought more overseas goods than it exported. This was due in the main to a large increase in the purchase of foreign made cars. This market sector showed that the imports of cars increased by £280m due to the governments scrappage scheme.  The figures suggest that foreign car plants are the real beneficiaries of the government’s scheme, and not UK-based manufacturers.

Another shot in the foot?