Companies have focused their efforts on fast-growing economies in Latin America and Asia, as they attempt to offset the effects of the downturn in the Eurozone, where demand for British-made goods is slowing.
Some 51pc of British exports in the three months to May went to countries outside the EU, marking a 13.2pc rise on the previous year, according to the Office for National Statistics (ONS).
By contrast, exports to countries within the EU fell by 7.2pc, with the eurozone\’s hardest hit countries seeing the biggest fall in demand.
Obviously this is just good economics: export to the people who have the money to pay for what you\’re producing.
But the real joy is twofold.
1) Those spouting the nursery book version of Keynesianism, that export cannot rise in and thus provide a fiscal boost in the current environment are wrong.
2) We can now shout even louder at the federasts who insist that 3 million jobs depend upon trade with the EU. It always was bollocks but now we can point to this as yet more evidence: if you\’re making something that others want to buy it is important to note that \”others\” is a plural, meaning that the EU is not the only possible or potential buyer.