I think what is important is that the decrease in export was a direct result of the increased in petrol and diesel prices. What else could that be? When there is a rise in petrol and diesel prices, traders will eventually pass on the cost to customers. Eventually, consumers will be hit by the higher cost.
Last night, the Bank of England has issued a statement stating that UK might not have any growth at all for the coming year as the credit crunch is hitting hard on UK. I think it is a global issue. What is important is that at short term, the governer should release some funds to financial institutions. I do understand that the BoE has done so. The question is where have the funds gone?