Translate the article into Russian in writing. Exports are growing, but too slowly to rescue the economy



Made in Britain

Exports are growing, but too slowly to rescue the economy.

Just over a mile from Liverpool John Lennon Airport sits the Halewood operations of Jaguar Land Rover. Its foreign sales would make a Beatle envious. Over the December holidays the Tata-owned car factory ran extra shifts to keep up with demand.

As Britain's economy stumbles toward a likely recession, hopes are pinned on exports, particularly to faster-growing parts of the world. There are some encouraging signs. Britain's trade deficit shrank from 4% of GDP in 2007 to around 1% of GDP by early 2011. But the economy might have been expected to do better. The obstacles have been many. Falling global demand blunted the impact of a cheap pound in 2008 and 2009. Once global trade recovered, so did Britain's appetite for imports - despite a rise in relative import prices of roughly 20% since 2007. The financial-services industry, which accounted for a third of British exports in 2008, has been slow to recover.

A deeper concern is that Britain has become too dependent on rich-world markets. The share of exports going to Europe has fallen in the past decade, but the continent still accounts for half of British exports. That market is shrinking. America absorbs more British exports than any other single country and its economy still looks relatively robust. British exports to that country fell 4% in the year to September, but showed signs of recovery, along with America's economy, in October and November.

The emerging economies of Asia and Latin America seem a better long-term bet than Britain's established markets. But the combined share of British exports going to the three emerging-market giants - China, India and Brazil - is less than 5%. Firms have been slow to build trade links with these fast-growing economies. When the domestic economy was strong, there was little incentive for its firms to go to the trouble of finding customers in unfamiliar markets.

The recent success of Britain's car industry suggests all is not lost. Domestic car sales fell by 4.2% in the year to November, but exports to China rose 23%, and sales to India were up by 67%. Foreign carmakers who built export-oriented operations in Britain in previous decades have taken advantage of the fall in sterling to expand market share, particularly in emerging markets. Others must find a way to learn from and duplicate the success now on display in Liverpool. Let it be.

The Financial Times, January 21st, 2012

USEFUL TERMS AND EXPRESSIONS

· operation – 1) действие, работа ,функционирование;2) торговля, финансовая операция;3) предприятие, подразделение

· shift – (рабочая) смена, рабочий день

· robust – устойчивый, крепкий, сильный

· toblunt – притуплять, ослабить, снижать, сдерживать

CONSOLIDATION

Exercise № 20

Translate the sentences into Russian.

1. With no signs of an end to the world’s current oil glut, fears are mounting of a repeat of the 1980s, a grim era for oil producers when revenues not only crashed, but stayed depressed for nearly 20 years.

2. Jeoff Hall, an economist at Thomson Financial, said: "Given the high level of export orders, we were surprised to see such a rapid deterioration in business conditions recently."

3. For one thing, the airborne share of trade is declining as the efficiency of seaborne trade grows.

4. Most companies have little choice but to continue to do cost-cutting to maintain profit margins amid weak sales.

5. The cargoes that fill the ships at America’s ports reflect changes in the US consumption patterns (e.g. fewer oil imports as domestic production increases).

6. Pascal Lamy, head of the WTO, has suggested that Africa could be China’s biggest trade partner within three to five years.

7. The news is no better in Europe, where third-quarter profits are expected to be down 5.4% on the year, with revenues dropping 7.9%.

8. The inventory buildup suggests that third-quarter GDP growth was somewhat higher than the government’s initial estimate of 4.8%.

9. With China’s farms expanding, at a time of subdued domestic demand, and with European ones freed from production quotas, milk prices could slip further.

10. Investors and analysts now regard a December increase in oil prices as all but certain, barring unexpected developments.

11. If all goes well, the next four years will see lower unemployment, higher real wages, higher profits and investment-driven productivity improvements.

12. Now the worry is another slowdown, given that the average gasoline price hit a record $2.28 per gallon in the week ended April 11.

13. In all, policymakers confront a host of complex and interlocking challenges: fiscal and monetary normalization in advanced countries;managing the overheating in emerging economies;adjusting to big shifts in prices;and rebalancing the entire pattern of global demand.

14. Fiat looks like Europe’s most challenged carmaker this year, barring perhaps only Peugeot Citroёn.

15. Even now, with the recovery more than three quarters old, capital spending remains stuck in the doldrums.

16. The pattern of developed-country deficit and emerging-market surpluses is likely to continue.

17. The privileges of reserve-currency status were not confined to the dollar, though it enjoyed the lion’s share.

18. The pattern of growth is expected to be uneven, with the US displaying a much stronger recovery than the Eurozone or Japan.

19. The rich world’s recovery is anything but assured;the euro zone, which accounts for 13% of global output, is once again teetering on the brink of recession.

20. China saw imports drop for the twelfth month in a row in October giving further cause for concern over the Chinese economy. Chinese authorities have been trying to make the economy more consumer-led and less reliant on exports, but the continuing fall in imports suggests domestic demand is not as strong as Beijing would like.

 

 

VOCABULARY CHECK

Exercise № 21


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