Exporters are already labouring under the weight of sterling's appreciation between mid-1996 and early 1998, to which has been added faltering demand elsewhere in the world.

ECONOMIST: The economy

Slow progress in reforms to address industrial bottlenecks, a restrictive monetary policy and faltering demand from advanced nations have slowed India's economic growth to its lowest in a decade.

WSJ: India Advisers: Economy to Grow 6.4% This Year

Faltering economies demand less gasoline, diesel and fuel from drivers, shippers and industries.

NPR: Oil Below $92 As China Factory Output Stays Slow

All this points to an economy that is faltering not because of slowing export demand but because European consumers are suddenly less willing to spend.

ECONOMIST: Europe's economies

But salvation through exports is faltering, partly because Britain sells mainly to tired rich-world countries where demand is also muted rather than to exuberant developing ones.

ECONOMIST: Economic stumbles