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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
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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
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Faltering economies demand less gasoline, diesel and fuel from drivers, shippers and industries.
NPR: Oil Below $92 As China Factory Output Stays Slow
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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
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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