Previous studies that have investigated the J-curve phenomenon between the UK and its largest trading partner from the European Union (EU), Germany, used aggregate bilateral trade data and found no support for the phenomenon. In this paper, we disaggregate the trade data by industry and investigate the symmetric as well as asymmetric J-curve hypothesis for each of the 95 2-digit industries that trade between the two countries. We found support for the symmetric J-curve effect in 12 industries, but support for the asymmetric J-curve effect 21 industries. Since the asymmetric approach required separating pound depreciation from appreciation, the approach also allowed us to identify industries that could benefit or be hurt from pound depreciation and those that could be hurt or benefit from pound appreciation.

先前的研究调查了英国与欧盟（德国）最大的贸易伙伴之间的J曲线现象，该研究使用了总计的双边贸易数据，但没有发现对此现象的支持。在本文中，我们按行业分类了贸易数据，并研究了在两国之间进行贸易的95个2位数字行业中的每一个的对称和不对称J曲线假设。我们发现支持12个行业的对称J曲线效应，但支持21个行业的非对称J曲线效应。由于非对称方法要求将英镑的贬值与升值分开，因此该方法还使我们能够确定可能从英镑贬值中受益或受损害的行业以及可能从英镑升值中受损害或受益的行业。