New figures revealing the growth of Britain’s manufacturing order books will signal a hike in the number of exports from the UK, according to a shipping specialist Global Freight.
Nicole Gunter, Managing Director of Global Freight, said the trend revealed in the latest Manufacturing PMI data, mirrors a corresponding uplift in her own business as demand grows to export British products.
The survey, carried out among 600 industrial companies, said manufacturing production and job creation rose for the 12th consecutive month in July. It also put export orders at their highest level since April 2010.
Nicole, who has more than 20 years experience advising businesses on international trade, said the statistics backed her belief that manufacturing would be the fastest sector to adapt to the emerging business landscape following the Brexit vote.
“I’m delighted to see that manufacturers have risen to the challenge of an uncertain future and begun to look for new markets. A key factor in export growth is the exchange rate but manufacturers have taken a proactive approach to Brexit and looked outside the Eurozone to grow their business. Places like US, Africa and Australia are enjoying stronger economic growth and that’s where we are seeing more of our work along with emerging markets in South America and Asia.”
With the UK on course to leave the EU in March 2019, businesses that aren’t already reviewing their export plans, should start now, Nicole added.
“The stronger our economy can be when we officially leave the EU, the better it will be for manufacturing and business in the long term. That’s not just dependent on big business though – SMEs, which make up a large portion of our clients, play a crucial role in creating a stable economy.
“It’s actually a real gem of an opportunity for businesses of all sizes. Thanks to the progress in digital technology, it’s actually a relatively small world. There are 195 countries out there and only 28 in the European Union. That’s a lot of potential for future growth.
“Traditionally, when order books are up, we would always expect to see export orders rise but uncertainty around EU trading agreements may have caused this to stall. But from what we’re seeing with our freight orders, businesses are confident about their international trade programmes.”