Significant rise in manufacturing exports, survey reveals
25 Oct 2016
The depreciation in sterling has contributed to a significant rise in manufacturing exports, a survey by the Confederation of British Industry (CBI) has revealed.
The CBI’s latest Industrial Trends Survey showed that, in the three months to October, export volumes grew at their fastest pace for two and a half years.
The survey also indicated that competitiveness within EU markets rose at its fastest rate since 2000.
However, 47% of manufacturers revealed that the sharp depreciation in sterling has had a negative impact on their business, with just 32% stating that it has had a positive impact.
Concerns have also been raised over the shortage of skilled labour, with nearly a quarter of manufacturers stating that the reduced availability of such labour could limit output over the coming months.
Rain Newton-Smith, Chief Economist at the CBI, commented: ‘Firms will be seeking further details on a long-term industrial strategy from the Autumn Statement that combines sectors and places.
‘Ultimately, all businesses need greater clarity from the Government on the fundamental issues of skills and barrier-free access to EU markets as soon as possible.’