82% of manufacturers looking to overseas markets

Source: Exec Digital UK

Date :06/10/2008 12:31:05

A recent poll shows that a record number of manufacturers are sustaining growth by turning to overseas markets.

The survey, run by the Birmingham Chamber of Commerce and Industry, found that 82 percent of respondents had exported in the past three months, with 75 percent stating that the overseas market had either remained stable or increased.

“Perhaps surprisingly, manufacturers are more confident that turnover will rise – an increase of 15 percent over the previous quarter – but there are still lower expectations as far as profitability is concerned,” said Katie Teasdale, the Chamber’s Senior Policy Advisor.

While external demand has fallen slightly, the Chamber said it was still able to talk of growth, albeit slow, across manufacturing export markets.

Though the report was careful to temper the good news with statements about the overall shape of the economy, it nonetheless did show some rays of hope. Teasdale stated that “on balance, the service sector expects to increase rather than decrease its workforce over the next three months with 50 percent of respondents attempting to recruit at the moment.”

It would appear that given the growing difficulties facing all sectors of the economy, diversifying markets offers some stability for the manufacturing sector.