Manufacturing output growth in the UK is being supported by an improvement in export orders, with 19 per cent of businesses reporting total orders to be above normal and 21 per cent saying that export orders are above normal.
This is according to the latest Industrial Trends Survey from the Confederation of British Industry (CBI), which found that output growth is now being predicted to remain steady over the next quarter, with 30 per cent of firms expecting a rise and 19 per cent forecasting a fall.
Meanwhile, average prices are being predicted to climb over the next three months, with just eight per cent of businesses saying they’re likely to cut prices.
“It’s good to see manufacturing output growth coming in stronger than expected, and some signs that the fall in sterling is helping to bolster export orders. But the pound’s weakness is a double-edged sword, as it benefits exporters but also pushes up costs and prices,” head of economic analysis and surveys Anna Leach said.
Earlier this month, the CBI also found that trade in services between the US and the UK reached highs last year – exports to the UK climbed to $66.9 billion, while US imports of British services rose to $53 billion. Britain is now the fourth biggest destination for US exports for the second year in a row, and the biggest within the EU by a long way – news sure to buoy UK companies looking to import and export in the coming months.
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