Manufacturers reap rewards of emerging markets – EEF/Barclays Report

The call comes from the EEF which has published a report with Barclays which revealed that some manufacturers looking for growth were targeting markets rather than reacting to potential opportunities. Others, it said, were building greater resilience by expanding the number and range of markets to which they sell. However, developed economies remained the top destinations for UK manufactured exports. EEF chief economist Lee Hopley said: "There are no hard and fast rules about the best way to enter new markets. But what is clear is that it demands considerable time and commitment. However, those companies who generate results are ultimately rewarded with better performance and a diverse and resilient customer base. "If we are to double our exports by 2020 then we simply have to get more and more companies exporting, helped by a government led crusade highlighting the benefits of UKTI." The report said companies were making use of government support and rated it highly when they used it, but there remained a lack of awareness of the breadth of expertise and help available. Mike Rigby, head of manufacturing at Barclays, said: "It is encouraging to see an increasing appetite amongst manufacturers to invest, export and grow their international footprint. If the sector is to be at the forefront of an export-led recovery, it appears manufacturers are up to the challenge. "They not only realise the benefits of exporting to markets nearer home but also, of taking their goods further afield to faster growing emerging market economies where the export sales potential is far greater. This does require a lot of preparation and know-how, but fortunately there is plenty of help around so they won't have to embark on their export journey alone."