UK’s manufacturers taking advantage of export market

A new report on export performance 'Re-thinking growth - the building blocks of an export recovery' published by the manufacturers' organization EEF, showed that more than 90% of manufacturers are exporting and 40% derived more than half their turnover from exports. The report also revealed that over the past four years all sizes of manufacturer made more progress tapping into the emerging markets; in particular the Middle East and Asia. Of the 227 companies across manufacturing questioned, 80% said they would continue to extend their reach into new export markets, which is of particular importance when many European markets continue suffering much of the same economic malaise as Britain. Exposure to a diversity of export markets helped manufacturers through tough conditions over the past year; around half saw growth in their exports while one in five increased them by more than 10%. Firms selling in to a wider range of markets also tended to do better. Around 43% of firms exporting to nine markets or more showed an increase in sales compared with 26% of those selling to between one and four markets. EEF director of policy Steve Radley (pictured), said: "Exporting has now become the lifeblood of UK manufacturers and we are now seeing more signs of an export - led recovery. But exporting is a team game requiring ambition for manufacturers, a collaborative approach from banks to provide the finance, the right foreign exchange risk management tools and world class export support services." EEF urged banks to work closely with manufacturers to ensure foreign exchange products and tools are available for small and large exporters. It also stressed that uncertainty around exchange rates and recent Sterling volatility as well as problems with insurance cover were preventing manufacturers from taking full advantage of a recovery in global markets.