Exports behind manufacturers' hopes

In the study of 548 manufacturers, 25 per cent said that they expect output to rise in the next three months, while 18 per cent anticipate a fall.

The resulting balance of +7 per cent is the strongest figure since March 2008 and compares to a balance of +4 per cent in January.

The poll also showed that exports order books are continuing to improve as a result of the weakness of Sterling and improving global demand.

Around 14 per cent of firms said exports were above normal and 38 per cent said they were below normal, resulting in a rounded balance of -23 per cent in line with the survey average.

However, total order books were more depressed, with only 10 per cent of manufacturers claiming that they were above normal, while almost half said they were below normal.

The resulting balance of -36 per cent is the least negative since December 2008 and a modest improvement on the previous month’s balance of -39 per cent.