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Exports support manufacturing growth

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Manufacturers have seen output rise for the first time in two years with exports helping to improve figures, according to business lobby group, the CBI.

The group’s latest quarterly Industrial Trends Survey revealed a stronger-than-expected rise in output in the three months to January, with 31 per cent of the 461 manufacturers surveyed claiming that output rose during the three-month period.

However, the CBI warned that the outlook for the sector remains uncertain, with domestic demand still weak and firms struggling to access finance. Domestic demand was weaker than expected with 18 per cent of manufacturers reporting a rise, and 26 per cent a drop in demand.

Nevertheless export orders rose for the first time since January 2008 with help from the weak pound and increasing global demand. The survey showed that 30 per cent of firms had experienced export growth during the quarter, while 24 per cent reported a fall.

Exports are expected to grow more strongly in the next quarter (+13 per cent), and 19 per cent of firms are the most optimistic about export prospects for the coming year.

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