Exports from manufacturers adding £176bn to economy

Barclays’ The Export Dividend shows that despite supply chain disruption and challenges brought on by COVID-19 and Brexit, 69 per cent of manufacturing firms with 10 or more employees are exporting. Of these, British food and drink producers are reaping the highest financial rewards, with £34.3bn in sales globally, followed by automotive manufacturers with £20.9bn.

Over a quarter (26 per cent) of exporters said they had seen ‘significant growth’ in 2021, but only 18 per cent of non-exporters said the same. Manufacturers who export are also more confident about their prospects in 2022 with 88 per cent of exporting businesses upbeat about their growth prospects, compared to 71 per cent of those who do not.

Among those who do not yet export, there is said to be significant demand to start doing so with 63 per cent aiming to start exporting in 2022. If they do, Barclays’ economic modelling predicts it could be worth an additional £1.8bn to the economy next year, and an additional £14bn per year by 2030.