The pound, which this week again briefly soared over DM3 in value, continues to depress engineering exports, figures from the Engineering Employers Federation show. But the cracks in the engineering sector have so far been covered by strong domestic demand.
In the fourth quarter of last year, the export order intake declined for the fourth time running, said the EEF. Domestic order intake, output and employment were all up on the third quarter.
Alan Armitage, head of economics at the EEF, warned against complacency, saying: ‘If sterling remains at current levels further deterioration in export business seems inevitable.’