According to a survey conducted this past June, British manufacturers are still having problems to increase their exports.
448 British manufacturers have been surveyed in the Industrial Trends Survey from the CBI. 26% of those asked said that their order totals have been below normal while 19% said that their order volumes increased. This comes down to 7% less exports amongst British manufacturers as compared to 5% back in April. This is the lowest registered number in two years.
The reasons given for the poor export performance by British manufacturers are lower export orders. While this number improved to -7% back in May, the negative balance fell further back to -17% in June.
CBI’s director of economics Rain Newton-Smith in a public statement:” “Output and overall orders are still doing better than average but hopes that export demand would start to drive forward have not yet been fulfilled.Improving momentum in the eurozone is being offset by the effect of the strengthening pound on UK manufacturers’ overseas sales and margins.”
The director is urging the British government for more support for struggling British exporters.
At the same time, the Cole Commission which had been put in place last year also urges the British government for more supportive measures to stimulate the nation’s export growth. Several priority areas are highlighted by the commission to achieve this goal, among them a cabinet-level committee to drive exports.