Manchester’s firms not exporting enough says study

A NEW report issued by Manchester’s economic strategy body New Economy suggests that the city region’s businesses are punching below their weight when it comes to international trade.

It said that although £7bn worth of goods and services are being sold by firms in Greater Manchester, they are punching below their weight when compared with Leeds or Birmingham – although they are outperforming competitors in Merseyside and Bristol.

It argues that although the city-region’s firms already have strong international links, they need to make more of these if the city is to build on these and secure more inward investment. It also argues that firms should be looking towards fast-growing economies in Asia, South America, Africa and the Middle East to bolster their own growth.

It suggests a series of remedies, including increased provision of funding and support from central government for trade and inward investment missions, and the creation of a locally-founded export credit guarantee scheme. Training providers should also focus on skills that are useful to potential exporters.

Baron Frankal, director of strategy at New Economy, said: “In the current economic climate, we need to take advantage of growth opportunities internationally through exports more than ever.

“This report shows that Greater Manchester’s recent export performance has been relatively turbulent and that there is still room for improvement.

“It is therefore important for Greater Manchester firms to establish more trading linkages around the world and to continue securing a good level of inward investment, whilst the domestic economy remains subdued.”