Manufacturers pin hopes on exports

NORTH West manufacturers are set to benefit from continued growth in emerging markets, according to the industry’s trade body EEF.

The organisation’s 2012 Economic Prospects report shows that despite continued fears of a recession in the eurozone, manufacturers are getting to grips with opportunities in emerging markets.

Its survey showed that more than 55% of North West companies expect their export sales to be the same or greater than last year. Of these, 40% saw greater opportunities in both products and services in emerging markets. This comes on the back of a 20% year-on-year increase in exports to non-EU markets to October 2011.

However, manufacturers remain gloomy about the prospects for the UK market, with 52% of companies expecting market conditions to deteriorate in 2012, while only 23% felt they would get better.

EEF’s North West region director David Ost said: “The road ahead for manufacturing and the UK is extremely uncertain but there still some grounds for optimism.

“Manufacturing has proved to be agile and resilient through a bumpy recovery and companies are continuously looking for new sources of growth.

Most manufacturers continue to grasp the opportunities in untapped markets for services and in faster-growing emerging markets. Together with the diversification of supply chains, these factors are underpinning some confidence at firm level that sales will end 2012 higher.”