UK Manufacturing Exports will have attracted circa £15.3bn to the South West Economy in 2021
Barclays Corporate Banking’s ‘The Export Dividend’ indicates that, following Brexit, 80% of South West manufacturing firms with 10 or more employees are currently exporting and that a further 10% are targeting overseas sales in 2022.
For the fuller picture, please read the bulletin below which was issued by Insider News Media today.
Roger Mundy, Managing Director, Beardsley Theobalds, 10th December 2021
South West set for Major Export Boost - Study
UK manufacturing exports will bring in about £15.3bn to the South West economy this year, according to a new study.
Barclays Corporate Banking's The Export Dividend shows that, despite widespread supply chain disruption and challenges brought on by the global pandemic and the UK's exit from the EU, 80 per cent of manufacturing firms with ten or more employees in the region are currently exporting.
Among those who do not yet export, there is significant demand to start doing so with the majority (90 per cent) in the South West aiming to start selling overseas in 2022.
If they do, Barclays' economic modelling predicts it could be worth an additional £119m to the local economy next year, and an additional £951m per year by 2030.
Richard Craven, manufacturing industry director at Barclays Corporate Banking, said: "The British manufacturing sector, like many others, has endured a tough year and around a third of our research respondents have been impacted by higher labour costs, higher material costs and other supply chain issues.
"However, exporters, more than most, have weathered the storms and are enjoying strong demand for their products in markets all around the world.
"Confidence is high and many firms are looking to exports to fulfil their growth ambitions next year and beyond."