LONDON: Findings from the Trade Confidence Index, compiled by DHL Express and the British Chambers of Commerce (BCC), reveal that 46 percent of firms reported increased export orders in the first quarter – up from 36 percent on the previous quarter – while 44 percent grew their labour force with 84 percent full-time roles, up from 64 percent on the fourth quarter of last year.
This level of growth was achieved in the face of increasing pressure from higher exchange rates – in particular the rising pound against the euro, which reached a seven-year high in early March this year.
More than half of manufacturing firms surveyed (55 percent) said that exchange rates are having an impact on their ability to trade globally, compared to 48 percent in the last quarter of 2014 and 34 percent at the same time last year.
John Longworth, director general of the BCC, said: “Encouragingly, the increase in export sales and orders has come about in spite of the rise in the pound against the euro over recent months – a credit to the strength and expertise of the UK’s manufacturing sector.
“Despite these positive figures, real progress towards eliminating the UK’s trade deficit remains elusive.
At the heart of the new government’s agenda must be ambitious plans to improve the UK’s trade performance – we have to develop a pipeline of new exporters and help existing exporters break into new markets.
Only then will the UK regain its position as a trading powerhouse and unlock future economic growth.”
Markets, oil drop in Asia but bitcoin edges towards $50,000
HONG KONG: Markets fell in Asia on Friday in holiday-thinned trade with investors awaiting developments in US stimulus talks, while...
