Published by Yorkshire Times
GLOBAL SALES OF BRITISH MANUFACTURED GOODS TO ADD £14.7BN TO THE YORKSHIRE ECONOMY THIS YEAR
UK manufacturing exports are set to generate about £14.7bn to the Yorkshire economy this year, according to a new study from Barclays Corporate Banking.
The banks report – The Export Dividend – found that, despite widespread supply chain disruption and challenges brought on by the global pandemic and the UK's exit from the EU, 60 per cent of manufacturers with ten or more employees in the Yorkshire region are currently exporting.
Across the UK, British food and drink producers are reaping the highest financial rewards, with £34.3bn in sales on a global scale. They are followed by automotive manufacturers, with £20.9bn.
Barclays' research suggested that knowledge gaps need to be narrowed to fulfil the ambitions of the government's refreshed export strategy. As it stands, far from all manufacturers in Yorkshire are aware of current or emerging initiatives to encourage international trade, such as the UK's bid to join the Trans-Pacific Partnership (38 per cent) and the recently signed free trade agreements with Japan (46 per cent) and Australia (26 per cent).
Meanwhile, only about a quarter (26 per cent) were aware of the plans to create eight new freeports in England, which offer tax breaks for manufacturers on the import of materials. However, those familiar with freeports were very positive about the scheme, with 77 per cent saying they plan to make use of them once they come online.
Richard Craven, manufacturing industry director, 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."