Engineering news
Emerging markets occupy half of priority targets for British manufacturers, according to a report from the manufacturers’ organisation EEF and Barclays.
The Tracking the Export Journey report shows that the developed economies remain the top destination for UK goods with the US the biggest. However, the increasing importance of emerging markets is highlighted by the fact China has moved from being the UK’s 11th largest market in 2007 to 7th in 2013, with Russia and India (12th and 14th, respectively) likely to enter the top 10 in the next few years.
The research also shows that half of the countries in the top 10 priorities for manufacturers were emerging markets, with Brazil at the top, with just under one third of companies planning to export there in the next 12 months.
The eurozone remained the top destination for market involvement in 2013, and almost two thirds of companies were planning to increase their involvement in Asia, just over half in the Middle East and just over one third in both Africa and South America.
Mike Rigby, head of manufacturing at Barclays, said: “It is encouraging to see an increasing appetite amongst manufacturers to invest, export and grow their international footprint. If the sector is to be at the forefront of an export-led recovery, it appears manufacturers are up to the challenge.
“They not only realise the benefits of exporting to markets nearer home but also, of taking their goods further afield to faster growing emerging market economies where the export sales potential is far greater. This does require a lot of preparation and know-how but fortunately there is plenty of help around so they won’t have to embark on their export journey alone.”
The report reveals that some manufacturers are proactively targeting markets rather than reacting to potential opportunities.
You can download a copy of the report here.