Engineers' exports overtake UK sales
Economics: Weak pound helps exporters but threatens to force Chancellor to raise interest rates
Thursday 18 May 1995
The EEF estimates that exports have overtaken net home sales in importance within the past 18 months. Since 1992, exports have risen 27 per cent in real terms, while UK demand is up only 13 per cent. Since part of home demand is met by imports anyway, the British industry's sales at home have probably risen by only 6 per cent in three years.
The EEF reckons exports will amount to pounds 71bn this year, compared to net sales in the UK to customers outside the engineering industry will be pounds 64bn. It forecasts strong export growth for the year ahead.
Ian Thompson, head of economics, said recovery in western Europe, which accounts for 60 per cent of Britain's engineering exports, was still in its early stages. He also expects a good performance on the domestic front thanks to the fact that investment in plant and equipment is picking up. Mr Thompson said: ''This has already happened in the engineering industry itself, and it will spread to other industries.''
The EEF challenges official figures showing a dip in engineering output in the first few months of this year. It said its own surveys had shown growth accelerating throughout last year and the first quarter of this year - like other surveys which contradict the official slowdown.
Growth in engineering output was exceptionally rapid last year, reflecting big increases in electronics, computers and cars. Electronics and computers will remain in the forefront of output growth, although employment will remain flat. But sales at the end of this year will still be at the same level as in 1990.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
Jennifer Lawrence attacks mass media again over body image
scienceScientists find the answer to a question that even puzzled Darwin
A very timely Great Train Robbery and a frantic 24 Hours in A&E among the highlights
scienceThe new development in bio-printing technology could be used in the future to restore lost vision - though years of research still await
Geoffrey Macnab: The Wolf of Wall Street's account of white-collar excess is A Rake’s Progress on steroids
arts + entsThe 'Friends' actor on his new role as campaigner on addiction issues
Sun will 'flip upside down' within weeks, says Nasa
Colin Farrell reveals ‘affair’ with Elizabeth Taylor: 'She was my last romantic relationship'
Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
Devyani Khobragade: India-US row escalates over arrest of diplomat in New York
Peter O'Toole: Tales of the late film icon
- 1 Facebook 'self-censorship': study records when you don't post to find more ways to share
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 ‘Why we don't have snow in Saudi Arabia’: Video captures winter fun as Middle East hit with rare blizzard
- 4 Vitamin pills are a waste of money, offer no health benefits and could be harmful - study
- 5 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- < Previous
- Next >
iJobs Money & Business
£500 - £550 per day: Cornwallis Elt : Business Analyst Cross Border Complia...
£44999 - £60001 per annum + Benefits: Pro-Recruitment Group: A Top Tier firm i...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Implementation...
£50000 - £65000 per annum + benefits + bonus: Harrington Starr: Project Manage...