PLYMOUTH’S manufacturers are becoming victims of their own success;an increased focus on exports means they are being hit by turmoil in the global economy.
Manufacturing experts say firms with a focus on exports are likely to experience further disturbance, particularly in the volatile eurozone and Chinese markets, and with the strong pound sterling hiking the price of British goods abroad.
Jim Davison, South of England region director at EEF, the manufacturers’ organisation, said the UK’s export performance has been “sluggish” in the past few years – and this has been the same in the South West.
He said the South West is export intensive, accounting for almost six per cent of the UK’s manufactured exports.
He said: “This success puts our region on the map and allows our ingenuity, creativity and skills to be recognised around the world.”
But he stressed: “The flipside, however, is it also leaves local firms exposed to global economic pressures.”