Yorkshire Manufacturing looks East
5 November 2012
An export drive to the Far East has helped Yorkshire manufacturing firms defy the recession, according to business advisory firm Deloitte.
Despite the economy lapsing into a double-dip recession in 2012 fewer manufacturing firms have entered into administration this year, thanks in part to a 30% increase in Yorkshire exports to Asia over the past 12 months.
According to research by Deloitte, in the first three quarters of 2012 there have been 208 manufacturing administrations, down from 250 in same period in 2011. At the same time the number of retail insolvencies has increased year on year.
Experts at the Deloitte manufacturing team in Yorkshire say the improvement is in part due to the manufacturing sector’s growing success in export markets beyond the Eurozone.
The latest government figures show Yorkshire exports to Asia and Oceania have risen from £387m (Q2, 2011) to £505m this year (Q2, 2012).*
According to Simon Manning, head of manufacturing at Deloitte in Yorkshire, firms’ investment in R&D and high value manufacturing is helping the region compete in fast growing markets: “The Yorkshire’s remarkable record of export success means that despite the challenging environment in the UK and Europe we’re increasingly seeing firms tapping into profitable growth markets in Asia and South America.
“By keeping tight control over costs at home and growing profits overseas, the manufacturing sector has been able to weather the recession better than other areas of the economy such as high street retailers.”
*Figures from the Office for National Statistics
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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