EEF: Manufacturers forecasting surge in exports

The report also throws down a challenge to government, however, to provide the framework to support this potential and increase exports to meet the chancellor's £1trillion target. In practical terms this means that between now and 2020, the UK will need to match the annual growth rate of South Korean goods and services exports of nearly 9% a year in the decade prior to the recession in 2008. A survey of 100 companies showed that exports accounted for more than half the turnover of two fifths of those questioned. 63% of firms said their exports had increased last year, some by more than 20%. The report also revealed that companies still face 'substantial hurdles' in breaking into new markets, including trade barriers in Brazil and Russia. EEF chief economist Lee Hopley said the figures showed that the 'march of the makers' was very much underway in export markets. She commented: "All the evidence shows that companies with a greater involvement in multiple export markets tend to be better performing. The more companies we can get into this position, the higher the benefits will be for our economy. The challenge for government is to provide the framework to help industry fulfil its growth potential and hit the chancellor's £1trillion target." Peter Russell, head of manufacturing at RBS added: "These findings resonate strongly with what manufacturers are telling us. They are accessing new markets and winning export orders, often against strong local competition, which is testament to the design, innovation and quality of UK manufacturers."