MNB Precision is reportedly reaping the benefits of a weak pound following the uncertainty caused by Britain’s decision to leave the EU, and is claiming that businesses need to take advantage of export opportunities provided by Brexit in order to boost industry during uncertain times.
The company, which specialises in CNC milling and turning, has been growing its own export presence, even before the EU vote. Over the last three years the company says it has experienced a 100% increase in export orders and today, exports 25% of its work every year. A figure it expects to rise.
“The sharp fall in value of the pound is making UK goods more attractive to overseas buyers and I only see this continuing,” said managing director, Luke Benton. “It presents UK industry with a huge opportunity to grow exports, and it also de-risks export market entry for businesses that are yet to trade with the rest of the world.
“Now is the time for the manufacturing industry to market our quality all over the world to ensure that when the UK does enter talks about trade agreements, Europe and the rest of the world already know what we have to offer.”
A number of manufacturing businesses are enjoying a short term export boost, but economists are unsure of how long this will last. The Office for National Statistics has revealed that Britain’s total exports fell by 4.4% between April and May this year, but the UK government has been public about its desire to develop the UK as an export-based economy. Indeed, manufacturing in the UK has been identified by many senior politicians as an industry that will be critical to the UK’s success outside of the EU.
Benton added: “Overseas trade is likely to offer the sector huge opportunities over the next few months and the worst thing we can do as an industry is let this pass us by.”
