UK Factories See Export Orders Surge to Highest Since 2013

UK Factories See Export Orders Surge to Highest Since 2013

Factories are benefiting from a boost in oversees demand as a result of the pound’s 17% slide since Britain’s vote to leave the EU.

Export orders at U.K. factories jumped to the highest level in more than three years this month, led by mechanical engineering and pharmaceutical firms, according to the Confederation of British Industry.

Manufacturers’ expectations for output over the next three months also surged, reaching the most in more than two decades, the lobby group said in a report published on March 21, based on a survey of 423 manufacturers between Feb. 24 and March 14.

While factories are benefiting from a boost in oversees demand as a result of the pound’s 17% slide since Britain’s vote to leave the European Union, they are also facing inflationary pressures, with selling-price expectations holding near the highest since April 2011.

Only motor vehicle and transport firms said they anticipate domestic price cuts in the next three months.

By Lucy Meakin

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