Manufacturing figures reflect positively on UK exports
Photo caption: Carl Hasty, director, Smart Currency Business
The Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) reports a slight fall, from 57.3 in April to 57.0. However, a figure above 50 is still a sign of growth in the sector. The manufacturing sector is also reported to have grown every month since March 2013.
Carl Hasty, director of international money transfer specialist Smart Currency Business, said: “The PMI reports a rise in new export orders in May for the fourteenth month in a row. I’ve witnessed some of this growth through my clients, who have cultivated it through more funding – including from savings on currency costs – and improved systems and processes.
“The PMI findings reflect the turnaround that the UK economy has enjoyed this year, and breathes life back into the government’s plans to hit the £1tn export mark by 2020.
“However, there is still a lot that needs to be done in order for the target to be feasibly achieved. UK exporters need to be aware of the wealth of support that is available to them, and how they can access it, whether this is through government bodies like the United Kingdom Trade and Investment (UKTI), or the private sector.”