The results of several studies published in recent days suggest that the weak value of sterling continues to bolster British exports.
New data from the Confederation of British Industry (CBI) has revealed that global demand for British goods is on the rise, after export order books among UK manufacturers hit their join-highest in more than 20 years in the three months to November.
Overall, total orders were at their strongest since 1988, with 17 per cent of manufacturers reporting ‘above-normal’ overall order books, in comparison with 20 per cent reporting ‘above-normal’ export orders.
Meanwhile, separate data published by the Society of Motor Manufacturers and Traders (SMMT) earlier this week has revealed that the number of vehicles built in the UK last month rose by 3.5 per cent – as factories increased output to keep up with growing export demand.
The group’s research reveals that more than 157,000 new cars were built in UK factories throughout October, with production solely for exports up by five per cent.
According to the SMMT, the vast majority (82.1 per cent) of all UK-built cars were exported last month – with the majority of vehicles exported to European Union (EU) nations.
Despite this, however, demand for British-built vehicles has fallen gradually over the course of the year in the domestic UK market.