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Strengthening sterling leaves order books at lowest in two years

Money - Impact of the strong pound on Britains exporters - SantanderCB

The Confederation of British Industry's quarterly industrial trends survey has revealed the impact of the strong pound on Britain's exporters, with factory orders in July hitting a two-year low. The study also showed 21% of manufacturers believed their competitiveness in EU countries had fallen sharply, largely due to sterling's strength. A 'significant' number of companies cited political uncertainty in the eurozone as hampering trade in the CBI's survey. There was more positive news in the domestic market, with UK orders continuing to increase at a pace well above the long-term average, whilst investment in buildings, and plants and machinery also picked up. Elsewhere, a Western Union quarterly survey of 1,000 SMEs engaged in international trade has found that half of respondents see Europe as one of their primary sources for imports, compared with nearly eight in 10 three years ago. The research showed a greater determination to seek trade partners further afield, with increased numbers looking further east. More than 40% of SMEs questioned are importing from China and a quarter also export goods there.

 

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