Manufacturers in Lancashire are more upbeat about growth this year, with increasing positivity about the export market, according to a study.
Manufacturers’ organisation EEF polled 171 businesses across the North West and found 30% of respondents are expecting an improvement, compared with 23% anticipating a further deterioration in overall economic conditions in the UK.
The improvement is expected to be driven by exports, with half of companies surveyed expecting export sales to end the year higher than in 2012.
However, the survey also highlights the risks to growth, including concerns about the prices of raw materials.
David Ost, EEF North West region director, said: “The past year has been a challenging one for UK manufacturers, but as they look to 2013 there is still the potential for growth in their businesses. The increases in investment in innovation in recent years will bear fruit as companies see opportunities from new product development and the commercialisation of new technology. These efforts will provide a platform for UK exporters to compete in faster growing markets and support efforts to diversify into new global supply chains.”