UK exports continue to rise on back of a weaker pound
UK manufacturers have reported rising demand driven by a rebound in export orders on the back of a weaker pound.
The latest Confederation of British Industry (CBI) industrial trends survey showed that 30% of manufacturers said their total order books were above normal in August, compared to 17% that experienced lower levels over the same period, resulting in a balance of plus 13%.
That is above the long-run average of minus 14%, and July's balance of 10%. Those figures were driven by stronger export order books, as a rounded balance of 11% of manufacturers reported above-normal overseas demand in August, compared to 2% in July.
Anna Leach, the CBI's head of economic intelligence, said the Brexit-hit pound - which has made UK goods cheaper for overseas buyers - is to thank for the rise. "There are further signs that exporters are feeling the benefit from the lower pound," she said.
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